What Transactions Can Be Performed with Business Account in Digital Banking?10 min read

Nowadays, when online banking users are increasing, business account also stand out as bank accounts where corporate finance transactions can be carried out. 

The term “Digital Banking” means that you can do almost all banking transactions by using digital platforms such as applications and websites of the banks 24/7. It is also possible to open a digital banking account whenever you want in minutes with a mobile phone, computer, or any smart device.

A business account, unlike a personal account, allows you to manage business finances such as revenue, expenses, cash flow, employee expenses, receiving and holding payments, etc. 

Even small businesses want to grow their business and profitability, they need to use a digital banking service to keep their customers who are getting more digital.

Since online business banking accounts enable us to perform various transactions and features, it is getting more and more popular to open business accounts in digital banking systems. 

Although the facilities depend on the bank there are some topics that we can collect under what types of transactions we can use with the digital banking system.

What is Business Digital Banking?

Business digital banking allows the company to easily access, track, and manage all their financials with the use of digital technology. 

Besides the traditional method, you do not need to use and store paperwork and you can hold all the data in an electronic system. 

Business digital banking generally covers several products, services, benefits, and features that carry out business-specific requirements with several digital channels such as websites, applications or other digital platforms. 

What is a Business Account in Banking?

In just the same way as personal bank accounts, businesses can open financial accounts to benefit from some additional services and business-specific features they need for their business. 

Although banks offer different services, there are common features that are unavailable to individual accounts. With the business account, you can manage salary payments, make transactions with different currencies, export reports and make credit checks on other businesses.

It is also easy to open a business account with certain documentation. Sometimes it depends on the country’s legal regulations, business registration and tax ID numbers are the basic documents you need to have to open a business account.

What are Business Account Transactions in Digital Banking?

All the financial operations that happen in a business account electronically, are represented by business account transactions in digital banking. We can group the activities in these headings in terms of deposits, bills, supplier and salary payments, loan payments, both internal and external transfers, online purchases, foreign trade transactions, and withdrawals. 

Business checking accounts, business saving accounts, and cash management accounts (CMA) are the three different types of business accounts. CMA would be a better option for businesses that want to unite checking, savings, and investment accounts into one account.

What Types of Transactions Can Business Account Holders Do with Online Banking?

Business account holders can make several types of transactions by using online banking platforms. Here are the well-known types of transactions a business account can perform through an online banking platform:

Fund Transfers: It is possible to use this feature within the same bank and with external accounts.

Transaction History and Financial Balance: The financial balance and the history of the transactions can be monitored easily.

Bill, Tax, and Credit Card Payments: The bills, taxes, and credit card payments can be done electronically and for regular bills, you can also automate the payment. 

Investment and Loan Transactions: You can manage business loans and investments.

Reporting: You can see your main financial reports like balance sheets, income statements, etc.

What are the Advantages of Business Account in Digital Banking?

Here are nine advantageous services you can have by using digital banking.

Digital Payments: Businesses can send and receive money digitally with different transaction methods.

Managing The Account Online: Businesses can monitor the transactions instantaneously, check the financial balance, and manage all financials online.

Mobile Banking: The main difference of mobile banking is the flexibility of the location and time. You can manage your business account with any mobile device or application.

Non-Using Paper for Bill Payments: You can pay the bills online without using any paperwork.

Remote Deposit Capture: For many businesses, it is very time-saving and secure to deposit checks into their accounts electronically. It is enough to scan and upload the check images without ever visiting the bank personally.

Account Notifications: Businesses can be informed by setting up notifications for specific activities like big transactions, unusual events, or balances.

Integration Of the Accounts: Many digital business banking platforms can be integrated with the businesses’ accounting software and tools.

High Level of Security: To protect business accounts from online fraud and threats, digital banking platforms take security measures such as multi-factor authentication and encoding.

Specific User Access: Businesses can give access to specific employees within the organization to control who can access the financial information.

Opening a UK Business Account Online

Digital banking platforms are developed because of a need, therefore, the usage of online platforms is user-friendly, secure, and beneficial for businesses. The UK is a well-known financial capital in the world because of its financial services. 

For traditional British banks, UK residency is an obligation but for entrepreneurs, virtual banks can be preferred to use online business accounts. To open a business account online you should select a bank, collect the required documents, and complete the application process.

After the approval, you will receive the account document and activate your account.

Business Account in Digital Banking with The Guardian Bank

According to our knowledge about opening a business account in digital banking so far, using digital business banking has so many benefits, additional services, and features, that it may raise the question of which is the best bank for business accounts. 

The Guardian Bank is a Swiss Bank that can provide online business banking accounts. You can also have a physical IBAN for the customers of the companies. 

While the banking industry is not stable, opening a business account in a bank depends on the bank’s current procedures. 

Therefore, it is highly recommended to do research before banking operations from The Guardian Bank’s official website or get in contact with customer service.