Small Business Factoring - Invoices for Cash

 

Banking Options Page Two
 

 


TV Banking

Digital Sky TV subscribers can bank via their TV if they are a HSBC customer - they are the only providers* of TV banking at present. By pressing the 'Interactive' button on the sky remote, you can access the HSBC banking page (after going through the right navigation channels) and access a range of service information.

In addition, after registering to use the service, you can view your balance, transfer money between HSBC accounts in your own name, pay bills, and make changes such as cancelling standing orders/direct debits/cheques.

For you to access your account, your Sky TV box must be connected to the telephone system (usually connected when Sky TV is installed). If the connection is broken or damaged, the customer will not be able to access their account. You will be charged a fee to access your account via the TV: charged by the minute.

Advantages:

  • 24 hour, 7 day a week access
  • No need to queue as you would at a bank

Disadvantages:

  • Limited use of your account compared to other methods
  • Costs are incurred when accessing your account (charged at local rate)
  • There is no personal interaction between yourself and the bank (employee/advisor)
  • You cannot deposit physical cash using TV banking i.e. cheques, cash in hand. This would require a personal visit to the bank
  • If your Sky TV system fails to function, you cannot access TV banking

* HSBC is the only provider out of the high street banks. However, some internet banks allow customers to bank via TV.

Internet Banking

Every major bank has an on-line presence where information about services can be obtained. However, internet banking goes one step further allowing a customer to access their account on-line, make transactions and amend account/personal details.

Just about every major bank offers an internet banking service but you will have to register which may or may not incur charges (depending on your bank): usually, it is free to register for personal internet banking but there may be a cost for business internet banking.

Security is set up which usually consists of a unique number/password issued by your bank and a 6-10 digit number set up by yourself. The security procedure will vary between banks.

If transferring money on-line, usually the money will be transferred over-night if being transferred to an account within the same bank. However, if you are transferring money to an external account, it can usually take over three working days to transfer.

Advantages:

  • 24 hour, 7 day a week access
  • No need to queue as you would at a bank
  • You can access your account at any computer with Internet access
  • Security is integrated
  • Applications for a majority of popular services can be made on-line i.e. loans, savings accounts, mortgages, etc

Disadvantages:

  • You pay for internet connection costs when using the service
  • If your internet connection fails to function, you cannot access Internet banking
  • There is no personal interaction between yourself and the bank (employee/advisor)
  • Internet banking can be slow with a 56k modem
  • You cannot deposit physical cash using internet banking i.e. cheques, cash in hand. This would require a personal visit to the bank
  • You still have to visit the bank to obtain cash floats and/or use an ATM machine to withdraw cash

PC Banking

PC banking is similar to Internet banking. The main difference is that you do not use the Internet to access your account. Instead, from your PC, you connect directly to the bank's intranet using specialist software, modem and existing telephone line.

In general, PC banking allows you to perform the same degree of functionality as Internet banking. However, PC banking is potentially faster than Internet banking and offers increased security, therefore allowing you to access more services.

Again, not all banks offer PC banking. A fee may also be paid to use the service. Consult your bank for more information.

Advantages:

  • 24 hour, 7 day a week access
  • No need to queue as you would at a bank
  • A higher level of security compared to Internet banking
  • Potentially, more services can be accessed due to increased security

Disadvantages:

  • There is no personal interaction between yourself and the bank (employee/advisor)
  • You can only access your account from the PC that you originally installed the software
  • You cannot deposit physical cash using internet banking i.e. cheques, cash in hand. This would require a personal visit to the bank


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