What are the Benefits of an Online-Only Business Bank Account?

While admittedly arguable by some, banking has been an integral part of our lives from being able to receive our payroll wherever we are to financing the next intercontinental bridge to connect countries apart. Despite most of them opening branch offices scattered around their locale as best as they could, it was always an issue, though, banks could be far, if not in your town at all, or queue lines being soul-exhaustingly long.

Like with many other industries, that’s where the advent of the internet came in – a medium that removed the necessity of physical proximity was indeed the next breakthrough banks needed. Online banking saves us a lot of time and our sanity, as well as quite a lot of labor and cost for the banking industry. Online banking users have far surpassed those that still visit physical premises to tend to their financial needs. And that is age-independent as even the older age groups have embraced the technology despite still being somewhat skeptical to other internet-based comforts such as online shopping.

How to Open an Online Business Bank Account

Such convenience is a must for online businesses though. Like any other, they would like to earn interest, manage funds, and pile up their capital at a safe location, however opening a business bank account for these new gen entrepreneurships are accompanied with their difficulties as their incomes are not so well established like their credit scores. The Internet is full of solutions, not surprises, not that anymore to be precise, as online-only banks rise to the rescue of online businesses as they are not concerned with finding such barriers.

Online-only banks are newly promoted contenders to the finance league – as the name suggests, they do not open up physical offices but still offer what conventional banks have to offer such as wiring transfers, ACH payments, bill payments, invoicing and even debit cards etc. Their user-friendly nature made them rockstars for small businesses and let us highlight why they are celebrated by such enterprises.

Online Bank Account Benefits

Benefits of an online bank account at an online-only bank definitely starts with being able to offer higher interest rates. The annual percentage yield of a business bank account at such a financial institution outran those by the traditional banks at an average of 1% to 2% as their costs are relatively less, being able to appeal to businesses through such an offer. Speaking of which, best online-only banks lack those operational costs specific to their brick-and-mortar counterparts, so they possess the maneuverability to offer such room as other incentives to their customers. An online bank account with them also is quite simplified, taking far less paperwork to deal with, effectively contributing to getting a faster approval of your business bank account compared to traditional banks. With online banking for business becoming almost the norm, your businesses connection with online-only bank services provides a more intuitively smart experience, as they are catered to existing online in the first place, as in granting a hassle-free integration with your payment providers for instance. Your online business bank account at those enterprises are not fragile or out in the open either – a tech-driven bank manages its security requirements far better while also being insured by the governmental authorities of the country they are registered with.

No innovation is just a bed of roses – a successful online bank account with an online-only bank surely has its shortcomings but at the pace they are on, it is not hard to imagine they will be able to make up for them in no time.

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