The Computer Revolution/E commerce/Online Banking
With the emergence of online banking there is a new era of convenience and security while you manage your money.
Online banking allows you to check your balance, pay your bills, view statements, transfer funds, view transaction history, and much more!
The business now can be run not only in the real world but also online. Sometimes, you only need to manage everything from your home by using the internet, including how you make transaction with the employees and the customers.
The business gets easier and easier by understanding e-commerce online banking. If previously you have to rent a place to sell your products, you must have lots of financial capital, and even you have to spend all your day in the work place to run a business, now you can simply sit in front of your computer to manage everything. The great advantage of e-commerce online banking is resulting in the growing of online shops lately. You too can make an online shop if you want. You do not need to rent or build a real shop and you do not need to spend your time outside your home.
The way you manage your business will be easier by using e-commerce online banking because you can save your money in the online banking, paying the salary, and receive the payment from the customer right from your home. However, you cannot run you online business well if you do not learn about it first. Therefore, you better learn about it before you can apply it for real.
Transactions
[edit | edit source]- Check the balance and recent activity of your accounts including investments, loans, mortgage, or credit cards
- Pay your bills - you can set up utility companies, phone bills, and other bills to make regular payments, or one-time payments
- View statements - this allows you to look at statements from previous or current months
- Transfer funds - move money between accounts
- View transaction history - view details of each transaction
Security
[edit | edit source]- Online transactions are encrypted with technology and layers of security to protect your private information [1] retrieved on Jan 23, 2007
- Online banking is protected under the Privacy legislation.
Check Deposit via the internet
[edit | edit source]Although increasing in popularity, the ability to deposit a check over the internet is a little-known feature being offered by some banks. Being able to deposit a check without heading to the bank is another added convenience for those that use online banking.
Benefits to depositing a check online:
- no waiting in line at the bank
- safer and more discreet-no paper trail that can compromise your sensitive account information
- less waste (waste created by filling out bank slips and getting back receipts)
How it works (common procedure): 1. The check(s) will still need to be endorsed by the party receiving the money as if they were depositing it at the bank. The bank might also require additional information under that signature (such as account number for example). 2. The service is available through the bank's website through which the account holder may have to go through a short registration process to be able to use the service. 3. After registering and signing into the account, the check(s) will need to be scanned. Users of this service must have a scanner at home in order to be able to deposit their check(s) online. 4. Depending on the procedure of the bank, the check(s) may need to be scanned on both sides to capture all pertinent information as well as the signature. In addition to the image of the check(s), the amounts listed may have to be manually entered (some programs can automatically "read" the amounts listed on each check) 5. After submitting, the image(s) and all pertinent information will be sent instantly to the bank for processing. An online banker will review the deposit for appropriateness and will choose to either accept or reject the deposit. If accepted, the money will be deposited to the account.