Wednesday, September 30, 2009

Online Banking Options For E-Commerce Business Owners

With more people getting involved in e-commerce the options for online banking contuse to grow. This can be especially useful for businesses that conduct their business completely online. Payments can be made through an online banking system and the bills can be paid the same way, with little or no need to travel to the traditional bank to conduct your business.

As people become more comfortable conducting transactions online, the need for online banking is growing. Some of the options will allow business owners to accept payments by credit cards and e-checks, which are deposited into their online bank account. From that account, vendors who accept payment through online banking can be paid directly. Others can be paid using the bank's online payment options, which include sending the vendor a paper check as specified by your online banking company.

Essentially, with many of the online banking options the business has no need to ever visit a bank, unless they need cash and a drive through automatic teller machine can handle that transaction.

Many online banks also offer paper checks that can be mailed out, the ability to mail paper checks you receive to the bank for deposit or allow you to make deposits through your debit card at another bank. Having a savings account, personal checking account at the same online bank as your business account allows you the freedom to transfer funds between accounts, usually at no cost. Many also offer the option of money transfer to and from an account at a different institution, however many charge a small fee for this convenience.

Most online banks also give you the option of who is authorized to conduct transactions in the account and through separate password controls, you can track who is messing with your account. The security for online banking has made many innovative improvements in recent years to prevent fraudulent activity from draining your account before you know there is something wrong.

Most also offer the same protection as traditional banks through the Federal Deposit Insurance Corporation, although this protection is usually provided ion the even of physical theft of your money, new rules also help cover account holders, up to certain limits, for electronic theft as well. Protecting you identity and protecting your money are the common concerns of those using online banking, but the convenience of having 24 hour a day, seven day a week access through a high security banking plan can take most of the concerns away.

In most cases everything you can do at a traditional bank can be done through an online bank and the only things missing are the personal interaction with bank employees and the restriction of the bank's hours during which you can conduct business.

By : F Newsome
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