They were all of those things, and business owners everywhere logged on, bringing new efficiency to their financial operations. And if you aren't among those lining up to take advantage of it, you probably will be soon. To hear Michael Reardon tell it, virtual banking is the only way to go if you run a small business. It used to take two people half a day to pay all our bills. Now, I can do it online in one hour.
Virtual banking is also paperless, or nearly so, and easy to use.
Reardon has instant, 24-hour, secure Internet access to his business account, allowing him to manage cash flow with a degree of sophistication possible in the past only to big businesses running proprietary computer links to their banking institutions. I'll be able to log on to my account information from a boat off of Cape Cod when I go on vacation in the summertime,'' Reardon says. Last but not least, virtual banking is cheap. Virtual banks commonly charge very low fees, or none at all, for certain basic services, including automated bill paying and wire transfers. They also offer business customers ATM cards, credit cards and direct-deposit services.