5 Essential Digital Banking Tools Every Small Business Needs

Most meaningful change doesn’t happen overnight.  

And for small business owners, who might be limited in resources and staffing, those changes can be harder to come by. That’s why it may feel easier to stick to the status quo then step out and embrace something new.   

In our technologically driven world – where new digital tools, devices, and resources come out every day – understanding how these tools can help might be a difficult task. But implementing small changes with some of these resources can have a dramatic effect on your business. 

Businesses that embrace simple and accessible methods for their customers, as well as themselves, should have a better foundation to grow.  

Here are 5 Digital Banking Tools That Can Help You Do Just That. 

Modern Electronic Payment Systems 

While the southern-based restaurant chain, Waffle House, is by no means a small business, the company is notorious for its slow embrace of technology. After all, Waffle House didn’t start accepting credit cards until 2006.   

In 2015, the company made another significant change. They started using a new point-of-sale system to replace their dual cash register and credit card readers. The move reduced transaction times by 79% – from 14 seconds to only 3 seconds.  

This change not only allowed their customers to get out the door quicker, but it allowed team members to quickly get back to customers who were still seated. If you’ve ever stood in a line at a restaurant to pay for more than just a few minutes, you know how useful it is to be able to get in and out in no time.  

Payroll Management  

Whether you have a dedicated bookkeeper or HR person, a payroll management tool is a must-have.   

It’s easy to make mistakes when you’re manually processing payroll. A payroll management system can eliminate that potential stressor and save you a great amount of time. With automated systems in place, you and your team are freed up to focus on other responsibilities.   

These tools can take care of other tasks, such as calculating taxes and deductions, that will make your life so much easier. They also offer real-time analytics and reporting to help you see the strengths and weaknesses of your business.  

Online Loan Applications 

The days of driving to the bank, adding your name to a waiting list, and sitting down with the bank manager or loan officer to discuss a loan application are mostly over.  

While you can still go the in-person route, it’s so much easier to simply hop online and fill out a form or two to get the process rolling. Applying online streamlines the whole application process, making it easier and more time-efficient for you and your business. 

Utilizing this quick-and-easy option t could mean access to the funds you need sooner and simpler. Our teams at Voyager Lending and Merchants & Marine Bank are happy to help you through the online loan application process today! 

Real-Time Transaction Alerts 

Again, in a fast-paced world, most business owners expect instant information about their financial situation. Real-time alerts allow you to get that information almost immediately.   

Banks can offer alerts covering low bank balances, direct deposits, and even unusual account activity, such as large purchases or large ATM withdrawals. You can also use these tools to notify you of upcoming or late payments.   

These alerts allow you to stay on top of the daily transactions in your business, making sure you know, immediately, everything that is coming in and going out of your accounts. With that information readily available, you’ll have everything you need to know to move your business forward.  

Cashflow Management 

Whether you use a budgeting tool or a cashflow management system, it’s vital to know how much cash is coming and going every month.  

This tool helps you build the foundation of your business so you can set strategy and build moving forward. Typically, this type of system calculates expenses and projects income. It helps you reduce cash on hand and build reserves, as well as making sure you are spending efficiently by tracking receipts.  

Position Your Business for Growth 

When you have important information readily available, you can make confident decisions about your business. If you have questions about a tool that might help your business thrive, our bankers may have a thought to share. Feel free to reach out to them at a location closest to you