The global pandemic led to multiple new avenues opening up in front of us. Businesses had to turn towards numerous ways to keep themselves operational and provide their customers with services. It led to an increased usage of digital banking apps due to the features they offer to businesses and customers. 

However, the rise of digital banking apps is not something new. Businesses are using it even before the pandemic. In particular, carpenters working on a freelance basis or carpentry business owners can enjoy numerous benefits by using banking apps. 

The carpentry industry is rapidly incorporating new methods to gain a competitive edge. And banking app can help you with that since it streamlines the payment process and saves valuable resources, such as time and money. Below we discuss some reasons for carpenters to have a banking app.

1. Much More Secure

Banks and financial institutions are working on providing secure services to mitigate the chances of any external threats. They are drafting polices for mobile and online banking, which gives you a high level of security. Many banks are doing so by placing a robust KYC authentication system. 

Most banking apps now include multi-factor authentication, such as passwords, face ID, fingerprint, etc. As a result, it ensures no one else can access your banking accounts. Some banks even add an extra layer of protection for additional security precautions. 

Moreover, there can be other biometric login options, such as voice recognition, to enhance the overall security. The security options can be handy if someone tries to login into your banking app through an unfamiliar device. Not only will it block unauthorized access, but the app will also notify you about it. 

In a nutshell, using a banking app helps carpenters perform transactions without any issues. Since carpenters have to work in different locations, they might lose their physical cards, leading to many problems. But with a banking app, they can perform all the functions through any device.

2. Ease of Carrying Out Transaction

The widespread increase in the use of digital banking apps is due to the convenience it offers. Carpenters can access any banking services they want at any time, regardless of their location. They don't have to leave the worksite to go to the bank to resolve any issues. Using banking apps, you can: 

  • Reach out to the banking support 24/7 for any issues 
  • Carry out various banking tasks quickly without any time limitations 
  • Access your bank account details and transaction records through your smart phone or computer
  • Know about the account balance, credit card limits, and other things 
  • Deposit your check from anywhere 
  • Transfer funds from one account to another account in merely seconds 
  • Get regular updates about the overdraft in your account

Moreover, it also allows you to go cashless since you can make payments through it instantly. Carpenters don't have to worry about cash when purchasing items from different stores. They can buy the items they need to complete their carpentry project and pay via the app. 

Cashless transactions help you to keep a record of your financial resources. You can instantly access your previous transactions instead of looking for receipts to find out about your previous purchases. Most importantly, it avoids human-to-human contact, which is a big thing considering the pandemic.

3. Control Over Finances

Using a banking app gives you better control over your finances. When we talk about cash, you might end up buying things you don't need for your carpentry business and don't have any record for it. That is where a banking app plays a vital role by giving you control over your finances. 

You will have access to your funds which you can move or manage as you deem suitable for the business. The convenience of transferring funds from one person's account to another's or directly depositing the check enables you to have control over your finances. 

Banking apps enable you to navigate the daily transactions by giving you all the information you need in the palm of your hands. You can find out where you have received money from and where you have spent it. In simple words, it helps you in managing your cash flow efficiently. 

The best part is that banks are advancing their features to give customers more control over their money. You can now find savings tools in your banking app to create an emergency fund for your carpentry business. You can use it in the crunch times to ensure your business stays afloat. 

Moreover, you can also get updates and alerts about the balance in your bank accounts. It will prevent you from taking overdrafts on which you will incur additional charges or interest rates. Also, you can request for issuances of new credit or debit cards through banking apps.

4. Plethora of Features

The most crucial point which emphasizes why carpenters need to have a mobile app by their side is the features banking apps offer. Carpenters can find customized features suitable for their business needs, such as purchase calculators, virtual assistance for support, and much more. 

Previously, carpenters had to wait for their clients to get a check and deposit it into the bank. However, with mobile check deposits, they don't have to go through the hassle of depositing checks into physical branches. 

Banking apps allow carpenters to get payments from their clients since they can transfer the money into their accounts. In addition, you can also use banking apps to pay bills for your business. The banking apps also allow you to: 

  • Locate the nearest ATM 
  • Take out to withdrawal money from ATM without the need of a card 
  • Make budgets for different carpentry projects you are working on 

Digital Banking App: The Way Forward for Carpenters

Carpenters now realize the potential digital banking offers to them. The overall industry is using automation and digitalization to streamline multiple processes in carpentry. Therefore, their eyes are now turning towards digital banking apps. 

So, wouldn't it be ideal to have a complete solution by your side? You would want to have a digital debit card that offers cashback rewards, invoice and cash flow management, and other amazing features for your carpentry businesses.

Then, the best possible solution for you is VERGO, an all-in-one debit card for carpenters. You can use it to progress your business.