Pin It

5 Things to Consider Before Switching to Online Money Management

Looking to move your money management to the internet? You’re not alone – according to a survey from the American Bankers Association, the customer preference for online financial services has been on the rise since 2009. More recently, many consumers have been making the switch to mobile banking. But it can be difficult to get the online and mobile support from a traditional service provider.

Financial institutions are following this new direction in consumer needs. Online financial service providers have appeared as a response to needs that weren’t being met by the established traditional banks. With dynamic alternatives becoming more adept at addressing the unique financial priorities of modern customers, money management options have never been so flexible.

There are countless benefits to opening an account online, but choosing the right one depends on what you are looking for. With so many alternatives out there, here’s a quick checklist to help you to make the right choice.

Choosing the Right Online Financial Service Provider

1.       Is it real? The first step is to make sure you’re not dealing with a scam artist:

  • Ensure that you are on a secure website by checking that the URL begins with “https” – for example:
  • Read legitimately published online reviews to ensure that the business is recognized by its peers.
  • Click on the security certificates on its homepage to ensure that the website has been verified by industry regulating bodies (such as PCI, Trustwave, etc.).

2.       Does it meet your needs? The great thing about having so much selection is the ability to tailor your choice to meet your specific needs. Particularly if your online account is your primary (or only) account, you should ensure that they can provide you with the services you require. If you get paid by check or intend to take out a loan, you will need to choose a financial service provider that provides that service.

3.       Have you read the fine print? Understanding the terms and fees is crucial to being satisfied with a service, so you really don’t want to skip this step! There’s nothing worse than going through all the paperwork and verification required to open a new account, only to find out that it costs you an arm and a leg just to use it. For example, if you’re someone who doesn’t like to carry cash around, you don’t want to open an account with high ATM and debit fees. Make sure that you’re comfortable with the terms and fees so that you don’t have to find out that hard way that you chose the wrong account.

4.       Do you feel comfortable with the business? There’s always some risk involved in any form of online finance. If you hear a little nagging voice in the back of your head telling you to be suspicious, you might be better off going somewhere else. Even if you’re wrong, you don’t want to entrust your funds to a service that you’re not sure is reliable. Choose a financial service provider that inspires your trust and allows you relax, knowing your money is safe in good hands.

5.       Do you practice online security? This last point is very important, and it doesn’t matter which online financial service provider you are using. If you are going to be doing most of your banking online, security is of the utmost importance.

  • Always ensure that your browser and anti-virus software are up to date.
  • Never perform online banking activities on a public, unsecured network.
  • Choose a strong password and don’t allow your browser to remember the password for you.
  • Monitor your statements for unauthorized activity.

If you’re considering switching to online money management, keep these points in mind when choosing the right financial service provider for you.

Visit and let us help you to check off all five points on this list! Payza can offer you a comprehensive suite of financial tools for both personal and business accounts. Our award-winning software-as-a-service (SaaS) platform is already favored by millions around the world for its versatility and security. With 128-bit SSL encryption, website review for all of our merchants, a strict Know-Your-Customer policy and the Fraud Matrix, our proprietary, state-of-the-art real-time monitoring platform, Payza is committed 100% to providing you with the most secure e-commerce experience.