99% of Businesses Use Online Banking, But Not for Everything

99% of Businesses Use Online Banking, But Not for Everything

July 10, 2018         Written By Bill Hardekopf

According to the new JPMorgan Chase study called “Trending in Digital Business Banking,” a staggering 99% of businesses use online banking in some capacity.

Business owners enjoy the ability to conduct their business from anywhere in the world, as well as having easy access to financial information. This frees up time so they can focus on other aspects of the business.

Featured Fair Credit Card

Top Features: All credit types welcome to apply!

But online banking still does not fulfill all the needs business owners have. They like the convenience of online banking, but they have a “mix of complex business that requires in-person or phone contact.”

For instance, many customers and vendors still choose to pay with checks, limiting the amount of online banking a business can conduct. Some digital banking services provide mobile check cashing, but that is not always ideal in the corporate world. Ninety-five percent of respondents said they still receive payments by check, more than any other payment method. By comparison, 86% of business owners receive payments through direct deposit and 74% receive card payments.

Another barrier to entry is concern about cybersecurity. Nearly 70% of business owners said they were “extremely or very concerned” about security with online banking.

Business owners enjoy the personalized service they get from speaking to someone in person or on the phone. General account management and transaction processing is fit for digital banking, but other areas of business operations seem to be better left to one-on-one contact.

The information contained within this article was accurate as of July 10, 2018. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

Review LowCards.com Editor’s Top Cards!

2020 Top Credit Cards by Category
Featured Fair Credit Card
Reflex Mastercard® Credit Card
EDITOR RATING
Featured Fair Credit Card
Reflex Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: All credit types welcome to apply!

Featured Low Interest Card
ABOC Platinum Rewards Mastercard®
EDITOR RATING
Featured Low Interest Card
ABOC Platinum Rewards Mastercard®

Applying for this card will securely direct you to the issuer's website.

Top Features: No annual fee; $150 statement credit after spending $1,200 in first 90 days; 0% on Purchases for 12 months

Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card
EDITOR RATING
Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: Reports to all three credit bureaus, perfect credit not required for approval

Featured Good Credit Card
Petal® Visa® Credit Card
EDITOR RATING
Featured Good Credit Card
Petal® Visa® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: No fees whatsoever. No late fee, international fee, annual fee, or any-other-kind-of-fee, fee


bill-hardekopf

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.