Four ways to make the most of mobile banking services
Mobile banking can help streamline the way you run your business.
1. Keep a close eye on your finances
Track your business's cash flow with alerts that notify you when your account balance drops below a certain amount, and regularly review account transactions to understand where your money goes each month — whether it's toward rent, equipment, or administrative supplies. For additional insight on your spending habits, draw on tools such as Wells Fargo's My Spending Report.
2. Process and manage customer payments
Mobile payments are on the rise — Apple Pay alone recorded 50 percent growth in 2016. Accept wireless payments from your customers with the help of a mobile payment service and easy-to-use card reader attachment such as Wells Fargo Mobile Merchant Services. Then, use your mobile banking app to review this account activity and transfer funds between accounts as needed.
3. Pay your employees and vendors
Using mobile banking, you can set up payment reminders and ensure that they are all made on time. All you need is the employee or vendor's mobile phone number or email address, and you can immediately transfer money to their account — even if you use different banks — through the use of an application such as Wells Fargo SurePay.
4. Secure access to your accounts
Despite perceived security concerns, mobile banking is actually one of the safest platforms. This is partially due to the range of devices out there, which makes it harder for viruses to reach large groups of users, and partially due to the automatic security protocols that mobile providers put into place. For additional security, you can create fraud alerts that automatically notify you — via text or email — of suspicious account activity, which may include purchases that are larger than usual or made outside of your usual travel area.
Learn more about how to keep your business and mobile banking account safe.