Saturday, November 17, 2018

Managing a small business? Here’s why online banking is good for you

If you own a small business, one major challenge that could hound you is managing cash flows. Unless you are heavily capitalized, clients stalling payments, unexpected outflows and outstanding bills that won’t wait to be paid are major worries.

PSBank, the consumer banking arm of the Metrobank Group, shares a number of good reasons on how owners of small businesses could benefit from using corporate online banking facilities such as PSBank Online Buddy (BOB), particularly in relation to cash flow management.

Convenient & secure. This is definitely one of the biggest advantages of online banking for small businesses as such facilities allow you to handle transactions at your most convenient time. For instance, if you want to check your account balances or transaction history, say in the middle of the night, you just need to sign in to your account and instantly, you’re in control of company finances. Simply put, you can eliminate trips to your bank as online banking enables you to bring your business bank to you anytime, anywhere. 

With PSBank BOB, you can also be assured that all transactions are secure as it is equipped with a Verisign certified site and a three-factor authentication feature that allow access only to authorized users.

Easy fund transfer. Oftentimes, the ability to manage and juggle cash flows is critical for small businesses. Imagine the benefits you can derive from having the flexibility to move funds in real time from one account into another and have it all posted and available on the same day without having to go to the bank yourself. What if you can gain more insight into payments being made and the potential cash excess or shortage so that the true cash balances are known faster? 

Saves time & capital. If you’re still writing paper checks or collecting payments with monthly paper invoices, you are wasting important company resource. By using electronic fund transfer, you can easily and quickly pay your bills. You could also save on labor costs by using online banking fund transfer and bills payment. 

In the case of PSBank BOB, other digital online banking transactions provided by the online corporate facility include account sweeping, corporate check-writing, automatic debit arrangement, automatic credit arrangement, payroll disbursement are also available. 

“Switching to online banking could definitely take a lot of stress off your shoulders. Not only it is incredibly useful for owners of small businesses, it also enables you to have better control of your finances that could prove critical in growing your business,” PSBank Senior Vice President and Marketing Group Head Noel Tuazon said.  

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