I met recently with a business owner and our discussion quickly got around to how a financial services company could most help her company compete in the marketplace.
"The best way you can help me is if you have ‘time' for sale," she said. "If business is great, I need more time to keep ahead of demand. If business is down, I need more time to bring more customers in."
I told her that not only could I "sell" her time, I'd also include convenience, security and control over her money.
"You've got to be kidding," she said. She invited me to sit in front of her computer and show her how.
In just a few minutes, she joined the tens of thousands of business owners throughout the nation who have found a resource that has quickly become one of their most essential tools: online banking.
Online banking cuts down on the time and cost of bookkeeping and banking. It's available whenever a business owner needs it – 24 hours a day, virtually anywhere in the United States. And it's a tremendous tool for managing and tracking your cash flow.
If you do your research and select a truly effective online business banking service, you can create time and convenience because you can decide when and where to do your banking.
With online banking, you can also monitor all accounts, determine the most effective use of your funds and transfer them accordingly.
For example, you could move money from a market rate account to pay down a line of credit and reduce interest on a loan. Or you could move extra cash to a market rate account so your funds gain more interest.
You also can issue stop payments, receive warnings about overdrafts or low balances, check to make sure a deposit has posted and view account transactions since the last log-in.
Another option is paying your federal payroll and business taxes electronically from your computer – allowing you to electronically initiate tax payments to the Internal Revenue Service on your own schedule and at your own convenience.
Security benefits
An important security benefit with online banking is that financial information about your company is available only to those people you identify as needing access. An effective online program offers varying levels of access, depending on your needs.
For example, you can limit one employee's access to "read-only," and give another permission to make online transactions.
Full-service online centers also provide purchasing, payroll, public relations, foreign exchange, international commerce and other services, all from one sign-on.
Whatever online business banking service you select, make sure it's designed for businesses and that it's simple, reliable, secure and well-supported with 24-hour technical assistance so you can spend your time running your business rather than running to the bank.
Tawnie Nelson manages Wells Fargo's business banking team in Clark County. She can be reached at 360-759-4820.
