Business woman using her tablet device.

Business online banking services: how they differ, what they can do for you

If you own a business, you’re constantly juggling a long list of responsibilities. And you certainly don’t need routine banking tasks slowing you down. Fortunately, there are many online banking resources that can save you time and money, and make running your business easier.

These services can be a little confusing, especially if you’re a new business owner unfamiliar with the terminology. Broadly speaking, they fall under the category of “cash management.” That means they’re designed, in various ways, to help you manage cash flow coming in and going out. Here’s a simple rundown.

  • Payment Processing: These systems allow you to accept credit card, debit card, and electronic payments through online and mobile channels, and in person. Examples include POS (point of sale) systems, online shopping carts, and credit card terminals. Also known as Merchant Services or Credit Card Processing, these solutions let you collect payments safely and conveniently.
  • Online Payments (Bill Pay, P2P): You can pay virtually any person or company through your online banking account, quickly, safely, and securely. Just indicate who you want to pay, when, and which account you want the payment to come from, and it’s done.
  • ACH Transfers: ACH stands for Automated Clearing House network, an electronic system that facilitates payments in the United States. It allows you to create or upload files and transmit them to your bank without any special software. It’s an easier way to pay your employees and vendors — and collect payments from customers as well.
  • Domestic Wires: This is an easy way to create and send wires without coming to the bank. Once it’s set up, you can review past wire transactions and mark certain transactions as reoccurring, making management of these transactions much simpler. 
  • Mobile Deposit: With this tool, you can easily deposit checks directly into your account with an app and the camera from your smartphone or tablet, a significant time saver!
  • Remote Deposit Capture: You can deposit checks electronically from your office with secure software and a check scanner. It’s quick and easy — and in many cases those funds will be available to you sooner than traditional deposits.
  • Positive Pay: This is an automated service to help you avoid potential losses due to check fraud. According to Atif Gaddis, Taylor Bank’s BSA (Bank Secrecy Act) Officer, many businesses are seeing an uptick in this type of fraud. Positive Pay will help reduce this risk. Once it’s set up, you send your bank a list of the checks you’ve issued. If a check is not on that list, the bank simply does not pay it. It’s “an important way to protect your business against fraud, and catch potential issues before they become major problems,” says Gaddis. Taylor Bank’s Positive Pay program will soon expand to include ACH transactions as well.
Eureka Herring, Electronic Services Manager at Taylor Bank, says the bank strives to deliver the expertise and guidance you need to fully understand these online banking resources and how they can benefit your business. “We’re right there with hands-on training and support,” says Herring. “No matter what type of business you’re running, we stand ready to help you choose the best solutions, get them up and running quickly, and maximize the advantages they offer.”

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