Business Resource Center

Eight Business Online Banking Provider Must-Haves

woman does business on a laptop

1. Understands your business

All financial institutions aren’t equal and commercial banking differs a great deal from consumer banking. Your prospective online banking partner should be experienced in commercial banking and should take the time to really understand your business needs. They should also have in-depth knowledge of your industry and market, so they can provide your business with customized solutions.

2. Is financially sound

Have you seen your intended bank’s balance sheet? You should. Stability is essential when evaluating a financial services provider. Assess whether they have the assets and capital to fund your credit needs. Compare their net income and shareholder equity vs. their competitors’ over the past three to five years. Hopefully, their numbers are growing steadily. If not, ask why.

3. Provides streamlined, unlimited access to the tools you use most

Convenience is the whole point of online banking, starting with login. Does your financial institution (FI) offer single sign-on with an authenticated ID and password to access your most-often used tools? Can you easily manage accounts, accept and make payments, transfer funds and other important daily tasks 24/7? These may seem like no-brainers, but they are time-savers and you should be comfortable with the online services available from your prospective institution. Responsive technical support is also a must.  

4. Offers multiple ways to pay

Customers are using a growing number of payment methods, including traditional cards as well as digital wallets. Does your bank also offer efficient means to transfer funds to vendors (or within your business)? Be sure they can support the types of payments you and your customers want to make now and in the future.   

5. Facilitates a seamless digital experience across all devices

If you use multiple devices – tablet, desktop, smart phone – your online banking experience should be consistent. Test your FI’s platform. Is it intuitive, easily allowing you to check account balances and transactions? How fast can you make transfers? If the experience varies from device to device, ask about plans for a more responsive, integrated approach.  

6. Stays in step with technology

Technology is evolving in much the same way as payments. Is your bank making the investments needed to respond quickly? Scalable solutions that incorporate the latest innovations enable you to adapt as your business grows.

7. Maintains a strong security posture

The Payment Card Industry Security Council has rigorous requirements for protecting payment data. Merchants and processors who mismanage that data can face stiff penalties and fines, as well as loss of reputation. With so much on the line, it’s critical to know your FI’s overall security posture – how well they are protected against cyber threats. Check to see whether your prospective bank has had data breaches. How did they address the matter? Did the response meet your expectations?

8. Gives you the personal attention you deserve

Will your financial institution offer a dedicated resource who can handle all your banking requirements? A relationship manager who’ll be responsive to your needs is an asset.

Looking for an online banking provider? Call a Synovus Commercial Banker for more details.

You might also be interested in:

How to Find the Right Commercial Bank

Spend Management is Better with Corporate Credit Cards

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