Online business banking refers to the provision of business banking services over the Internet. At present, a large number of business banking institutions are adopting various online business banking techniques to attract customers.
Usually, online business banking services deal with two types of accounts, namely business savings accounts and business checking accounts. Besides these, online business banking comes up with a number of additional benefits and facilities for the entrepreneurs.
The products and services offered by online business banking include the following:
Online account opening services
Commercial loans or business loans
Online business savings accounts
Online business checking accounts
Business Internet banking (BIB)
Commercial loan insurance
Client Deposit Accounts
Debit Cards and Credit Cards
Credit card Processing
Debt factoring or invoice factoring
Online bill payment services
Online money transfer services
Downloading of bank statements
With the help of online business banking services, start-up businesses and small businesses are able to perform to an optimum level. The transactions under online business banking services are secure in nature because of the application of advanced level information technology tools. In this mode, the services are available 24 hours a day and 7 days a week. Separate passwords are allotted to separate business entities for ensuring safety.
The principal benefit of online business banking is the accessibility of the business banking accounts beyond office hours and from any location of the world. If needed, the payment can be stopped for a single check or a number of checks. The business entrepreneurs are able to view their balances anytime they want. The process is time saving and cost-effective in nature.
The leading providers of online business banking services include the following:
Bank of America
Hong Kong and Shanghai Banking Corporation (HSBC)
Bank of Marin
Royal Bank of Scotland (RBS)
Bank of Ireland
Bangor Savings Bank
Mid State Bank
Last Updated on : 29th July 2013