Subcontractors are on the run most of the time since they are dealing with clients, working on various projects, and handling core business operations. As a result, they might find it difficult to go to the bank to take their services or deal with any issues. That is where the digital banking app is helping them resolve this problem.
Digital banking app is a new concept that enables subcontractors to get all conventional banking services in the palm of their hands. The days where you take out time to go to the nearest branch are now gone. With a digital banking app, you can manage your business finances on the go.
However, there are still businesses that cannot get a firm idea about the benefits it offers. So to help them out, we will give an overview of some benefits subcontracting businesses can get from digital banking. This article will help you get a better idea of why you need to have it.
1. Gives You Complete Information about Your Accounts
Subcontractors are usually at project sites, ensuring they finish the relevant project on time. It means taking time to go to a local branch to get information about your business which can be a hectic and challenging task. Therefore, digital banking can help you resolve this problem.
With the help of a digital banking app, you can make a personal online account to access all the information you need. The best part is that you can access it via your mobile phone, tablet, computer, or other devices without any restriction of business hours. With digital banking, you can get access to:
- Check your balance, monthly statements, previous transactions
- Conveniently pay your credit card or utility bills
- Enjoy an experience of banking services without paper
- Get push notification to give you alerts about different things
- Make transfers from one to another account
- Accessibility to apply for business loans without any hassle
2. Provides More Banking Options
Besides the options available for traditional banking, digital banking gives more services to streamline your subcontracting business operations. Most importantly, it can help keep records of your business expenses, crucial taxes, and much more.
The ability to transfer funds is also quite intriguing for many business owners. You can transfer money to your friends and family or other credit card accounts, saving plans, etc. It is an all-in-one solution for your subcontracting business needs.
Also, some digital banking apps allow you to link the digital bank app to your PayPal account. It gives you the option to make or receive payments from anywhere worldwide. It is something your subcontracting business might not need, but it is a handy option to have by your side.
3. Includes User-friendly Options
User experience is a vital element businesses have a huge emphasis on since it retains customers. Digital banking apps entail all the features to ensure the mobile app is user-friendly and you don't face any issues when using it. The designs and features make it easier to use than online banking.
Depositing a check usually takes up a lot of time for the businesses. With the digital banking app, you can do it in a matter of minutes. The app gives you complete guidelines on the screen, which you can follow. Some banks even allow you to access the funds instantly with a small charge.
4. Protects Your Business Data
Data is a crucial resource for businesses in the construction industry, including subcontractors. Many companies refrain from incorporating new technologies and digital solutions, fearing they might expose them to cyber threats. But that is not the case with digital banking apps since it uses strong security practices.
Mobile banking apps and sites use encryption models to keep your crucial personal and business information secure. A prime example is that banks will not let you access your digital banking account if you are using an unsafe and insecure Wi-Fi connection.
Moreover, the banking apps and sites usually have a two-factor authentication which mitigates the chances of identity theft and fraud.
You can add additional layers of safety by adding security questions. The banks also use a strong encryption process to keep your data safe and give you additional protection. Below are some ways to help you keep your banking details safe and secure from your end:
- Identity the email or phone scams that ask you for banking details
- Check out for a fake website that might look exactly like the digital banking site
- Make sure you use a strong password and a difficult username for your digital banking app
- Enable push notifications for cash withdrawals or other alerts to spot on any transactions that you are not familiar with
These are some ways digital banking apps help to keep your subcontracting business's data safe and secure.
Difference between Digital Banking and Traditional Banking
Are you still unsure whether you should go for digital banking or keep the business going with conventional methods? Here are some crucial differences to give you a better idea of why digital banking has a competitive advantage.
- Digital banking gives you the availability of 24/7 banking, unlike conventional banking, which is only available during business hours.
- You can use the different categories to streamline your business operations, such as bookkeeping through digital banking, which is something not available in conventional banking.
- It is much easier and hassle-free to open up a new account through digital banking compared to the other option.
- Digital banking makes it easy to process transactions in different currencies.
- Call customer support for assistance anytime you are facing difficulty with digital banking. Conventional banking might not give the same level of customer support as the staff might be to busy with other customers to assist you.
Leverage Vergo to Take Your Subcontracting Business to the Next Level
Besides digital banking, businesses also need a digital debit card to help them with various things. Therefore choosing VERGO will be the right choice for subcontractors. You can enjoy a wide range of perks by using it, such as invoice management, bill payments, and much more.
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