Financials and Cash Flow

Refresher: The benefits of online and mobile banking

Review how online and mobile banking channels may benefit your business as bank branches may be temporarily closed during the COVID-19 pandemic.

Published: October 11, 2019
Updated: June 25, 2020

Due to government shelter-in-place orders and other COVID-19 related restrictions, many banks have made temporary adjustments including reduced hours, reduced lobby access, and even branch closures.

This article reviews the benefits of online and mobile banking channels such as:

  • convenience
  • ability to make payments
  • monitor your accounts
  • reduced risk of fraud
  • streamlined financial management tools

For other COVID-19 resources and updates to help you navigate through this changing business environment, visit the Wells Fargo COVID-19 resources and support page, and the FAQ page.

Using online or mobile banking services might already be part of how you run your business. Now more than ever, online and mobile banking channels may provide faster access for many of your banking needs. It can also help to keep your account secure, and keep yourself and others safe.

1. Bank at your convenience

Deposit checks remotely by snapping a photo with your mobile device’s camera to cut down on frequent trips to the bank.1 Online and mobile banking also allow you to transfer money between your accounts (in some cases even between your accounts at a different U.S. financial institution) and pay bills quickly and securely. Through online banking, you can search your business transaction history, review pending transactions, and view images of paid business checks (up 18 months).

2. Make payments

It may help you save time and reduce hassle by paying bills online or with your mobile device. Send one-time payments or schedule recurring payments to be made on a set date every month. In some cases, you can set up bills to be paid directly from your checking account by providing your account and bank routing numbers. Using an online wire service, you can wire money2 to business accounts in the U.S. and worldwide, often on the same business day.

3. Monitor account activity

The simpler it is to check your balance, the more likely you are to do it often, which may help you keep track of your business spending and cash flow. Make a habit of checking your account balance and pending transactions — anytime on your mobile device or computer. You can also set up customized alerts3 to notify you when your balance goes below a certain threshold or when a check posts. This discipline may help you to avoid overdrafts and better manage your cash flow.
In addition, you can assign view-only access to your accounts to anyone who needs it such as your bookkeeper, accountant, or other key employees. This will allow others to take care of the tasks you may not have time for, like ensuring that a payment has been received, and allow you to focus on other aspects of running your business.

4. Help reduce risk of fraud

If you haven’t yet done so, choose paperless statements to help reduce the opportunity for identity thieves to steal paper statements from the mail or trash.4 Your online bank account can store important documents — account statements and tax records — in one place so you can find statements more easily and simplify your business tax preparation. Moreover, keep your contact information updated so you can be notified when new statements or documents are ready, or when there are password changes to your online account.

5. Streamline financial management and planning

Have you integrated your business’s bank data with financial software? Make the connection to reduce opportunities for error and grant access to an employee, bookkeeper, or accountant, as well. You can manage their access so that they may view data but not start a transaction, or so that transfers require your approval. Online-banking forecasting and planning tools may also help you stay on track to meet your business goals.

6. Pay attention to digital banking advancements

As banking evolves, be open to new ways of interacting with your accounts. You could soon be banking without ever picking up your device. Additionally, there are advancements in artificial intelligence (AI) that could impact what your bank is doing to serve you behind the scenes.

Visit Wells Fargo Business Online® to learn ways to help your business with various online and mobile banking features. Learn more today.

1 Some accounts are not eligible for mobile deposit. Availability may be affected by your mobile carrier’s coverage area. Your mobile carrier’s message and data rates may apply.

2 Enrollment in Wells Fargo Online® Wires is required, and terms and conditions apply. Wells Fargo Online Wires are unavailable through a tablet device using the Wells Fargo Mobile® app. To send a wire, sign on at via your tablet or desktop computer, or sign on to the Wells Fargo Mobile app using your smartphone. For more information, view the Wells Fargo Wire Transfers Terms and Conditions.

3 Sign up may be required. Availability may be affected by your mobile carrier’s coverage area. Your mobile carrier’s message and data rates may apply.

4 Online Statements require Adobe Acrobat® PDF reader. The length of time Online Statements are available to view and download varies depending on the product: up to 2 years for credit cards, student loans, home equity lines of credit, and personal loans and lines of credit; and up to 7 years for deposit accounts, home mortgage accounts, and trust and managed investment accounts. The length of time the specific product statements are available online can be found in Wells Fargo Online on Statements and Documents. Availability may be affected by your mobile carrier’s coverage area. Your mobile carrier’s message and data rates may apply.