All banks utilise an online method for businesses. There are several different versions for each bank and knowing which one is right, is crucial to smooth running and compliance.
Most importantly consider the type of work that the company handles. For example, a conveyancing practice will require a platform that allows high-volume, high-value transactions whereas a legally aided criminal law firm will not necessarily require that level.
Corporate banking systems allow for growth and high-volume, high-value transactions. The headroom for payments is generally higher meaning hundreds of thousands even millions of pounds can be paid in one attempt and several can be paid during any given banking day. These systems are also geared to allow multiple users to securely interact with them so that an accounts department can run their transactions and then contact the signatory to authorise.
Business banking systems for smaller firms often do not have the same level of sophistication but will use similar security/authorisation aspects. They are not designed for high-volume, high-value transactions but will still perform essential functions for most SME’s. These systems are also free as opposed to their corporate counterparts.
Contact TLF for guidance for your business