Online banking is a double-edged sword for small businesses: It’s easy and convenient, and yet it makes them vulnerable targets for cybercriminals. There are a lot of small businesses out there, and they don’t all have the big budgets for IT resources or a large staff. Another potential downside is that as a small business, protection laws work differently. Small businesses may have more difficulty recovering any online account losses because business accounts typically do not have the same level of legal protection provided to consumers. Entrepreneur.com. While yes there are some risks to take when dealing with online banking, it is an extremely valuable and useful tool for all small businesses to have. Not only does online banking provide you with detailed reports on all of your accounts, but it makes life so much simpler for you as well. There is no need to make a special trip anymore just to transfer money from one account to another or to check your balance, as all of this can be done online. You can also pay all of your bill’s online as well with online banking. And the great thing about this option is that many institutions now offer certain rewards when you pay your bill’s online such as reward points when done as a credit rather than a debit and no monthly fees for your account when you pay a certain amount of bill’s online every month. Rest assure that when setting up online banking account’s, while there are risks of theft to your account or identity, almost all bank’s offer many different identity theft programs as well as the option to sign up for certain programs that will insure your account up to a certain amount which will refund all transactions that may take place during a theft. While yes there are some risks to take when dealing with online banking, it is an extremely valuable and useful tool for all small businesses to have.