Here at Grasshopper, we understand that online banking is the future. The business banking world is becoming predominantly digital, with over 86% of businesses currently using digital banking channels to manage their funds. Banking fully online has many perks, so it’s understandable why the modern business owner often chooses to switch away from traditional banking options. To help you decide if online banking is right for you and your business here are some of the top reasons so many business owners love to bank online:
1. It saves you money
Most conventional banks charge clients monthly fees, minimum balance fees, ATM fees, fees for exceeding cash deposit limits, and even individual transactional fees. All of these additional fees can add up rather fast. Online banks are known to reduce or even get rid of these fees altogether. With Grasshopper, there are no monthly fees and unlimited transactions, meaning your business can do everything it needs to without having to worry about losing any extra funds.
2. Processes are streamlined
Online banks often integrate with accounting and payment-processing software, which helps save business owners the time and costs of processing payroll on their own. With software like Quickbooks – which is integrated into every Grasshopper Innovator Business Checking Account – you can get an automated reconciliation of your revenue and other balance sheets, saving you the hassle of creating them manually. This automation ensures you’re always up to date on your balances. With the extra time you save, you can work on looking ahead, focusing on how to better your business’s overall financial health.
3. You gain access to several digital tools
When banking online, you have 24/7 access to digital tools that help to make financial management processes easier. There’s online bill pay, which allows you to manage your expenditures without having to deal with paper receipts and invoices; remote deposit, which gives you the ability to deposit checks into your business at any time or from any location; and so much more. Having access to these kinds of tools make business banking seamless, so that you can prioritize other important aspects of your business.
4. There are multiple levels of security
Digital accounts are often protected with two factor authentication, which adds a second layer of protection to your account or service by requiring you to provide a combination of two authenticators, such as a one-time code and an account password. Banking through your personal computer or phone also means there’s another added layer of security: you! You have the ability to monitor your account from wherever you are, which means you can be the first to recognize and report any suspicious activity that you believe has occurred.
5. It’s convenient
When working with a traditional brick and mortar bank, you have to work around their schedule. Traveling, waiting in lines, operating for limited hours in the day – these can all be major inconveniences for a busy business owner. With online banking, you have the ability to access your funds or make a transaction at any time of the day, from wherever you have access to a computer or phone.
The Bottom Line
Choosing a digital bank for your business banking can give you access to all these benefits and more. But don’t just take our word for it– start experiencing online banking for yourself! Opening an account with Grasshopper can take as little as 5 minutes, so why wait? Sign up today.
By Michaela Lenahan in Business Checking
