Managing money is a struggle, or maybe it was until the dawn of online banking. Apart from the fact that most people are now comfortable with web-based banking systems, these useful systems also ease numerous day to day financial tasks like payroll, check deposits and per-month bill payments.
Discover other ways digital banking can make work more seamless for both merchants and retailers.
Online banking systems can help automate daily tasks like check deposits, bill payments or money transfers—and customers are increasingly making the most of the convenience. Results from a survey by Morning Consult show that 70 percent of U.S. citizens manage their banking accounts using mobile gadgets at least once per month and almost half of the population does so more three times monthly.
The research company says mobile banking is more common among ages 18 to 29, whereas persons aged 65 and above prefer home computers or laptops. But all in all, more and more people are embracing online banking.
For example, instead of carrying cash to your property-owner, you can just set up a recurring online payment plan only by using your phone number and address. Setting an automatic payment plan, e.g., scheduling for your rent bill on the first or second day of the month will ensure timely payment and significantly reduce the chances of overlooking it.
“Before automating some of my bills, I missed a few deadlines simply because I forgot or missed my payment reminders. Automation ensures all bills are paid on time,” says Evan Hirschhorn, a small company owner.
You can automate bills that recur, e.g., internet, cable, and electricity. That way, you can manage your monthly finances in as little as thirty minutes.
Hassle-free Check Deposits
Cash may not be the easiest way to collect rent at the end of every month—a check could be the best alternative. But instead of visiting your bank or ATM, you can download an app that enables you to deposit checks by phone into your bank account directly.
All you have to do is; enter the check worth and flit around your smartphone camera over the back and front of the check so that it automatically captures the images. Finances should appear in your account within 24 hours or less depending on the service provider.
A lengthy procedure that entailed a trip to the bank or an ATM can now be completed in just 45 seconds. No more queuing in banks or having to find out what time your branch is open.
You Can Bank From Anywhere
Though mobile banking apps are handy everywhere, they’re particularly vital in the countryside where bank branches are scarce. Digital tools can help you tackle your day-to-day banking tasks—like check deposits, money transfers, and bill payments— regardless of how far you are from your bank.
Author bio:Electronic payments expert Blair Thomas is the co-founder of high-risk payment processing company eMerchantBroker. His job includes helping merchants bank online and deposit checks by phone. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.