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  • Things You Need to Know about Online Business Banking

    Published on December 27, 2022

    Introduction

    Nowadays, humanity has stepped forward a lot and technologies have developed significantly. Development of technologies have influenced the banking sector too. Now you don’t need to drive to your local bank branch to perform such tasks as withdrawal, depositing and others. There is no need to wait in a line and meet your manager to solve issues.

    You can manage your business needs from your phone or tablet while sitting in a cafe. Quickly access your account using your laptop from home or workplace. Currently, small and medium enterprises have a wide range of opportunities thanks to digital banking. Owners can be more mobile and flexible with online business banking (OBB). It provides them a convenient way to manage their processes. 

    This article will make clear what online business banking is, what types of accounts it offers, benefits and what documents you need to open an account. 

    What Is Online Business Banking?

    Online business banking allows the business owners to run all processes related to their accounts by using their mobile devices or computers. Accounts can be managed totally online. OBB offers all the services that traditional banking has. 

    To open an business account, you need to visit the bank’s website, send all the necessary documents and get verified. Then you can start using your account via phone or laptop. 

    Flexibility of OBB makes it accessible to both individuals and enterprises. The services of such banking can improve the efficiency and mobility of cash flow management. In fact, managing payments via the Internet is as easy as having a deal with emails. No additional knowledge is required to use these banking systems.

    What Are the Types of Business Accounts?

    First of all, you should understand what type of account will suit you best. There are a lot of business account providers that offer their services. You should research what types of accounts are offered by banks. OBB offers all the same accounts that traditional banking has. They provide checking accounts, business saving accounts, merchant accounts, payroll accounts, and others.

    Also, decide what you expect from your OBB. Account that would have traditional banking services? Or you need something more advanced that offers much more than that?

    Benefits of an Online Business Banking

    OBB offers you convenience so you can forget about the daily operational routine and unnecessary paperwork. This is a good option for people who value their time and it allows them to manage all the operations using the Internet. Settlements are carried out in real-time. All stages of the processing of payment documents can be monitored by clients from their computers.

    Online banking is very simple and the only thing you would need is a business account. Also, business owners have the ability to receive and make payments to anyone, regardless of whether they are connected to online banking or not. You don’t have to be afraid of errors when filling out payment orders. 

    Encryption allows to protect all the necessary data and information and reduces the risks of unauthorized access. For the security of clients, banks use SSL protocols, electronic digital signatures and other security measures. 

    Moreover, OBN saves you money. The automation of different processes allows banks to reduce costs. So they offer plans that have a good price and many benefits, such as fair rates for payments, attractive foreign exchange rates and many more.

    Documents Required to Open a Business Account Online

    For opening a business account online, you will need the same documents as for a traditional bank account. We advise you to prepare all your documentation in advance.

    The list of documents that you will need to apply for a bank account is quite simple. It may vary from bank to bank, but generally you would need:

    • Company Registry Extract;
    • Documentation confirming management and shareholding structure of the company;
    • Shareholder register of the company;
    • Proof of ID for directors and shareholders;
    • Proof of address. 

    Also, for compliance and KYC procedures, they can ask you to provide additional documents such as social security number and employer identification number. 

    Is online banking safe for business?

    Most of the banks that provide online banking have a high level of protection and security. So it is safe for you and your business to use OBB. Moreover, the development of mobile technologies allows banks to use biometrics in order to protect your account from unauthorized access.It is very convenient for you as a customer because you don’t need to enter your login and password every time when you use your account. 

    Banks use other security measures, such as microservices. Microservices mean that the bank application has technology architecture in which every service operates independently and is not interlinked and independent from other services. 

    Conclusion 

    Online business banking allows companies and business owners to save money and eases the process of communication with banks. You can keep in touch with your bank from home and make secure banking transactions 24/7 via the Internet. 

    Additionally,it offers a wide range of services that allow you to view your balances, movement of funds, receive account statements, and make transfers between your accounts. You can send payments to other banks and convert funds at fair rates. 

    Silverbird company offers you all the benefits of online and digital banking. We offer local EU, UK, and US accounts and provide SEPA and SWIFT payments all over the world and support more than 30 currencies and you can manage all your operations online. 

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