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How Automatic Payments Can Benefit Your Small Business

Sep 28, 2020
Posted by: Stearns Bank

Not long ago, paying bills online was considered a risky proposition.

Consumers questioned the security of Internet transactions and had concerns that bill pay, also known as electronic payment, could cause them to lose control over their money. Surprisingly, writing out a check and mailing payments seemed safer to many consumers.

However, as internet banking has grown, more people view automatic payment as the best way to pay their bills online. Whether it’s paying mortgages, student loans, rent for a business or online transaction, electronic payments have made life a lot easier for everyone, especially business owners.

Bill pay is available in both online and mobile banking platforms to help you manage your business budget and personal finances, no matter where you are in the world.

Advantages of online bill payment include:

1. Having Finances In One Location

Paying your bills through one central financial institution means you don’t have to log into a myriad of websites and remember multiple passwords. Many online payment providers also offer pre-scheduled payments on their due date or the day that works best for your cash flow. In addition, your bills are collected, emailed to you and then posted to your account. With everything in one place, you can check to see if a transaction was posted incorrectly or if you missed something entirely.

2. Security

Financial institutions, like Stearns Bank, have high standards when it comes to security for online bill payment. Transactions are secure and several methods of encryption are added, including usernames and passwords, to keep your data hidden during electronic transit. Your account will automatically sign off if your session has been idle for too long. There are additional measures that prevent hackers from attacking your account.

Online banking is recognized as safer than paying by a check, with reduced risk of identity theft. Although there are security risks with online banking, it’s more secure than sending personal information through the mail.

3. Easy Money Management

If you’re worried that a transaction might not go through for some reason, you can log in to see when a bill is scheduled to be paid. That type of money management gives you heightened control and peace of mind. You can search for specific payments online or review your entire payment history. Setting up email alerts to let you know when a payment has gone through is also an easy way to stay on top of your finances.

4. Time Savings

No more writing out checks and hand addressing envelopes. Plus, no more trips to the mailbox! Bill pay takes minutes to get started. Once you’re set up with an online banking platform, and have entered the recurring dates for your bills, you have it made.

5. Environmentally Friendly

Online bill payments also reduce use of paper and waste. Bank statements arrive via email. Less mail, and fewer envelopes to open and mail, means less paper waste in landfills. As more consumers sign up for online bill payment, less waste is produced, and reduces demand on landfills.

Stearns Bank’s bill pay options hit all these marks. From advanced protocols keeping all transactions secure to simple options created for businesses, you can track your bills and payment history all in one place with StearnsConnect, our online banking platform.

No matter when or where you’re doing your business banking, StearnsConnect puts the when and where of finances into your hands.

Learn more about how merchant services from Stearns Bank can assist you with your business needs.

Contact us about merchant services