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Anita 30th September 2005 04:41 PM

Are You Using Online Banking and Does It Meet Your Needs?
Over at Small Business Trends we've had an interesting discussion going about online banking. I asked the question: "Are Small Businesses Avoiding or Embracing Online Banking?"

We've gotten a lot of input in the comments section over there about the reasons some small businesses are not adopting online banking. Now I'd like to hear from you.

Do you use online banking?

If so, is your bank's online offering meeting your needs? How or how not?

Old Welsh Guy 30th September 2005 05:18 PM

I bank online with the business and with my personal accounts. In fact all my finances are sorted online. I post the cheques to the bank, I have a cashcard to get at hard cash, and it works fine.

pete 30th September 2005 09:17 PM

Do it daily. Two business and one personal account. Except for making real deposits from my retail location everything is done on the net. Except for paychecks and rent I write hardly any checks. All of my suppliers have my debit card number on file and bill as they ship.

Both business and home utilities, cell phones, etc., even the daily paper is paid by auto-pay.

Saves checks and postage.

Unfortunately, my locally owned bank sold out to a larger locally owned bank about a year ago and they took a giant step backward with their website / online system. The old bank had a system that if you bought something now it would show in 5 minutes. The new one still does the old 2:00 cutoff and that shows the next business day.

I was spoiled by the first bank and have been looking for a better system, but knowing everyone by name and having no waiting lines is hard to give up.

copywriter 1st October 2005 09:45 AM

I use online banking to an extent. I check balances, make transfers between accounts, etc. I don't use the online bill pay option. Not sure why. Guess I'm just a creature of habit. :)

I also have a check card and teller card.

Anita 1st October 2005 10:28 PM

Myself, I try to handle as many transactions as possible online.

My invoices go out via PayPal (I just build the extra charge into my prices). I do account transfers electronically, and I pay bills online whenever the vendor offers the service. My accounting gets reconciled using electronic banking records.

In fact, it causes me headaches when I have to handle paper transactions.


Paul Martin 4th October 2005 11:49 AM

Yes, we do pretty much everything online. Our personal bank accounts are online, and we have one online & one offline business account. The offline one is really just for depositing checks (quicker than mailing, and it's on the way to the post office).

We keep as much money as reasonably possible in PayPal accounts, because you can't beat the interest rate (currently 3.5%).

David Wallace 4th October 2005 01:35 PM

We do all banking online with the exception of sending quarterly paper invoices for those who do not wish to pay with credit cards as well as new SEO or web development contracts. We also still pay bills by postal mail for the most part.

I love being able to transfer funds between accounts.

St0n3y 4th October 2005 04:19 PM

You mean you can do banking via paper?

All my bills are paid online and I can't imagine doing it the old way anymore. The only thing I use paper for is balancing the account... it was too hard to keep highlighting the computer screen as I marked transactions as checked. And I write payroll and rent checks, but that's about it.

Anita 4th October 2005 07:48 PM

Would Use Online Banking for Everything if I Could
The challenge I suspect David and other small businesses run into is that many clients and customers still operate with paper invoices and pay by check. Some suppliers and vendors are not online-ready, either.

So, you don't really have a choice.

Much as you'd like to do EVERYTHING online, it's still not possible today.

But online banking certainly is a big benefit for those transactions where you can use it. :thumbsup:

yellowwing 16th October 2005 10:09 PM

My personal banking is online. No complaints. I send electronic invoices and clients pay by paper check.

One client has talked me into PayPal. So far so good.

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