Running a thriving business with an efficient online bank account orhaving an online business bank account is key to financial efficiency.

In today’s fast-paced world, the banking industry has been significantly remodeled by the internet. Basic and complex procedures that once required interfacing with bank officers can now be completed without visiting a brick-and-mortar establishment through online banking alternatives. This upgrade has made banking easier not just for customers but for banking officials as well. Despite the obvious ease that comes with this updated system of banking, according to Augusto & Co’s 2020 Consumer Digital Banking satisfaction index, 67% of bank customers (mainly baby boomers) prefer banking physically. As a result of this, many of these individuals bank physically for both their personal needs and their businesses, ignoring the burgeoning benefits that accompany online banking.

Why every business needs an online bank account

The key to the world of online banking is owning an online bank account. These accounts, although in a world that is susceptible to many digital vices, are secure and come with an ever-growing list of benefits.

The Benefits Of Online Banking for Businesses

If you’re still writing paper checks, mailing paper invoices, and collecting payment with monthly paper statements, you’re wasting business capital. An online business bank account is more efficient, and much more convenient. With an online bank account, your company can design a cost-efficient means of keeping track of income and expenses outgo – all from the convenience of your computer.

Here are some key benefits of online banking, and some good reasons to talk to a WEMA Bank representation about getting your business a more efficient way to manage the company finances.

1. Online Bank Account is Convenient

With an online bank account, you can check balances, make online payments and move money between accounts. If you can conduct a transaction with a teller face-to-face, chances are good that you can conduct the same transaction online. Designing the perfect online business system is as simple as stopping by your favourite WEMA Bank branch. Depending on your business model, you and your bank account officer can customize the perfect online system to meet your business needs.

2. Bank The Way You Want

Bank on your terms and your schedule. If you want to check the books at 4:00 AM, simply turn on your computer and conduct your company’s banking business. Eliminate trips to the bank. Simply sign in to your account, and you’re in control of company finances. Bring your commercial bank to you, work on your schedule, and in your office, with all the features you need. Online banking enables you to bank the way you want and any time.

3. Reduces Banking Costs

Processing paper checks can be time consuming and also expensive in certain ways. You can avoid some of these costs by taking advantage of automated tools like:

• Electronic funds transfers, or EFTs, can help you pay bills quickly without the expense associated with paper checks.
• In many cases, a company may be able to save on labor costs by using online banking to make deposits, track slow pays and perform other payment collection activity
• Online banking is efficient and productive.
• Automated bill payment of routine company expenses simplifies financial management, and eliminates unnecessary late fees. Most monthly bills, payroll, routine expenses can be paid electronically to save you time and money.

4. Keep Banking Business Secure

Banks employ multiple layers of data security to protect your company information. The latest in virus detection software, numerous firewalls, and heavily encrypted transmission to keep your company information protected.

When creating a company online bank account, follow the security protocols established by your bank.

• Passwords protect all accounts.
• Change passwords often.
• Add numbers and symbols to your passwords.

Your bank representative will provide the information needed to secure company information.

5. Customize Employee Access to Business Bank Accounts.

Not all employees need access to all company accounts. That’s no problem. Online business banking system is completely customizable. Enable employee access to online accounts on a “need-to-know” basis to improve in-house security. Design a system that creates password protection for each employee’s account access. Update your in-house system as employees are added or leave the company.

6. Stay Alert

Using online banking, you can customize your accounts to issue alerts when account activity takes place. These alerts can be delivered by email or text message to keep you current on account activity, and to identify potential fraud before it can even take place. Any business is susceptible to hacker attacks. Design your online banking system to send alerts that notify you of any business activity. With online banking, you and your business capital are always in touch.

7. Remote Deposit Capture Increases Cash Flow

Using an online bank account, payments for products or services are moved immediately from the customer’s account to your company account at the time services or products are delivered. This increases the rate of cash moving through your business. If your business employs remote deposit capture, you can design a system that accepts payment in different formats, like one that accepts credit cards, debit card payments, and check deposits. Securing payment is fast, simple, and customers appreciate the convenience.

8. It’s Easy to be Green

Using online banking cuts down on paperwork. Your company uses less paper and the bank uses less paper. In some cases, small business offices have essentially gone paperless with immediate access to company account balances, electronic statements and other environmentally-responsible business activity. Online banking makes “going green” easy.

Online Bank Account by WEMA

An example of an efficient online business bank account is the Wema Business Account, also known as ‘Wema Corporate Account‘. This account, which is targeted at ensuring businesses thrive and survive economically, is designed solely for registered businesses and ensures safe and smooth business transactions without the hassle of physical banking.

Additionally, this product has several benefits such as;

• Option of having a debit turnover of up to N200 million
• Zero maintenance charges,
• Access to the Wema Bank Business Loan Package, the opportunity to boost your finances and invest more in your business and easy issuance of third party checks amongst others.

The Wema Business Account has been industriously partitioned into types that are targeted at achieving specific goals such as the domiciliary account, the treasure account, small business loans, etc. This business account which can also be run online can only be created and operated with a minimum of N10,000 but has the advantage of a full current account. The bank charges taxed on this account are incredibly affordable and are explicitly based on a monthly turnover. It also has a monthly debit turnover limit of N200 million.

How to get your own online bank account from WEMA Bank?

How do you benefit from this product as a business owner? Due to the need to ensure high-level security on this account, when going to open a Wema Business Account, you will need to go along with the following documents to assist smooth processing.

• Duly completed account opening form including signature mandate card
• Business/Company registration documents (e.g. Partnership agreement, business name registration certificate, certificate of incorporation; as applicable to business type)
• Copy of National ID card, Driver’s License, Voters ID, or International Passport
• 1 passport photograph of each signatory
• BVN or signatories, Directors, and Beneficial owners
• Copy of utility bill (Water, electricity or telephone) issued within the last three months.
• Two references
• My Business Account Agreement Form
• Memorandum and articles of association; copy of forms CO2 & CO7
• Resolution of the board of directors to open account (where applicable)
• Evidence of registration with Special Control Unit on Money Laundering of the Federal Ministry and Trade Investment (where applicable)
• Provision of Tax Identification Number (TIN)
• Search Reported

Wema bank also runs an additional product titled myBusiness Account Plus, a classic upgrade from the ordinary myBusiness account. This account can only be opened and operated with a minimum balance of N250,000 and has a monthly debit turnover limit of N50 million. This account is not subjected to any account maintenance charge but this is subject to a minimum daily operating balance and maximum debit turnover requirement set by the bank. It also has an interest rate of 1% per annum which is paid on the available account balance subject to a maximum of four withdrawals monthly. Special benefits also accompany this mind-blowing account such as having access to SME capacity building programs and free business advisory programs bi-annually. Tax advisory and Business tools are also made available to the operators of this account but T and C’s apply.

Every business has a choice, to grow or not to grow, to be savvy and make customer relations easy or not, to harness the power of a developing world, or not. Your business has the choice to become an efficient and effective empire or to decay in the throes of archaism. Which would it be?