If you’re a business owner, you’ve probably noticed a change in the way business is done in the past decade. The digital age has provided so many different positive resources, but it has also demanded a shift in the way you run your business. New digital payment options, an online store, and app development are just a few of the tasks you may be considering adding to your business. Instead of being hesitant about changing up your business practices, you should embrace the digital age and the business banking options it has provided.
When working with a credit union that embraces the digital age, it can be easy to upgrade your business to support more digital conveniences. Rivermark Community Credit Union offers business banking account holders the option to include mobile services with their account, as well as offers assistance in setting up more digital payment options. If you’ve been wondering what business banking options are now available to you, here are a few digital conveniences that you could be missing out on.
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Accept a Wide Variety of Payment Options
One of your best business banking options is the opportunity to accept a variety of payment methods. More and more people are opting to not carry cash around and, instead, use payment methods like credit cards or paying from their mobile devices. Options like Apple Pay are a preferred choice for people who own an Apple device. It allows them to make secure purchases in-store, on apps, and on the web, giving them every opportunity to use their money to support your business, but only if you can accept it.
If you aren’t able to accept all of these payment types yet, you should look into how that can be made possible for your business. Your local credit union can assist you in being able to accept these payment options by adding a merchant services option to your business account. You’ll be able to utilize these new payment options and receive 24/7 customer support, low rates, and an easy set-up process that can take as little as two days. Doing so sooner rather than later will prevent you from missing out on any sales.
An in-person payment option that’s important to add is a credit card reader that accepts credit card chips and tap-to-pay. This might require an upgrade from your old system, but as people’s credit cards continue to include chip readers and tap-to-pay options, they’ll get used to using them, and it’s vital to your business that you’re able to keep up. These new technologies are important because they significantly reduce the risk of fraud, which has been a big issue in the past. They can also lead to faster transaction times and shorter queues during checkout.
Develop an App
If you want to make it even easier for people to buy from your shop, developing a store app can be a good tool. It will give buyers an easy way to access your shop, as each time they open their phone, they’ll be reminded of your business, and when you enable in-app purchasing, your business will benefit. When you publish your app, it will go live on platforms like Google Play and iTunes, making it even more important to be able to accept those digital forms of payment.
Payroll Management
If you have employees working for you, you know how much time the payroll process can take. Before the digital age, people relied on physical time cards to clock in and out of work each day. And at the end of the week, someone had to add up the hours for each employee. Now, employees are able to clock in and out using an online platform that can count their hours for them and release you from some time-consuming responsibilities.
Through a partnership with ADP, some credit unions are able to offer you payroll management services that give you more freedom and control over things like timesheets. Through this program, you can access your employees’ and contractors’ timesheets from any device that has internet access. Then you can approve your payroll with a simple click, and the taxes and deductions will be done for you. This can free up your valuable time so you can focus on your business.
Move Your Business to an Online Platform
If your business is capable of having an online presence, it’s a good idea to move in that direction. Online businesses are able to reap the benefits of the spike in online sales that has happened over the past year. According to a study by PYMNTS, 40% of American consumers are shopping more online and less in-store right now. Your business can benefit from providing shoppers with this option, so long as your business account is ready to receive them.
The digital age has created multiple ways for you to accept money through online platforms. PayPal, for instance, is a trusted way that allows people to pay digitally and for you to receive the money in a timely manner. A business PayPal account will allow you to send and receive invoices and then have the money deposited directly into your credit union business banking account. All you need is your checking account and routing numbers to set up this payment option in your online shop.
Mobile Banking
Mobile banking is a very convenient product of the digital age. It allows you to perform many of the services you would request from an in-person credit union visit. For instance, accepting money in a time-efficient way can create more opportunities for you sooner by giving you access to your money faster.
With the mobile banking option from Rivermark Community Credit Union, you can cancel your trip to the ATM and deposit your checks directly into your bank account from your mobile device. Mobile banking can also come in handy when you want to check things like your account statements, balances, and payment history. Having this kind of 24/7 access to your account information becomes more and more important as you start to incorporate more digital practices into your business banking.
About Carson Derrow
