Here at Grasshopper, we understand that online banking is the future. The business banking world is becoming predominantly digital. Over 86% of businesses are currently using digital banking channels to manage their funds. And this number will only continue to grow as the banking industry continues to evolve.
Banking online has many perks, which is why so many modern business owners have chosen to switch away from traditional banking services. Here are some reasons why many small business owners enjoy banking online. These reasons can help you decide if online banking is right for you and your business.
1. It saves you money
Most conventional banks charge clients far too many fees. There’s monthly fees, minimum balance fees, ATM fees, fees for exceeding cash deposit limits, and even individual transactional fees. These additional charges are inconvenient and can add up quickly.
Online banks have a reputation for reducing or removing these fees altogether. With Grasshopper, there are no monthly fees and unlimited transactions. This allows your small business to do everything it needs to without having to worry about losing any extra funds.
2. Processes are streamlined
Small business owners have a lot on their plate, and online banks understand that. Banks like Grasshopper are designed to save you time. To streamline the banking process, online banks often integrate with accounting and payment-processing software. Utilizing the latest fintech software can help save business owners time and costs, making for a better banking experience overall.
With software like Quickbooks – which is integrated into every Innovator Business Checking Account – you can get an automated reconciliation of your revenue and other balance sheets. This saves you the hassle of creating them manually. Automation like this 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. Utilize online bill pay to manage your expenditures without having to deal with paper receipts and invoices. Deposit checks into your business anytime, anywhere with remote deposit features. Seamlessly integrate into accounting software like Quickbooks to automate your bookkeeping. These are only some of the many products and services you gain access to when having a Grasshopper account.
Having access to these kinds of tools helps make business banking seamless. This way, you can prioritize other important aspects of your business.
4. There are multiple levels of security
Small business owners want to know that their business banking account is secure. Digital accounts are often protected with two factor authentication, which requires you to provide a combination of two authenticators, such as a one-time code and an account password. This second form of authentication adds a layer of protection to your account beyond the traditional password.
Banking through your personal computer or phone also means there’s another added layer of security: you! With both online and mobile banking options, you have the ability to monitor your account from wherever you are. This allows you to 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. Managing your money has never been easier.
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 Banking