5 Benefits of Using B2B Digital Banking For Your Business

There was a time when performing banking transactions on a phone app felt uncomfortable because it was unfamiliar territory. Fast forward to today, many of us regard banking through our phones as the primary choice. Using a desktop or a laptop for banking is secondary, and visiting a physical bank office branch is an anomaly.

This is one of the ways in which digitalisation has changed the way we run our lives and by extension, our businesses. An increasing demand for a digital banking experience from the business community is transforming the banking sector, giving rise to new opportunities. According to Visa, 88 percent of small and medium-sized enterprises (SMEs) in Singapore would consider switching some services to digital banks. In particular, for transferring money to another international account (39%) and for foreign exchange services (35%).

Is your firm also looking for greater convenience and value compared to traditional banks? Here are 5 benefits of using B2B digital banking for your business.

1. Lower risk of mistaking your recipient’s banking information

Traditionally, when you wire money internationally via your local bank, you need to prepare many details as requested for the bank. This includes: 

● Beneficiary name as registered with the bank 

● Their account number 

● IBAN number 

● SWIFT code 

● Bank’s name and official address 

● Details of the intermediary bank 

When more details are needed, there’s a higher chance of committing typo errors which may delay the transaction. 

This could mean adding a few more working days until your target recipient receives payment. As wire transfers typically take several working days to be processed, such delays may stretch the time that your target recipient receives payment. This puts more pressure on you especially if you need to make the payment urgently to secure privileges or avoid late penalties.

With digital payment banking solutions, often you only need an email address or a specially generated payment link to send them your payment. There’s no more dealing with bank administration details that require more effort to double check that you’ve input them correctly. you can create your payment beneficiaries in advance and confirm their details to prevent any errors. You need not key in the  banking details again for future payments to the same beneficiary as their details had been saved previously.

2. Instant global payments

our G-EMx users can send funds instantly when making payments to another G-EMx account.

On a related point, with digital banking, international payments are sent instantly the moment you submit your request. With traditional banking, telegraphic transfers take days before your recipient receives the funds. This means greater efficiency from being able to verify payments immediately and get your projects moving. Did You Know: You can enjoy the flexibility of accepting international payments in USD, EUR, GBP and over 30 other currencies via G-EMx’s global receiving account.

3. Quicker access to banking services

Digital payment banking solutions are typically mobile-first, which means providers expect that you’ll be accessing their services on your mobile phone rather than your laptop or desktop computers. 

With user-friendly mobile apps that have almost all the features of their desktop websites, you can access digital payment banking services on the go. You can also log in anytime, anywhere for a quick check on transactions, which means having the information at your fingertips. 

Did You Know: G-EMx has made it one of our top priorities to offer a smooth and simplified navigational experience. Say goodbye to confusing online banking websites.

4. More environmentally friendly

With no paper statements or physical banking branches, using digital payment solutions banks are a great way to lower your business’s carbon footprint. This is good news for business owners whose values are aligned with sustainability principles. Also, if you change your office location, you don’t have to worry about retrieving bank notices that may have been directed to your old address. Such bank letters may contain sensitive information, so you save time from not having this item on your long to-do list.

5. No worries of losing your credit card

When your debit and credit cards are lost or compromised, fraudsters may charge unauthorised transactions to your business accounts. 

Since digital banks offer digital wallet services where you can hold incoming funds to use for outgoing payments, you don’t have to worry about what happens if you accidentally misplace your cards. Other than a peace of mind and security, this also spares you the hassle of having to update different merchants of your new credit card details. 

Did You Know: Each time you convert currency, you lose a small fraction of your money through the exchange as banks and financial service providers take a small cut for the transaction. A multi-currency wallet like G-EMx’s can help to reduce your business’s operating costs and increase your profit margins.