Top 5 Things You Should Look For in an Online Banking Platform

The Evolution of Business Banking

With the fast-paced business practices industries do today, there’s no doubt your partners, employees, and suppliers expect faster turnarounds when it comes to payments. Whether they entail payments for big or small purchases, the fact that you can now do them via online platforms can both strengthen your business relationships while making your financial activities more secure and efficient than ever.   

Don’t let all the tech jargon fool or overwhelm you. We work hard to make everything user-friendly for your small business banking convenience so that you don’t have to look back to doing your accounts payable processes manually ever again.

Read on to know more about how we can enlighten you on the many benefits of online business banking through digital means and which factors you should keep an eye on to ensure a more secure and reliable financial system that will leave both you and your business partners impressed.‍

1. Safe and Secure Online Transactions‍

These days, traditional banking and physical payments are more prone to risks and scams than what you can experience via online banking. From unsystematic risks such as erratic interest rates to the inconvenience of handling huge sums of physical money to the bank, to highly tedious authorization processes– manual banking still has its own downsides.

Being adaptive to cross-platform features, NextPay allows you to easily access your dashboards anytime, anywhere, for faster turnaround. 

We understand that vendors tend to prefer a specific bank or e-wallet where they want to be paid. In the same way, you want to be able to collect customers' payment regardless of what bank it is originating from. With NextPay, you can send to any major bank or e-wallet in the Philippines. Imagine the convenience of not needing to deposit cheques or even going to branches just to manage your finances!‍

2. Strengthen Business Trust Through Reliable Online Payments‍

Delayed payments to your partners and suppliers can make a dent on your business relations. No matter how much you push to make payments on time, certain force majeure instances can hamper your processes if you continue to do them manually. 

In business, we know that gaining your stakeholders’ trust matters. That’s why we want to help you do business with ease. To do this, we ensure secured transactions by providing an authorization feature. This feature is specially important to teams with multiple people making financial transactions/decisions for the company. The platform also allows payment scheduling so you do not have to worry about paying late.

Another important feature is that your transactions are tracked so bookkeeping becomes easy. These features help you manage your finances well, so you may build a lasting relationship with your suppliers.

With documented financial activities delivered on your end, you are guaranteed that your money goes exactly where it’s meant to go with the right encryption protocols in place for optimum security.  ‍

3. More Flexible Payments 

Having only a few channels to make your payments can be a huge bummer. This could often lead to late payments and a longer process just to get your money into your suppliers’ or business partners’ accounts. 

Our platform offers various various payment options to make your business life a whole lot easier for you and your stakeholders. Having steady partnerships with the country’s premier banks and eWallets gives you more convenient paying schemes that won’t tip your business on its side. ‍

4. You Can Oversee and Control Every Transaction 

Most accountants used to dread tax season. It is the busiest time of the year for them, with all the paperwork and counterchecking measures to be done before the deadlines. In the olden times when filing cabinets took up more space than you’d want in your office, accountants struggled to sort out physical receipts and invoices.

Knowing the importance of bookkeeping, we log every transaction and deliver digital invoices so you can track your money trail more efficiently. Keeping track provides you with insights on your cash flow. 

These digital records are secure and require strict encryption protocols. We remain keen on your set rules for authorization so you can fully monitor your financial activities and make use of your reports and documentation for budget meetings or tax computations. ‍

5. You Become More Productive and Can Increase Profit‍

We all know it can get tiresome to do all your money matters manually. It creates an unhealthy work-life balance especially if you are dealing with multiple accounts, and leads to less motivation and productivity. 

Managing your finances via online platforms makes everything convenient from sending payments to balancing your accounting spreadsheet. Having a bird’s eye view of all your financial transactions allows you to manage your cash flow better and this also helps you have peace of mind because you know exactly where your money goes at all times.

It's all about what you need

NextPay gives you the advantage of settling balances with your suppliers in seconds while at the mall or authorizing payments even when you're out with friends. That’s just how online banking management works and our platform is all about productivity, security, and dependability. And our services don't stop once you enjoy small business banking convenience. What sets us apart is the understanding that your business goals have specific demands so we work with you to come up with the right solutions on your exclusive dashboard for easier financial management.

Perhaps, the main thing you should look for in a fintech platform is the initiative to improve your online banking experience– and that’s what we are all about.

Learn more about how we can help you benefit from shifting to an online banking platform by visiting our homepage now.