Time to Startup!

The BizFilings blog covering business tips and trends.

The Advantages of Mobile Business Banking

Published on Nov 28, 2012


Read 'The Advantages of Mobile Business Banking' at 'Time to Start Up,' the small business blog by BizFilings.
By Kate Webster When running any small business, it comes in handy to have financial records available at all times. Many banks now feature mobile online banking or have apps that can give instant access to funds 24/7. Mobile business banking is a great tool for independent business owners who are constantly on-the-go and can’t afford to be tied down to a computer all the time. Consider the many advantages that come with this new and evolving technology.

Funds at Your Fingertips

Mobile apps allow smartphone access to information without navigating through a browser. And, most allow you to perform almost any type of financial transactions easily and quickly -- check your balances, make payments to credit cards and other bills, and transfer funds between other accounts. If doing business globally, be sure to inquire about international fund transfers, micro-payment handling and commercial payment processing. These features vary bank to bank, so be sure to check which ones your bank makes available on their mobile app.

Keeping Track of Your Spending

Accessing your funds whenever you need them can be an important tool for any small business owner. When making expensive business decisions, you can make a more informed decision about what is right for the business and your bank account. Many mobile banking functions allow you keep better track of your money, as well. By receiving automatic updates from you mobile banking app, you will naturally be more aware of the content of your account as you spend. You can also view past purchases to make note of spending trends and opportunities to save. If this is of interest, be sure to check out an app called ImpulseSave, currently in development: when a person has an impulse to buy an item, will automatically transfer the amount they would have spent into their savings account instead.

Instant Banking Support

Seeking assistance from a banker can be a time-consuming process involving staying on hold for minutes at a time or going into your local branch. Mobile banking now makes it easier than ever to contact your bank if you have questions or concerns about your accounts. Phone numbers and methods of contact are clearly listed and easy to find using mobile apps, and with a simple click on the telephone number you will be connected to a banker.

Keep Your Banking Secure

Many people are concerned that using mobile banking jeopardizes their banking security because it is easier to access someone’s smartphone phone than computer. However, as long as you take a few extra precautions, mobile banking can be just as safe as any other form of online banking.
  • Make sure not to leave any banking or login information in email or text messages.
  • Avoid connecting to public Wi-Fi networks to access mobile banking as they are usually not the most secure. Switching to a cellular or trusted network will help keep information safe.
  • Password protect mobile devices and set the lock screen often in case a mobile device is misplaced or stolen.
With immediate access to funds and balances, business owners can make more informed choices any time of the day or in the process of making a purchase. --------------------------------------------------------------------------------------------------------------------------- Kate Webster writes for lead generation resource, ResourceNation.com. She focuses on a variety of topics including business banking. Follow Resource Nation on Facebook, too!