Relay Business Banking

Traditional business banking often requires minimum balances and imposes account fees. Business owners feel like they’re paying to use their own money or putting themselves at risk of unexpected fees when their balance dips below the minimum requirement or an account goes into overdraft.

Traditional banks are generally unhelpful with servicing business customers online, often requiring a branch visit or customer service call to open an account, issue a card, add an authorized member and resolve most issues.

Most business banks offer one multi-purpose checking account for all income, expenses and cash reserves. This creates a headache when it comes to keeping track of income, spend within each operating category or for earmarking money for large expenses, like taxes and payroll.

Vague, incomplete banking data results in time wasted—either by the business owner or their bookkeeper/accountant—deciphering and categorizing transactions for bookkeeping records that can then be used to identify spend efficiencies or build reports like profit and loss statements.

Business owners are often unable to give accountants, bookkeepers or team members secure, role-based banking access to collaborate on money management, bill payments, bookkeeping and purchases. This puts the business at risk of fraud via the sharing of passwords and card details, as well as the inconvenience of passing around time-sensitive, two-factor authentication codes.

Traditional business banking limits business owners and their teams to only pay one bill at a time, andw there are no capabilities to review bills or set up approval rules before payment. As a result, businesses often require a third-party accounts payable tool, incurring a monthly subscription fee and, in some cases, higher transaction fees.

Relay business banking accounts do not have any monthly fees, overdraft fees or minimum balance requirements.

Business owners do not have to go into a branch to complete banking tasks or receive support. They can open accounts, issue debit cards and send payments online from their computer or on the go with Relay’s mobile app. Plus, Relay’s friendly and knowledgeable customer support team is accessible from wherever a business owner is by email, chat and phone.

Relay gives business owners full autonomy over their bank account, including the ability to do all of the following without needing to contact a customer service rep:

• creating new checking and savings accounts
• issuing, freezing and terminating debit cards
• provisioning secure access to team members and financial advisors
• collecting and storing banking information for payees
• sending and receiving ACH transfers, wires and checks

With Relay, a business owner can create up to 20 individual accounts to organize cash. Business owners can create dedicated accounts to earmark income for specific and critical operating expenses like payroll and taxes. They can also use dedicated accounts to create cash reserves and contribute to them over time (general business savings, 3 months of operating expenses, etc).

Relay is the official banking partner for Profit First. Business owners can set up multiple checking and savings accounts, and automate their percentage-based allocations using smart transfer rules.

Relay has all the payment types a business owner could need. Relay sends and receives ACH transfers, domestic wires, international wires and checks.

A business owner can issue up to 50 physical or virtual debit cards to meticulously organize spending by team or project. Cards can be assigned to the business or a specific team member, and spending limits can be set for each card.

Relay provides clean, standardized vendor data and auto-categorization for all debit card purchases so that business owners and bookkeepers do not have to waste time decoding purchases. Additionally, memos can be added to all outgoing ACH transfers, wires and checks so that business owners can keep track of what each payment is for.

A business owner can issue Visa® debit cards, with spending limits, to their employees and receive ultra-detailed transaction data for all team member spending. Team members can also get role-based access to Relay so they can safely help with banking tasks like sending bill payments.

Business owners can give accountants and/or bookkeepers their own unique Relay login so they can access banking and transaction data safely. The business owner has complete control over what their accountant and/or bookkeeper can see and do.

Relay customers are insured up to $2.5M by the Federal Deposit Insurance Commission (FDIC) through an insured cash sweep program managed by our partner bank, Thread Bank. This is significantly higher than the $250k deposit insurance offered by most FDIC member financial institutions.

Relay allows for free cash deposits throughout the United States at all Allpoint+ ATM locations.

Relay is an online banking and money management platform built for e-commerce. It helps business owners better manage their cash flow and know exactly what they’re earning, spending and saving —without having to step into a bank.

Think of Relay as a smart operating account for e-commerce businesses.

Relay is business banking with total flexibility. You can open an account online in less than 10 minutes. You can set up new checking accounts and issue virtual cards in a click. Plus, you can bank on-the-go with the Relay app.

You can create up to 20 individual account—including two savings accounts—to organize income, expenses and cash reserves. Create dedicated accounts for single-purpose expenses—like operations or marketing—or accounts to set aside money for critical needs like taxes. You can even allocate cash to any account on a percentage or dollar basis.

You can issue up to 50 Visa® debit cards to the business and team members. Each card has a unique spending limit to keep budgets on track and and provides ultra-detailed banking data for every purchase

You can collect payments from PayPal, Stripe, Square and more

You can send and receive ACH transfers, domestic and international wires and checks

Cashflow automations, like maximum balance transfer rules and recurring payments

Set a maximum balance rule for a checking account; money that tips a balance over the maximum amount will be auto-transferred to other checking accounts using percentage-based allocations.

Relay speeds up bookkeeping by syncing detailed banking data directly into QuickBooks Online or Xero. Small businesses can provide secure, role-based account access to their accountant or bookkeeper so they can manage money and cards, pay bills and access banking data and documents, like monthly statements.

No account fees or minimum balances. Relay business banking accounts do not have any monthly fees, overdraft fees or minimum balance requirements.

Relay’s friendly and knowledgeable customer support team is available by email and chat to help out when needed.