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Why Online Business Banking is a Small Business Owner’s Best Friend

Online banking gives small business owners the tools and freedom to grow their companies

For small business owners, having to wear different hats—often all in the same day—is not only the norm, it’s table stakes. That makes it challenging for owners to find the time to manage and grow their business. Fortunately, there are online business banking tools that enable small business owners to do both.

“Because RBC online banking is available 24 hours a day, small business owners no longer have to leave their business early to get to the bank before it closes,” says Neil McLaughlin executive VP, Business Financial Services, RBC. “With a few clicks, they can review bank statements and accounts, deposits and loans, transfer funds and pay bills – all key to managing cash flow – from any device at home, the office or on the go.”

Next level online business banking
Surprised by the positive impact online banking can have for a business owner who is time starved?  A closer look at the advantages business owners can gain from RBC’s Online & Mobile Banking for Business services tells you exactly how this can become a reality for small businesses.

In addition to the already mentioned efficiencies online business banking serves to business owners, McLaughlin shares five other ways online and mobile banking can streamline important business transactions regardless of the size of your business:

  1. Business owners can view Canadian and U.S. business accounts and credit cards on one page, allowing them to check balances and transactions and transfer funds in Canadian dollars, U.S. dollars.
  2. Businesses can send funds through Interac eTransfer to anyone holding an account with a Canadian financial institution.
  3. Electronic payments to employees and vendors can be made using the Pay Employees and Vendors service.
  4. Through services such as RBC’s Pay & Sync, business owners can connect online accounting software to RBC Online Banking for business to save time and effort.
  5. Online Tax Filing Service allows business clients to file taxes and make GST/HST payments and payroll source deduction remittances 24 hours a day, seven days a week.

Making payment easier
For any business owner setting up shop, choosing a payment system that works for both the business and the customer is key. McLaughlin has specific advice for choosing the best option for your business.

“The first step is to calculate how many transactions you’re making each month then look for solutions that don’t require new infrastructure,” says Neil. “Use web-based solutions and apps that can turn a tablet or smartphone into a payment terminal. Lastly, you can look for payment options that improve your customer’s experience, allowing customers to choose between debit, credit and cash to help make the sale on the spot.”

The local business landscape is a competitive one, and for small business owners the journey to a stable and prosperous future is tough. But if growth is in your future and you need simple yet effective tools to make it happen, there is no better place to start than setting up an online business banking system that meets all the needs for your business.

To learn more about RBC’s Online & Mobile Banking for Business options visit

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