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Ways Business Owners Can Use Digital Banking To Their Advantage

Aug 27, 2020
Posted by: Stearns Bank

It’s never easy for a small business owner to find the cash flow to invest in software solutions that could help them.

Technology has become more automated and streamlined and offers many solutions to problems you might be facing with your business.

Many business banking accounts offer digital solutions to help improve efficiency and keep costs down while generating data that can help forecast future budgeting.

There are many ways digital banking can help improve a business, let’s concentrate on some of the most common ones.

Bill Pay – The best part of bill pay is doing it from one location instead of having to use multiple websites to handle things like payroll. With bill pay, you can track when your bills are due, and you can see your payment history all in one platform. It also helps you avoid late fees and, once automated, it helps you save on labor costs.

Mobile Deposit – Everyone is familiar with this fast, easy and secure way to deposit checks. This allows you to use technology to deposit checks into your business banking accounts at any time. This also means fewer trips to the bank. Many banks also offer digital tools to help you streamline your deposit reconciliation process.

Customized Alerts – Most financial institutions have a platform that will you send you customized alerts to let you know what’s going on with your accounts, including balances, deposits, suspicious activity and more. The best part is you can choose what alerts you receive so you won’t be bombarded by everything going on in your account.

Payroll Services – Payroll services can help you manage how your employees get paid. Most online platforms can calculate local, state and federal taxes for each payroll period. Streamlining your cash management process by eliminating paper checks will improve efficiency and cash flow.

Analyzing Data – Analytics and data have become more important than ever, especially to small business owners who are looking at any way to help them forecast their budget. Most online banking platforms allow you to download your financial data and history into management programs that compile the data for accounting professionals.

Fitech Options ­– Comprehensive payment products like point-of-sale systems, mobile EMV payment systems, countertop terminals and virtual terminals have advanced to the point of complete trustworthiness. Business owners can use merchant services companies like Fitech to offer their customers convenient payment solutions that include payment processing, inventory control and sales tracking.

Most business owners need more than just a checking account and a debit card to get by these days. That’s why many financial institutions, like Stearns Bank, offer a wide arrange of digital services. Expect the technology to keep growing to make life easier on small business owners as they keep trying to grow their business.

Regardless of how you decide to use digital banking, do your research to see what these offerings can do to help you. Technology continues to level the playing field for small businesses. Evaluate your priorities and look for relevant and simple solutions.

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