online businesses

E-commerce merchants rely on the internet to carry out various business operations such as marketing, selling, and distributing or delivering their products. Many online businesses rely on the Internet for another important process as well: banking.

Digital banking services in the UAE and in leading business hubs all over the world provide e-commerce merchants a variety of benefits. These include:

  • Real-time receipt and transfer of payments
  • Easier access to and management of accounts
  • Fewer trips to the bank
  • Access to your account 24/7
  • Faster payment of bills

Banking solutions and features e-business owners should look for

Online businesses will find certain banking solutions and features more helpful and beneficial. If you own and manage an online business, here are five innovative banking capabilities and services you should look for and take advantage of:

1.     Integrated banking platform

Digital banking makes it easier, faster and more convenient for online business owners to carry out various transactions. With the right bank, you can do all these and even more by using just one platform. When all these banking processes are streamlined, you can then focus on other areas of your business to achieve your goals.

An innovative, integrated and comprehensive banking platform will allow you to:

  • View and monitor bank statements.
  • Check and pay utility bills.
  • Receive payments.
  • Transfer or deposit payments.
  • Integrate certain bank transactions with your ERP system.

You can do all these anytime and anywhere you are as long as you are connected to the internet.

2.     Mobile banking

To have access to all the banking services and features you need, you shouldn’t have to turn on your computer or laptop. You should be able to access them using your smartphone, tablet and other mobile devices.

By using the bank’s app or SMS service, you can view your account or bank statement and check your balances. By activating push notifications, you will always stay informed regarding certain transactions within your account.

As such, you will know if any unauthorized withdrawals were made or the payment you have been waiting for has already been transferred.

3.     Online loan application

Requiring extra funds for additional inventory, manpower or expansion can be a time-consuming and tedious process. With the right bank and their digital solutions, you can apply for a loan and get the funding you need in a matter of days without even leaving your home or office.

The best banks today allow their clients to apply for a business or personal loan online or by simply using the mobile app. If you regularly log on to the bank’s website or app, some application fields including your email address, phone number, ID and business address can be filled up automatically since they already have data from various back-end systems.

This feature is a big help for busy online merchants. You won’t have to prepare and submit supporting documents and wait in line at the bank to talk to a staff. Applying online for additional funding helps make the whole process go faster and reduces the waiting time for loan approval.

4.     Customization

Not all bank customers require the same kind of services. For instance, you may appreciate getting alerts whenever you need to pay bills. However, some people may find this irksome and unnecessary.

The good news is well-established banks allow their clients to personalize the services they need or will be using. As such, you can turn off certain alerts while still keep others turned on.

This customization feature is also handy if you want to give some of your workers access to the bank account. You can enable employee access to an online account on a “need-to-know” basis to improve in-house security. You can work with your bank to design a system that creates password protection for each employee’s account access and deletes them when a staff leaves.

5.     Live chat

Getting in touch with a bank representative when there is a need for immediate assistance is something that all clients will appreciate.

When you get the information you’re looking for by simply chatting with a customer service representative via the bank’s website or app, you will bypass hours of sitting at the bank or waiting for a staff to answer your call or reply to your email.

Since the chat support staff also has easy access to customer data, you will also receive a personalized and satisfying service.

Most banks already have these features and solutions. But to be sure you have access to all of these and other newer products or services, do some research before opening a new bank account.