Business Internet Banking
Written by Stefan Del Zio
Business Internet Banking is just like our Personal Internet Banking program, however it has some subtle differences that cater for banking in a business environment.
What Are The Differences?
There are three main differences in Business Internet Banking as compared to Personal Internet Banking.
Create User Profiles
Business Internet Banking enables the Account Owner to create specified users, with their own access code, and to assign an appropriate security level to enable them to perform set tasks on the account such as view transactions, load payment batches, etc.
Create Batch Payments
Business Internet Banking allows authorised users to create payment batches and to store up to 10 batches on the system to streamline the payment process. Maintenance can be performed easily on these batches to make alterations to payment amounts, payees and account details. Batches can be set up for payroll, supplier payments, utility payments, etc..
Compatibility With Accounting Packages
Business Internet Banking is also compatible with various accounting packages that enables the user to upload transaction batches for payment through Business Internet Banking.
The Benefits To You
You, as the Account Owner can keep control of the staff you give access to as well as the transactions that are processed to the account at all times without having to be the person responsible for loading the various transactions.
You also reduce the need to issue large value cheques which reduces the chance of stolen cheques or fraudulently altered cheques. You will also bypass cheque clearance requirements by utilising electronic payments which result in immediate clearance to your employees and suppliers.
As we are completely focused on account security, measures have been put in place to ensure that only the correct person in your organisation becomes the Account Owner. This makes the registration process slightly more complicated than registering for Internet Banking, however it is for the benefit of your business. The key things are:
- Signatories on the membership and the nominated account owner need to complete the registration form
- We also ask for a letter from your business on business letterhead.