Mastering Business on the Go: The Ultimate Guide to Mobile Banking for Entrepreneurs

| April 24, 2024 | By

Where would we be without business mobile banking? 

Today, when business owners often work long into the night and need to keep track of their finances 24/7, online and mobile banking tools are a must. To save time, effort, and headspace, it’s worth understanding how much you can accomplish with a high-quality banking app or website-based banking experience.

A Financial Swiss Army Knife: The Mobile Banking Features You Need

When you’re first getting acquainted with your business mobile banking platform, it can be overwhelming. There are many ways to use your mobile banking app (or browser-based features). 

The most helpful, must-have applications to know about include: 

Powerful Account Management (at Your Fingertips) 

Through your mobile banking interface, you should be able to complete most aspects of account management. There should be intuitive, easy-to-find ways to:

  • Check your account balances.
  • Review your transaction history.
  • Transfer money between accounts.
  • Deposit checks by taking a photo.

These often-performed tasks used to require a bank visit. Now, they don’t. Having the freedom to spend 30 seconds obtaining peace of mind about your accounts or managing quick, essential tasks while you’re on the go are the benefits mobile and online business banking bring to you. 

Payments and Invoicing: Your Essential Business Transactions 

Cashflow is the lifeblood of your business. Payments (i.e., cash out) and invoicing (i.e., cash in) are things you can manage within your mobile business banking interface—including more complex ways of sending payments, such as payroll. 

Using Intuitive Financial Planning Tools to Support Your Goals 

Your mobile banking application has more functionality than checking balances and moving money around. You can also use planning, budgeting, and forecasting tools that are embedded in your interface—and may even be specific to you, your business, and the resources you have in your accounts. 

These tools can help you keep your finances organized and offer invaluable insights into your financial habits. For example, you can use these features to track and categorize expenses, which gives you incredible data about where your money is going (and, potentially, how you should budget in the future). 

Support at the Speed Your Business Demands

One potential downside of mobile business banking is the fact that you’re not physically at your bank. Your helpful banking team isn’t there to assist if you have any questions or need assistance. 

Except that’s not quite true. When you use mobile banking, you can take advantage of in-app support for immediate assistance. With the click of a button, you have access to banking staff and financial advisors to ensure you’re never left in the dark. 

Streamlined Operations

What financial activities do you complete each day as you manage your business? 

In your mobile banking interface, you can enable features like:

  • Remote check deposits
  • Instant account transfers
  • Automated bill payments

Now, think about how much time not having to handle these individually, manually, or in person can save you. If you live in a rural area or have numerous recurring business bills, that time saved adds up fast! 

In short, when you have the right mobile banking solution, you can leverage incredibly convenient, efficient, and comprehensive features to support your business’s finances. 

But that’s not the whole story. Before you’re all-in on business online banking, you might wonder: 

Is it safe to have all of these convenient mobile features enabled? 

Security Measures for Business Mobile Transactions

High-quality mobile banking apps from reputable institutions are inherently, impressively, and intuitively safe. 

To ensure your financial information is as protected as it can be—while remaining accessible to you and your approved administrators—your bank employs sophisticated security protocols. Some are behind the scenes. Others are very clear and require your involvement, such as setting up and maintaining two-factor authentication systems. 

Today, as banks are able to integrate AI and machine learning tech into their cybersecurity protocols, they’re even better equipped to detect fraud and analyze transaction patterns to identify and prevent any unauthorized activities involving your hard-earned money. 

In short, security is something to take seriously, but know that if you’re working with a great community bank, that bank is looking out for your interests. To partner with them and boost your security, here are a few best practices to keep your accounts safe: 

  1. Update your password regularly.
  2. Review your accounts and recent transactions often to catch any discrepancies.
  3. Avoid using your mobile or online banking applications over public Wi-Fi. (Wait until you’re home or have a trusted connection, whenever possible.) 

If you’re intrigued by the possibility of getting more from your business mobile banking experience, it’s time to partner with a friendly community bank that offers a wide range of secure, intuitive, and genuinely helpful business banking services. BNC National Bank is here to help you elevate your banking! Contact our team today to learn more about the support systems we have in place for you.

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