Part 2 of the Series: Going Electronic with Business Payments.
Many times when business owners or accounting professionals think about “going electronic,” they default to their personal online banking experience – paying bills through their financial institution’s online bill payment service. Most are surprised to learn that the limited bill payment service at their financial institution falls short of a complete electronic system for sending and receiving payments.
Since online banking services at the various financial institutions were designed for the personal payment experience, it shouldn’t come as much of a surprise that these services have yet to meet the requirements for business payments.
Online banking services offer two options for sending and receiving payments. These options can work for some businesses, but both have their limitations, which I will review below.