Online banking - Business Resource Centre

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Advice for organizations to save money, time and raise awarness online

Online banking

Banking onlineSignificantly reduce the time and resource it takes to manage your company's finances by switching to online banking. With safe, accessible and automated services, you can spend more time meeting targets and less time bookkeeping. In fact, over 300,000 SMEs are already using Lloyds Bank secure online banking system.


  • The benefits
  • How to do it
  • Case study
  • Useful links
 

The benefits

Access your accounts 24/7

Access your banking information and execute many transactions at any time by setting up an online banking account.

Manage your finances more efficiently

Organise your financial activity easily with an online bank account that allows you to:

  • Delegate authority - Set different levels of online access for each of your Internet banking users, depending on their role and your business requirements.
  • Control online payments - Set a user's payment limit for each transaction or choose between 2 or 3 people to authorise all online payments.
  • Make bulk payments/multiple payments - Make up to 25 payments online at any one time.
  • Make international payments - Make international payments to overseas staff or suppliers.
  • Arrange automated recurring payments - Set up new standing orders and easily manage your existing standing orders and direct debits.
  • Transfer money - Make immediate transfers between your own accounts (business, personal, savings, credit, etc.)

 

Go paperless

Cut down on unnecessary paper use by opting for online statements. Of course, you can also ask to receive paper statements when you need them.

Bank securely

Today, online banking website operate in a very safe environment by using the latest online security measures to protect your money, company information and privacy. Choose a bank that promises to protect your funds, such as the online and mobile banking guarantee from Lloyds Bank.

How to do it

Register for online business banking

Find a business banking account that best suits your organisation. Research the different accounts available and select one that matches your requirements. For example, if you're starting a new business, a 'Business Account for Start-Ups' may be the best choice. Or, if you are a non-profit organisation, a 'Club, Charity or Society Account' may make the most sense.


www.lloydsbankbusiness.com/accounts/index.asp  

Sign into your accounts securely

Your financial data is protected by your bank's secure login procedure. To access your account information, you will need to follow security checks such as using a secure card reader, entering your PIN code and answering unique security questions.

Add multiple users to your account

Allow multiple members of staff to access your company bank account securely. You can control their level of access, set maximum payment amounts and ensure certain payments receive authorisation before going through. With regulated access, you can save time by delegating your banking and accounting responsibilities while maintaining privacy.

Monitor your ongoing financial activity

Use your online banking account to monitor your financial activity:

  • Access your bank statements by week, month or as annual summaries.
  • Search transactions to locate a specific incoming or outgoing payment.
  • Download transactions so you can save them on your computer or printing a paper copy of your incoming and outgoing activity.
  • Receive text alerts with your weekly balance, or to let you know when your account reaches a particular high or low balance.
www.lloydsbankbusiness.com/internetbanking/cardreader.asp

Manage outgoing payments

Use your online banking account to organise your outgoing payments. You can do the following transactions without having to visit or call a branch:

  • Schedule direct debits and standing orders for all routine payments.
  • Make payments in bulk or to international payees.
  • Transfer funds from your business bank account to your personal or savings accounts.

Accept charitable/non-profit donations securely

Raise funds online by using secure third-party payment processing software, such as Google Wallet and Paypal, or a secure, third-party fundraising software, such as Blackbaud, DonorPerfect and thankQ . Integrate the software with your online banking account to ensure all funds are transferred to a secure place where you can manage them efficiently.

Please note that these are just examples of the types of software available and Lloyds Banking Group does not endorse the services they provide.

Case study

26th Bristol Scout Group

"We're able to do things outside 9-5, minimise trips to the branch and automate certain tasks and transactions."

Richard Bennett
Trustee of 26th Bristol Scout Group spokesperson

About 26th Bristol Scout Group

The 26th Bristol Scout Group, founded in 1910, is one of the largest Scout groups in the Bristol area. The non-profit organisation promotes the intellectual, physical and social development of young people. It has two Beaver Colonies, two Cub Packs, two Scout Troops, an Explorer unit and also manages its own building, which is used widely by the local community.

Online banking has been of great use to the Group, saving time by reducing trips to the banks, and allowing them to keep track of all payments in real time rather than waiting for monthly statements. Trustees of the group have also benefitted from the ability to delegate banking tasks online. The Group has set up multiple signatory accounts, so volunteers and other staff can monitor and manage transaction, but a trustee still has to approve all outgoing payments.

The 26th Bristol Scout Group has had a website since 2005 and uses online tools to support its many on-going activities. The Group uses its website to communicate with current members and their parents, as well as to advertise to new potential members and those interested in booking its facilities. It is also able to take online payments and booking for its hall, and manage these transactions online.

Success Online

By getting online and using Internet banking, the 26th Bristol Scout Group has benefited from:

  • Saving time with online banking frees up volunteers' time for other activities
  • Delegating banking tasks online so trustees don't have to do it all themselves
  • Accessing online bank statements and setting up email alerts to monitor incoming payments for camps, activities and hall rentals
  • Communicating and advertising more efficiently through its website

 

Richard Bennett, a trustee of the 26th Bristol Scout Group, discussed how getting online has helped the organisation:

"We have done lots of work on our website to ensure we are top of the search engine for several search terms relating to our charity. Our hall is generally booked out most months, and all bookings come via the website.

"One of our best moves has been to actively use online banking. It allows us to delegate banking tasks and easily monitor all our financial activity. With Lloyds Bank we are able to have two trustees to approve all payments and are now able to quickly look and ratify receipts coming in from parents for activities and from people hiring our facilities (Rather than having to wait for the bank statement)."

Useful links

For further information about banking online, you can visit pages listed below.

Clicking on these links will take you to pages on other websites.

Accounting:
www.enterpriseitguide.com/business-basics/accounting/  

Receiving online payments:
www.enterpriseitguide.com/e-commerce/receiving-online-payments/  

PCI compliance:
www.enterpriseitguide.com/legal/pci-compliance/  

Lloyds Banking Group has partnered with e-skills UK to bring you this guidance. For more information, please visit the e-skills UK website.

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