Only a few small business owners have positive perceptions and feelings about online banking. RateWatch conducted a survey of 215 US-based small businesses and learned that more than 69% percent of owners do not have a positive perception about online baking while only 34 percent of those same owners have never used mobile banking. Even though online banking seems more accessible and less time consuming for small businesses, owners still prefer the traditional method of banking. The main reason there is a disdain towards online banking is simply because it is more focused on the individual rather than a business.

The RateWatch survey also revealed more startling information about the decline of online banking. “In 2015, only 9% of survey respondents did not use online banking frequently or at all, but in 2016, the number has now grown to 20%.” The report also went on to say, “This trend may indicate that banks either do not offer the products that meet the needs of their small business customers or that they do not have the right approach to communicating and selling their offerings.”

I must say that the survey comes as a surprise.  I use online banking and it has made transactions much easier from a business perspective.  The only big issue I have is the interest charged in some online payment acceptance, but my business process has become alot more streamlined accepting money from customers.  Regardless of the feedback I would still urge people to try it out for themselves.  ETFs have done wonders for my business and can do the same for yours.

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