Online banking has improved our lives in many ways. We use it to manage our finances, pay our bills or make purchases.
If you’re a business owner, online banking can also be key to helping you quickly and securely finance your business. When applying for financing most lenders will need financial statements in order to underwrite your request.
Collecting those statements can be time consuming and arduous. In fact, most of us use online banking because it’s easier than going to the bank or filing away your paper monthly statements.
Many business lenders, including BlueVine, give you the option of providing an online connection to your bank account to spare you the headache of collecting statements.
Here are three important things to know about online bank connections:
1. A bank connection makes applying for a loan much faster
Having an online account already set up simply makes applying for a loan much easier. You wouldn’t have to deal with paper documents that you must scan and send digitally.
This is also critical once you’ve been approved. Maintaining your account will be less of a hassle. For example, without online bank account access, you may be asked to upload a new statement periodically. Providing an online bank connection would usually take care of that automatically.
2. A bank connection makes successive draws much easier
Whether you have a BlueVine line of credit or an invoice factoring account, you may be asked to submit bank statements periodically allowing us to review the status of your business.
Let’s say there’s a pressing need in your business but you had neglected to submit the most recent monthly bank statement. That may cause delays in the processing of your request and call for additional review. With an online bank connection, you wouldn’t need to remember doing so and your draw request can be processed quickly.
3. A bank connection means a “read only” access to your account
Here’s an important point to remember: providing a bank connection does not mean giving a lender full access to your account. The only thing the bank connection allows is a “read-only” view” of your transactions history, the exact same information you’d be sharing by providing bank statements.
Also, BlueVine does not store your username and password in this process. BlueVine also has best-in-class security in place to make sure your information doesn’t fall into the wrong hands.
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The information and insights in this blog post are provided for educational purposes only, and do not constitute financial advice from BlueVine. Please consult your financial advisor before making any business financing decision. For information about BlueVine products and services, please visit the BlueVine FAQ page.
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