Online Business Banking

Good morning (EDT)!

I have a small business here in Canada and am interested in potentially adding my business to the payee list on online banking so that my clients can deposit directly to me.

I wanted to get some advice from someone who has done this or knows about the process. I have asked the bank and they haven't gotten back to me yet.

What's involved in doing this? Does it cost anything and if so, how much? Is there documentation available online regarding doing this? If I set up with my bank, do I have to set up with other banks I want to be listed with or can my bank coordinate this all for me?

Thanks for any help you can offer.

In the US, it mostly depends on how many people are sending bills to that payee. The more bills get sent out, the bigger likelihood the bank is going to want to stop writing checks and paying postage and will just direct deposit the bills.

Sounds like you're not running a megacorp, so you're probably stuck getting paper checks every time someone wants to pay you.

2007-03-30 07:31:06 by Air Hockey Canada

Pat Ryan, SVP and Van Wert City President for Citizens National Bank, talks about our Business Online Banking service.

The pleasure to hold currency notes and to spend will never end, no matter, what the technology does and where it may lead.

2008-08-27 00:39:31 by Monkey K

Price: $59.95 $50.47

Brings your accounts together all in one place and helps you set budgeting and savings goals
Helps you stay on top of bills and avoid late fees with alerts on upcoming payments
Check in anytime to see exactly where your personal finances are for the week, month or year

but the operator told me it would definitely take five business days, it is the fifth business day and the money still has not posted. Is this a common problem with fifth third bank? Also does anyone know when the money will post or has experienced this issue before? I am considering closing my account. They are telling me to wait until tomorrow and give them a call.

Are you paying a 5th/3rd account using the online service? Or are you using the 5th/3rd online billpay on your bank account to pay another bill?

If it's the billpay, it is common for some payments to take 5 or more days. These are the ones that have to have a check mailed. Usually electronic bill payments take 2 or 3 days.

If you are paying a 5th/3rd account using their online service, this does not sound right at all. Typicall, companies draft your bank account and the transaction takes 2 or 3 days max.

2008-10-22 13:03:53 by malaydom

Price: $45.00

Which bank is better for business banking? Regions bank or Centerstate bank?
Does either have free unlimited checking?

Which has the better online banking with the better bill payment service?

I run a S Corp...

I live in central florida.

This sounds familiar. Again, figure out what works for you. If I told you one or the other, I would be doing you a disservice as I don't know the details of what you want to do at the bank.

2007-08-25 15:46:26 by marcecore

I would like something to keep our emergency fund in that is liquid. Though I wouldn't be opposed to CD laddering or a similar situation. I also want to make sure it is a large and reputable company... FDIC insured for CDs and other accounts... and hopefully ranked on Bankrate.com. I just can't find many that accept business accounts for all the others which only take personal banking business.

The best ones are the ones your bank offers, actually. All banks who have on-line services have these.

2007-04-12 20:27:13 by WhomItConcerns