Many businesses now use internet banking as they deem it to be even safer than the traditional method. Once suppliers’ details have been entered in correctly the payment goes directly to their bank account within 3 working days.

Traditional Method

With the traditional method you get to deal with real people but there is a lot that can go wrong. The teller might punch in the wrong amount or you might arrive at the wrong time and end up queuing.

You might run out of cheques or even forget your chequebook at the office when you most need it.

Once you have written a cheque and mailed it you are relying on the post office to deliver your mail on time and to the right address. They often get it wrong.

You need to wait for a statement to find out your account balance unless you are brave and have hours to kill whilst you listen to “your business is very important to us, please hold while we transfer you to the next available operator.”

Opening Hours

With the traditional method you are tied down to normal working hours. Online banking is available 7 days a week, 24 hours a day as long as you have access to the internet.

With internet banking you cut out the middle man and transfer the funds directly to your supplier’s bank account. It is also possible to access your bank statements day or night without having to wait weeks / months for the banks to deal with your request.

Speed

Bank transfers are often dealt with speedier than traditional banking. Some of my transactions definitely happen quicker through online banking. I can also access all my accounts from one secure site. You can check your bank statements for any period in the past without having to search for a long lost file!

Offers

Some banks now offer special deals for their online business customers only. It is possible to get cheaper loans with lower setup costs, credit cards with lower transaction charges and applying for a loan online is also quicker.

Security

Be very careful with your login details and do not write down your password anywhere.

Always log out once you have finished your business and regularly run anti-spyware software on your computer. Spyware tries to monitor your usage of your computer and collect your personal information and use it against you.

There have been breaches of internet banking in the past but now online banking technology is more sophisticated and secure.

Suitability

Internet banking might not suit you if you like to see who you are dealing with. If you are a “technophobe” & feel insecure about doing large transactions online then it is definitely not right for you.

On the other hand if you **** queuing, despise the time it takes for duplicate statements and **** being bogged down by traditional opening hours then the convenience of online banking can not be beaten.

By: Nazir Daud

About the Author:

[carpwp:amazon{internet banking}][/carpwp]

Bunnyoo asked:


My boyfriend and I had one credit card and we get mail that we have a debt with some other companies.The company we only have is Bank of America,and yesterday I got a letter that we are in debt that is about $500 dollars.I want to stop this before i get in debt.

If you fit in to the generation that is habitual of sitting in front of computers and doing all your bank transactions, shopping, booking purchasing of goods with the help of internet. The internet facility assists you in doing all these activities without going outside and from one place only. Banking is one of the most important advantages of internet. For people who are older the perception of not interacting with human inside the bank will be bitter pill to eat. They still wonder about the positive and negative aspects of using internet banking.

Nervous people recognize the benefits of Internet and hearing many things about Internet banking but they are still paying their bills by mail and deposit checks at their branch.

Lot of people are already using the Internet facilities for taking loans, mortgages even then it comes to finalize deal they still go for office of the lender they opt for and contact those agents.

Before knowing its benefits and disadvantages for Internet banking, concept must be known.

Starting of online banking



When the internet started to become incredibly accepted and computer commences turn out to be progressively sophisticated, many business tycoons started to shift their attention to the trend and recognized their online presence. This similar movement also started to redesign the banking trade.

In earlier period, banks use computers to make routine transactions. Now there is hardly any paperwork at all since everything is done online with the help of banks networking system.

For banks, the Internet transactions played very important role some customers are not able to visit branch personally. If such facility is available with bank then they can increase there customer base.

There are many sub parts of online banking such as PC banking, home banking, electronic banking or online transactions.



In starting national banks take this major step towards online banking the step become successful afterwards now regional banks, smaller banks, financial companies joined in and implemented their own electronic banking set-ups.

Today the big banks have sites that provide fully secure and fully functioning online banking services that give their clientele ultimate convenience.

So, internet banking has more benefits then its disadvantages.





By: Minkesh Sood

About the Author:

Bruce Almighty asked:


I get (or used to get, since I changed my mail’s filter) about three or four emails that apparently originated from Nigeria. I’m so sick and tired of hearing from Ahmed and Abdul, the ambassadors fleeing with their families from Nigeria and wishing to receive assistance with depositing their family fortunes into the safe confines of a North American bank. I don’t do anything online that puts my email address at their disposal.

SGMD84 asked:


I just opened a checking account with Bank of America and ordered a set of checks from the website. Anyone know about how long it takes to receive them in the mail from the day they are ordered?

Xaritori asked:


I recently received my bill by mail and I can’t find a link or anything to pay my bill online. please help
thank you
I clicked on pay my bill but i get really confused. isn’t there any other way to pay?

daboywonder2002 asked:


i finally set up online banking.through my bank. and so i added my landlord so i can pay him. but it says he wont receive it until nov 8. why does it take so long??? regular mail will only take 2-3 days