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How to Do Online Banking with Small Businesses?10 min read

How to Do Online Banking with Small Businesses?10 min read

Reading Time: 4 minutes

Online banking has become essential for many small businesses in today’s digital world. With the rise of online corporate banking solutions, business owners can now manage their finances and conduct transactions from anywhere at any time. 

However, getting started with online banking as a small business may seem overwhelming. This guide will walk you through how to set up online banking for your small business and take advantage of all it has to offer.

Can Small Businesses Open Online Banking Accounts?

The good news is yes, virtually any small business can open an online banking account. Both traditional banks and newer online-only banks like The Kingdom Bank offer business checking and savings accounts that can be managed entirely through their website or mobile app. 

As long as your business is registered and you have the required paperwork like articles of incorporation or an LLC operating agreement, you can sign up for online banking even if your business is very small.

Opening an account online is simple. You’ll need to provide basic business information and details about owners and signers on the account. 

Many banks now offer video chat appointments if you need to verify your identity remotely. Once opened, you’ll gain access to features like depositing checks, paying bills, transferring money and more all with the click of a button from your phone or computer.

business banking

What Transactions Can Small Business Owners Do with a Corporate Account?

With a corporate bank account, small business owners have the ability to conduct virtually any type of banking transaction online. Common activities include:

  • Depositing checks, cash or making ACH transfers from other accounts into your business account
  • Making electronic payments to vendors, contractors or for expenses
  • Transferring money between your business and personal accounts
  • Requesting and sending domestic and international wire transfers
  • Paying taxes and employees securely through the banking portal
  • Using a business debit card for purchases and ATM withdrawals
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For businesses engaging in international transactions, many online-only banks like The Kingdom Bank specialize in cross-border payments and provide multi-currency functionality. 

This makes paying foreign suppliers or conducting sales abroad much more seamless.

Can International Transactions Be Made with a Business Banking Account?

The answer is yes – many traditional and online-only banks allow small businesses to perform international transactions right from their online banking dashboard or mobile app. With a corporate account that supports international capabilities, owners can conduct the following activities across borders:

  • Send and receive international wire transfers in different currencies with competitive exchange rates
  • Request foreign currency deposits and have the funds automatically converted
  • Manage invoices and payments in foreign currencies
  • Pay foreign vendors, contractors or partners electronically
  • Deposit overseas checks or cash in a scan on your mobile device

For truly global businesses, banks like The Kingdom Bank that specialize in cross-border services through their online corporate account offerings may be the best fit. 

They simplify managing international cash flows without the hassle of maintaining accounts in multiple countries.

business banking

The Easiest Way to Open a Business Bank Account for Small Business

Without question, the simplest path to opening a business bank account is by signing up for one entirely online. This allows small business owners to complete the entire process from the comfort of their home or office at their own pace.

To get started, browse accounts on banking websites and select one that aligns with your business needs. The Kingdom Bank and other online-only providers tend to have the clearest online application flows. Have documents like your EIN, articles or operating agreement handy before beginning.

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The signup form will ask for basic details about your business and owners. You’ll then need to verify your identity, often through uploading IDs, answering identity verification questions or connecting a video chat. 

Within days, your new business checking account will be ready to use through their online or mobile banking portal.

Going digital allows avoiding trips to the branch and working with bankers remotely through email, chat or phone. 

For tiny sole proprietorships just starting out, this convenient online method is by far the easiest way to open a business bank account.

What are the Advantages of Online Banking for Small Business?

While going paperless requires some adjustment, online banking provides many perks that save small businesses precious time and money:

24/7 account access – Check balances and pay bills anytime, anywhere from a computer or mobile device. No need to visit a physical location during operating hours.

Convenient payment options – Pay vendors, contractors and taxes electronically with the click of a button. No writing, mailing or delivering checks.

Savings on fees – Online banks tend to charge lower or no monthly maintenance or transaction costs compared to traditional banks.

Omnichannel support – Get assistance through live chat, messaging, email and phone rather than scheduling in-person appointments.

Online banking streamlines the finances of small companies while still providing robust tools for managing domestic and international corporate transactions. With the right digital banking partner like The Kingdom Bank, business owners gain a powerful yet affordable way to run their money operations.

Virtually any small business can sign up for online corporate banking regardless of size through both traditional institutions and online-only banks. 

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Going paperless allows total account control and access to features necessary for health financial management anytime, anywhere.

Online account opening is quick and simple. Have your basic business registration documents in hand, and you’ll be up and running within days to take advantage of payment options, accounting integrations and 24/7 access on any device. 

International businesses also gain tools for sending and receiving cross-border wires and managing invoices in different currencies.

Online business banking unlocks powerful yet affordable money tools ideal for small companies. I’d encourage any startup or SMB to explore account options at The Kingdom Bank or elsewhere to modernize operations and save money over time.

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