Financials and Cash Flow

Refresher: The benefits of online and mobile banking

Review how online and mobile banking channels may benefit your business.

Published: October 11, 2019

Using online or mobile banking services might already be part of your habits as you run your business, but are you leveraging all the ways they may help save time and keep your accounts secure?

Consider adding these online and mobile banking benefits to your banking routine.

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 bank1. 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 your online account, you can search your business transaction history, review pending transactions, and view images of past business checks.

2. Make payments

It may help you 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 money 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 — anytime on your mobile device or computer. You can also set up customized alerts2 to notify you when your balance goes below a certain threshold or when a check posts. Plus, access information about your commercial loans or lines of credit online.

4. Help reduce risk of fraud

Your online bank account can also store important documents — account statements and tax records — in one place so you can find statements more easily and simplify your business tax preparation. 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 trash3. 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 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.

3 Online Statements require Acrobat® Adobe® 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.

Wells Fargo Bank, N.A. Member FDIC.