Sep 04, 2012 Dave King
Smart Business recently offered some tips to better manage cash flow when using online or mobile banking platforms. According to the source, businesses that choose not to use online banking are missing out on a great opportunity to improve the efficiency with which they make transactions. The news provider explains that online bill pay decreases the risk of overdue payments to vendors, lenders and more, while allowing business owners to focus on other important facets of the company's operations. Further, online banking does not cost businesses anything more than a traditional account, the source notes, while it erases the expenditure of banking-related funds regarding postage, checks and the like. Monitoring key in online banking
Smart Business recommends regularly monitoring the transactions that occur through the online banking portal. This includes payments to vendors and employees, as well as those coming from clients. Not only will this work to ensure that all payments are made on-time and in-full, it will deter the risk of fraud. One of the more recent cases of fraud that sent waves through the banking community was related to a Maine-based construction company. Over the course of one week in 2009, ACH-based fraud accounted for just under $600,000 in lost funds for the company, though the bank was able to recover about half. Still, checking the accounts on the day that automatic transactions occur will prevent a little problem from rapidly becoming larger. In this specific instance, the bank was held responsible, as it didn't provide "commercially reasonable" security.