WHEN INTERNET BANKING NO LONGER MEETS YOUR SMALL BUSINESS NEEDS
October 11 2016.



Many small businesses rely on internet banking for their business payments – from employee wages and standing orders, through to ad-hoc supplier payments.


Internet banking offers a number of advantages. It means businesses can bank more flexibly, get real-time account information and have the ability to make immediate payments. Although this makes sense for early stage businesses, it can become very time consuming as they grow.

There are limitations with internet banking. For instance, payments cannot always be scheduled in advance or batch processed. Additionally, internet banking facilities cannot integrate with incumbent payroll or accounting software, requiring duplicated data input. 

Naturally as a business grows, the volume and value of payments will increase. Making a few manually entered ad-hoc payments per day might be manageable, but as the volumes start to increase, the risk of error increases too. With the increase in payment values comes the need for a secure, controlled, and auditable process too.

Additionally, depending on the nature of the business.....


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