Top Benefits Of Using Online Banking Services

Gone are the days when a corporate had to visit the bank branch in-person for any type of banking-related work, for example, depositing a cheque, or withdrawing cash, transferring funds, etc. If your business is still lying on traditional banking, then you are wasting your time as well as business capital. It’s time to go for e-banking or we can say online banking, digital banking, a revolutionary & advanced platform to address all your banking-related needs anytime from anywhere.

Online banking is an efficient, easier, flexible & convenient way to save significant time & money that allows you to keep track of all of your cash in-flow & outflow at your fingertips. You don’t have to worry about a single thing. Plus, this enables you to shift your focus on other organizational goals to help the business expand & operate. Let’s check some of the top benefits of online banking for small businesses:

What is Online Banking?

Online banking is a digital platform where an individual can avail almost all services that a traditional bank offers. From managing your bank accounts to checking balance, international fund transfer, loan applications, payments of bills, deposits and transfer verifications, and many more. All can be done through a few clicks, there is no need to wander from one counter to another in person.

Benefits Of Online Banking Services For Small Businesses 

1. Anytime From Anywhere - The very first & foremost benefit of online banking is that you don’t have to wander through the long queues at the bank branches to get your work done. Just log into your online account and perform all your work without requiring any assistance. Be it checking balance, making investments & receiving payments, transferring funds internationally, or anything else. It is quite useful for small businesses who have busy schedules and can’t afford to be stuck in the traffic.  
   
   
2. Lower Costs - Another benefit of online banking is that it cuts back extra banking expenses & overheads for small businesses and saves money based on their requirements.     Corporates can capitalize money on automated tools such as Electronic Fund Transfers (EFT) for fast bill payments. In other cases, they can save on labor costs and become more productive.  
   
   
3. Protection Against Fraud & Errors - Online banking transactions are quite secure and offer a great degree of protection against errors, scams, & fraud especially in the case of trade finance services. Nowadays, people are getting more aware of the security of their data and information and thereby shifting towards online banking to protect themselves against data breaches. For this reason, banks are offering multiple layers of protection in form of heavy encryption of data, the latest virus detection software programs, and the use of firewalls. 
   
   
            
   
   
   
   
   
4. Easier Monitoring & Tracking Of Transactions - Investing in a sound financial management system to track & monitor their business transactions is still a second priority for many small businesses. Here, online banking services allow them to keep all their transactions under one roof. Be it about loan payment under lending services or recovery of loans from customers. Business owners can get their business organized and updated with easy tracking facilities. 
   
   
5. Encourages To Go Green - Online banking is the perfect way to eliminate paper-based processes & transactions. It is an environmentally friendly and more eco-friendly approach towards the environment that enables you to use less paper and go green. These paperless transactions provide clients with access to paperless transfers, e-statement, online customer support, etc. 
       
6. Global Access - Online banking services are accessible all over the world. Whether it is about the issuance of corporate payment cards or any credit or debit cards, all just are a click away. Just approach your bank ID and find customer support. The real-time chat feature allows you to have a direct discussion with the bank's representative and get guidance about your respective requirements. 
   
   
7. Instant Payments - With online banking, you can keep an eye on your recurring bills and ensure instant payments without charging any fee for the delay. It is simple, easy to operate, and a cost-effective option. 
   
   
8. Remote Deposits - If you are maintaining any current account or saving account services, online banking allows you to pay for the products or services immediately from your account to the customer's account. This increases the rate of cash flow in your business. 

These are some of the top benefits of availing online banking services, improving management, security & nature of financial transactions as well as lowering costs and boosting the company’s productivity. 

Why Is The Trade Finance Gap A Great Deal For Exporters?

Finance for international trade has a vital role for exporters all over the world when it comes to completing global foreign trade deals. Due to the associated overseas risks, exporters want to eliminate the payment risk, and thereby demand to be paid upon shipment, while importers are willing to pay only after receiving the ordered goods or services. Here, import/export finance narrows this time gap among parties through various financing options such as Letters of Credit, Bank Guarantee or Documentary Collections, etc. 

A suitable & wide range of access to global financial services provides them with the instant & required short-term working capital to complete the trade-deal-related tasks, that have been stuck due to lack of funds. It makes it one of the most important pillars of international trade & transactions among global traders. 

For many years, different banks & financial institutions have been minimizing the global trade finance gap and covering the risk of non-payment. The estimated risk is 0.2% on average worldwide with a little bit of variation across nations, highlighting international finance as an economic source of funding for SMEs. Currently, various credit & short-term payment guarantees cover around 80% of global trade with over $10 trillion in yearly flows, as shown by the Bank of International Settlements.

Originally Posted: https://www.emeriobanque.com/blogs/why-is-the-trade-finance-gap-a-great-deal-for-exporters