As a business owner, nothing quite beats the feeling of getting paid. You work hard for every dollar you earn, and every check you get is a reflection of that. But with your busy schedule, the last thing you want to add to your to-do list is a trip to the bank.
That’s where mobile deposits come in.
Mobile banking for your small business is an ideal way to skip the lines at the bank so you can get paid faster. Read on to learn how mobile deposits work and can benefit your small business.
What is a Mobile Deposit?
A mobile deposit sounds and looks like a traditional deposit you’d make with a physical check. Mobile check deposits allow you to deposit checks using your smartphone. That means you can add money to your account anytime, anywhere, without having to visit your bank branch.
Although brick and mortar branches still stand, this method for getting money into your business bank account is becoming more popular. According to Business Insider Intelligence’s Mobile Banking Competitive Edge Study, 89% of respondents use mobile banking. The study also found that 97% of millennials rely on mobile banking, as well as 91% of Gen Xers and 79% of baby boomers.
How Does Mobile Deposit Work?
With the help of your smartphone, you can deposit checks anytime, from anywhere. To mobile deposit a check into your business account, you must take a photo of the front and back of the check To make a deposit from your phone, simply endorse the check as you normally would, snap a photo of the front and back, and submit it through your bank’s mobile app.
Information on your check, including the check number, account number, numeric account box, and signature line, needs to be clear in order for your check to deposit and clear. When taking a photo of your check, be sure to snap it in bright lighting for a sharp image.
Don’t write your check off as “deposited” until you’ve received confirmation that it successfully went through. Otherwise, you may have to try again.
Can You Deposit a Check Online?
You can only deposit checks online using a mobile device, like your smartphone, specifically through your bank’s mobile app. You can’t deposit checks by logging on to your bank account through your desktop or laptop computer. Since you need a mobile banking app to deposit your business checks, you need to have a stable (and secure!) internet connection.
Be diligent about using secure servers when logging into platforms with sensitive information like your business bank account. Unsecure servers can make your personal information (like account numbers, usernames, and passwords) vulnerable to scammers and fraud.
How Long Does a Mobile Check Take to Deposit?
While mobile check deposits help you save time by avoiding a trip to your local branch, don’t expect your funds to be instantly available. After a mobile check has not only been deposited, but also approved, it can take several business days before the money is available. Ultimately, the specific timing comes down to your particular bank of choice.
Your bank’s app may show the new balance right away, but this doesn’t necessarily mean the money is available. Look for the available balance to understand how much of your small business’s funds are accessible.
Should You Switch Your Small Business to Mobile Banking?
Mobile banking has made managing your small business’s finances easier and more convenient just as technology has made so many things easier in our lives. This is a good thing! Exclusively mobile banks like NorthOne will provide the flexibility you need to spend more time and energy on growing your business.
These types of banks typically have no monthly maintenance fees associated with depositing or transferring money between accounts. Keep more of the money you’ve earned.
Support the Environment and Your Small Business
Using an exclusively mobile bank eliminates the need for paper checks or forms, making this an environmentally friendly solution to managing your finances.
The life of a driven entrepreneur doesn’t always follow a schedule, and sometimes your business can’t sleep (even when you want to). NorthOne’s customer service is available 24/7, allowing you to troubleshoot with a real person if you hit some serious roadblocks. Additionally, you’ll have access to your finances and cash flow insights around the clock, helping you deposit checks whenever and keep a thumb on your accounts at all times.
Access in-depth analytical insights into your small business’s finances. Besides your business checking and savings accounts, mobile banking like NorthOne lets you dive into your cash flow insights right from the same app. This will help you track spending while also monitoring where your money is going. This is especially important when conducting a cash flow analysis, which can help you create an effective business budget.
Mobile banking is the future of financing and now that you understand mobile deposits a little better, you’re ready to continue growing your business.