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What Are The Advantages And Disadvantages Of Internet Banking?

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1. Manage your cash flow more effectively Our Internet Banking Solutions make it easier to control your payables and receivables. For instance, you can arrange to receive alerts when payments are due or pending your approval. 2. Simplify your government remittances Filing tax returns and remitting tax payments can be very time consuming. With our Internet Banking Solutions, you can complete the forms online and schedule the payments to be made on the due date and thereby avoid costly late payment charges. Once you’ve paid your government remittances online, you won’t want to go back to the manual method. 3. Take full advantage of discounted payment terms If you have 30 or 60 days to pay your bills, you can hold on to your money longer—up until the payment due date—know that your payment will be processed on time. 4. Allow your employees to prepare the transactions Your business will…show more content…
It also has some disadvantages which must be taken care of. The disadvantages of online banking include the following: • Understanding the usage of internet banking might be difficult for a beginner at the first go. Though there are some sites which offer a demo on how to access online accounts, but not all banks offer this facility. So, a person who is new, might face some difficulty. • You cannot have access to online banking if you don’t have an internet connection; thus without the availability of internet access, it may not be useful. • Security of transactions is a big issue. Your account information might get hacked by unauthorized people over the internet. • Password security is a must. After receiving your password, do change it and memorize it otherwise your account may be misused by someone who gets to know your password
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