online banking for small companies

Dal_Whinnie

I am involved with a small company which has turnover of about £250k and employs 5 admin staff. I have been looking into banking arrangements following the increase in making electronic payments. Where payments are made by cheque these require two signatures so there is a degree of control however, when payments are made electronically only one person 'signs' it. I have spoken to our bank regarding utilising facility where a payment requires more than one electronic signature but this will cost more than £1,000 per month which does not makes it viable.

I was wodering whether anybody else has any suggestions.

greyteam1959

£1000 per month !!!!!!!!!
Sounds a right load of rubbish that one......
My business uses Santander & has done ( under various guises from Girobank onwards !! ) I have used electronic payments for years now.....in fact I dont think I know where the company cheque book is !!!
The authorisation of payments is by password, to 'sign' them, & if you need more than one 'signatory' you just set up one more.
I just cant help thinking somebody at your bank has got hold of the wrong end of the stick !!

Dal_Whinnie

mervyn11 wrote: »

The authorisation of payments is by password, to 'sign' them, & if you need more than one 'signatory' you just set up one more.
I just cant help thinking somebody at your bank has got hold of the wrong end of the stick !!

can I just confirm whether you have more than one signatory set up who can make payments or you have to have two people sign a payment before it can be made?

My understanding is that the latter is only available for corporate accounts rather than business accounts (which normally apply to smaller businesses) and these do tend to cost more

greyteam1959

I have any director to sign.
It is a Ltd Company.

Dal_Whinnie

Thanks Mervyn, we currently have 1 admin and 2 directors who can make electronic payments but I actually want to tighten control over payments so that no one person on their own can authorise a payment; payments always requiring two people to authorise

JohalaReewi

As a charity, we are able to do just that using CAF Bank and their internet banking, and it isn't £1000 a month. I don't think you will be able to use CAF (charities only AFAIK) but they are basically HSBC so you might like to ask HSBC. I also know that the COOP bank can do this but thier back end services for this are dreadful so I can't recommend them.