RBC Royal Bank NetBank for Small Business
At RBC Royal Bank, we recognize that small and medium enterprises want greater convenience in banking and quicker access to funds, at an affordable rate. RBC Royal Bank NetBank for Small Business service enables companies to perform secure approved transactions from their accounts over the Internet. Managing your business finances can now be made easier, as this online solution, gives you the ability to manage your cash flow, in a safe, convenient, cost-effective manner, with easy to use navigation and financial tools.
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What are the Features and Benefits of Small Business NetBank?
NetBank for small business offers small to medium- sized companies the ability to:
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It is an online banking solution, which has been tailored to our small to medium-sized business and professionals segment, to offer real-time, cash management solutions. This banking service allows clients to perform secure transactions from their RBC Royal Bank accounts online.
RBC Royal Bank NetBank for Small Business can be used 24 hours a day, 7 days a week. It's that convenient! .
Any business client of RBC Royal Bank (or delegated company user) who has a business transaction account can use NetBank for Small Business.To qualify, companies and professionals with their own practice must satisfy all of the following requirements:
- Have an RBC Royal Bank business transaction account
- Employ no more than 100 staff
- Require 2 or less users to access the system
Clients are able to utilize online banking to perform the following functions:
- Securely and conveniently, access accounts 24 hours a day, 7 days a week.
- View real-time deposits and loan balances online.
- View credit card balances online.
- View up to 2 years of account and transaction history.
- Access reports on payroll payments and other transactions.
- Transfer funds to any local commercial bank (via Transach).
- Conduct international wire transfers.
- Pay suppliers and bills on time.
- Process and issue salaries on a regular basis.
- Re-order or place stop payments on cheques.
- Set-up recurring payments.
- Download transactional data into their Cash Management Software (e.g. Quicken).
- And more!
Transach is an electronic payment system that uses Automated Clearing House (ACH) technology. This allows companies to conduct payments electronically via the Bank, as one central processing point. Transach can also facilitate payments to recipients whose accounts are held with other local commercial banks. It is a particularly useful, cost effective and efficient means for companies to process their payroll for staff and payments to suppliers. Access to the TransAch services is an optional feature, which is available in the NetBank for Small Business packages. .
Business NetBank is an online banking solution, which allows multiple user access, super user capability and large payroll file processing (for over 100 employees). NetBank for small business is available at a lower price with all of the functionality of Business NetBank, except that there are limitations on the number of users ( maximum 2 users, does not facilitate super user access and facilitates only smaller payroll processing (up to 100 employee names).
A Super User is a business owner or an employee within the company to whom administrative user rights and responsibilities are assigned by signatories/principals of the company. A super user has the ability to add and lockout users, reset passwords and request profile amendments online. This user should (but is not mandated) to have access to all functions requested on the Application Form, which outlines company parameters. Company’s signatories/principals select and define the level of authority granted to their Super User. This feature is only available for Business NetBank users, it is not offered in the Netbank for Small Business package .
Simply call or visit your RBC Royal Bank Branch or your Business Centre and they will guide you and help you to complete the relevant forms.
NetBank for small business: $90 (VAT inclusive) per month. Business NetBank: $316.25 (VAT inclusive) per month.
Fees are paid via standing order arrangements and the payment is automatically debited from the assigned account on a monthly basis. A standing order form is provided at the point of application. .
This service was created by internationally recognized software providers, using sophisticated net-based applications designed for banks and other financial institutions. It is certified by VeriSign to ensure identity protection for users and is annually certified and tested.
Other security features include optional separation of functions, where specified users may be allowed access only to View and/or Enter and/or Authorize transactions. We have also made a ‘Dual Control’ optional feature available, which acts as a control whereby entered and approved transactions cannot be released/executed without the intervention of another company user. Therefore, to complete the transactions there is separation of authority in the release of transactions
Non-RBC clients are required to open a business transaction account with RBC Royal Bank. Once this account is successfully opened, clients can contact their branch or business centre to sign-up for the service.
The NetBank Administration Department is available from Monday to Friday from 8:00am to 4:00pm to assist clients with queries, navigating the system and adding users/accounts. NetBank Administration contact details:
- Call 625-7288 Ext 28331 to 28336
- Email firstname.lastname@example.org via the NetBank messaging feature (responses/acknowledgements are provided within 2 business days)
This 24/7 service provides online access to your accounts, which eliminates the need for you to visit the branch to conduct most transactions. It allows banking at your fingertips, anywhere, anytime. Subscription to this service can redound to increased company efficiency, accelerated movement of funds, and reduced company administrative expenses and banking fees.