The internet has made a huge difference to the financial world in the last ten years, and one of the biggest changes revolves around the way customers carry out their banking. Rather than going into a branch to check their balance, or to transfer money around their accounts customers are now able to do the whole process online, without having to leave their sofa or office.
Customers can even send money to people at other banks, with the money reaching them almost instantly. Online business accounts allow businesses to carry out similar sorts of transactions, completely online. With a huge range of different transactions and actions available online, many customers no longer need to visit the bank, which in turn means banks need less staff and reduce their costs.
What are online business accounts?
Online business accounts work in much the same way as a standard business account, but the majority of the work is carried out online. Whilst customers may still need to visit the bank to pay in cheques, they can encourage clients and customers to pay them by bank transfer, and can pay other customers and clients in the same way, checking their balances and carrying out various transactions online.
Because online business accounts involve less work for the staff working in the banks, many banks tend to offer them at a cheaper rate than their standard business bank accounts, so you can save money, and gain added convenience with an online business account.
Where can I find online business accounts?
Find a site were they allow you to compare the costs, features and benefits of a range of online business accounts from both the main high street banks and also from smaller independent business bank account providers.
By allowing you to compare the accounts next to each other, from monthly or annual cost, to the cost of carrying out transactions, like paying in cheques, customers are able to make an informed decision about the best online business accounts for their company.