Internet banking has gone a long ways. Trips to the bank can be time consuming and being limited to the usual nine to five banking hours often requires some schedules to be shifted only do simple transactions. Online banking essentially started to eliminate that.
Many small business have found the appeal of online banking primarily due to its efficiency. One feature that has helped small businesses – remote deposits. Banks are now allowing small-businesses to deposit their checks via the Internet. For business owners who often do the baking themselves, trips to the bank can be a tiresome chore.
Now, all they need to do is to scan checks to their computer and send the images to the bank and they will be processed. Hardware investments aren’t really huge. Just a computer, an Internet connection, and . Some even just allow the use camera phones.
While banks usually charge a fee for this, business owners can avail of banks’ business packages. Chances are, remote deposits can be part of the package. If not, banks usually charge a monthly fee from as low as $25 to $80. Some even provide a special scanner for an additional charge. $80 a month can easily be written off as a business expense especially if repeated trips to bank can be a cost as well.
Source: WSJ
