RELAY FINANCIAL: Relay Business Banking Profiling & 2023 Review

For owners of small businesses, Relay Financial offers an online banking and money management platform. It was created with expansion in mind. Relay provides unlimited transactions, numerous accounts, and user-defined permissions. It simplifies banking so you can concentrate on your clients and business, which are what actually matter. Continue reading to learn more about Relay Financial with its free account features, address, and review points on the table.

Relay Financial

A fintech company called Relay Financial offers banking services to companies. They collaborate with Thread Bank to offer FDIC protection. Relay is made for expanding companies with big teams. Up to 20 separate checking accounts can be opened without charge. Additionally, you can give team members and bookkeepers particular permissions. Users can issue debit cards to their team, set up automatic recurring payments, track spending, and do many more things. Hence, it interfaces with Quickbooks and other accounting and payroll programs. Relay Standard is free every month. For example, at a $30 monthly price, the add-on Relay Pro package provides improved payment automation, faster ACH, and free wires.

Who Relay Business Banking is Best For

The relay was designed with teams in mind, yet it is accessible to all types of business owners, from sole proprietors to large enterprises. You should consider the Relay business checking account if you:

You require numerous bank accounts for your firm.
Want to share access with a big team
Have multiple businesses

Relay also provides a platform for accountants and bookkeepers. With a single login, you can access the accounts of numerous clients.

How to Open a Relay Financial Account

A Relay business account can be opened online or through the Relay mobile app (Android or iOS). You must first register an account, after which you must upload the required files (more on that below).

You make your initial deposit using an ACH or an international wire transfer once your account has been set up. Once your account has been funded, you can use the mobile deposit to deposit checks. Cash deposits are not presently supported by Relay.

What You Need to Open an Account

The following information is required for all beneficial owners in order to open a Relay business account. It also covers some executives, such as the chief executive officer, chief financial officer, chief operating officer, and/or the firm’s treasurer, as well as anyone who owns at least a 25% share in the company.
A photo ID issued by the government.
Social Security number or a passport.
Telephone number and home address.
Address and phone number for the company.
Address for email.

A few company documents must also be uploaded along with your application. You can view the necessary paperwork by selecting the type of business entity you have.

Advantages of Relay financial

#1. Free Commercial Checking

Relay is a free online platform for corporate banking. No monthly fee, transaction fee, or overdraft cost is charged to users. Additionally, there are no fees for receiving wire transfers. The majority of businesses will find that the free version satisfies their banking needs, even though they can pay Relay Pro ($30 per month) for additional bookkeeping tools.

#2. Supports Numerous Cards and Accounts

Owners of businesses are permitted to create up to 20 checking accounts and 50 physical or virtual debit cards. Additionally, you may create spending restrictions, assign roles and rights, and invite team members. Relay is therefore perfect for startups or midsized companies that are expanding quickly.

#3. Internal Bookkeeping Features

Relay is a solution for managing bank accounts and financial flow. You can sync transaction data with your accounting program without any hassle thanks to its direct connectivity with Xero and QuickBooks Online. Additional bookkeeping features provided by Relay Pro include the ability to create workflows for bill payment approval and the automatic import of outstanding invoices from QuickBooks or Xero. Additionally, you may link your Relay account to Venmo, Square, PayPal, and Stripe.

Disadvantages of Relay Financial

#1. No Deposits in Cash

The business account of Relay does not accept cash deposits. Only ACH or wire transfers, as well as mobile check deposits made using the Relay app, are available to business owners for account funding. Although this isn’t a deal breaker for all organizations, those who frequently deal with cash should go elsewhere. The online business accounts of a few of Relay’s rivals, like Bluevine, LendingClub, and NBKC, allow for cash deposits.

#2. Limited Hours for Customer Service

Relay exclusively provides phone assistance, which is available from 9 a.m. to 5 p.m. ET, Monday through Friday. However, a lot of banking occurs outside of those regular business hours. If you have a problem during business hours or on the weekend, Relay does provide email support. The company claims that its objective is to respond the same day, if not within a few hours, but in an emergency, that may not be enough.

#3. Long Check Hold Period After Deposit

Through the Relay mobile app, check deposits are kept for six to seven business days before becoming available in your account. One of the main issues mentioned in Relay’s customer reviews is that the prolonged hold can be extremely disruptive to a company’s cash flow. Depositing money into other business accounts happens significantly more quickly. One to four business days are required for checks deposited with Bluevine, another online business account.

Relay Free Financial Features

Relay has a ton of useful free financial features that are intended to make handling corporate money simple and straightforward. These features are included with the free Relay Standard financial account:

#1. Multiple Checking Accounts

The choice to open up to 20 checking accounts is yours. Every account has a different, individual account number. This enables you to precisely organize your company’s finances. Payroll, taxes, supplier invoices, emergency savings, etc. can all be handled through distinct accounts.

#2. Mastercard Debit Cards

You can order up to 50 virtual or actual Mastercard debit cards using a Relay account. This indicates that your spending is not constrained in any way. This enables you to designate debit cards for a certain use. To help manage your spending, you can set yearly spending caps for each card.

#3. Payments

Maintaining the seamless operation of your business depends on paying your vendors. You can quickly send money using an ACH bank transfer, a wire transfer, or a cheque when using Relay. Both one-time and recurring payments can be planned.

#4. Accounts and Permissions for Members

Users of Relay can grant specific access to bank accounts to their workers. Your team members don’t all require the same degree of access. You control which accounts and what team members are able to do.

#5. Integration of Apps

Integrate your existing accounting and payroll software with your banking automatically. Xero, QuickBooks Online, Gusto, and Plaid are all integrated with Relay. Real-time data viewing enables quick and error-free account reconciliation features with Relay-free financial.

#6. Cash Inputs & Withdrawals

With Relay, you may use any of the 55,000 Allpoint ATMs nationwide to deposit and withdraw money without paying a fee. Relay never charges ATM fees when you use an out-of-network ATM (including foreign ATMs). However, the ATM’s proprietor might

#7. Mailed Paper Checks

Relay does not provide paper checks; however, you can ask for free check mailing services. Just be aware that the check will not arrive for 8–10 business days.

#8. Mobile Banking

With Relay’s mobile app, you can do banking anywhere. You can request checks, request deposits of checks, schedule payments, create debit cards, control team access, and issue checks. Both Android and iOS support it.

#9. Supplemental Transaction Data

Relay gives details about merchants, such as category, location, website, and other information. This makes using your banking dashboard to manage transactions simple.

#10. Register a Second Company

You can open a second business bank account if you operate more than one firm. Although each company has a separate Relay account, you can access both of them using the same login.

#11. 24-hour Customer Service

Users of Relay have access to an online support center and 24-hour email support. Monday through Friday, 9 am to 5 pm ET, there is phone help accessible.

Relay Financial Address

Relay is a small business banking turbocharger. You can automate your bookkeeping, open an account in a matter of minutes, and issue business cards instantly. It was established in 2018 and has between 11 and 50 workers working out of its main office at 60 Adelaide East, Suite 700, in Toronto, Ontario, Canada. telephone 1-888-205-9304

Who are The Investors of Relay Financial?

Panache Ventures, Garage Capital, Semble Ventures, Tribe Capital, Better Tomorrow Ventures, and 3 more are among the investors in Relay Financial.

Relay Financial Review

According to our Relay financial review report from trustpilot.com, we discovered some favorable and unfavorable feedback from people, which include:

#1. Quick Email Answer

Every email received a prompt and accurate response. The staff is helpful and willing to assist the client.

#2. Favorable to Companies

They have been really kind and timely with my request, and thus far it has been simple to use. Relay responds in minutes, compared to most firms’ 1–2 day response times. Could take up to two hours, according to the website. Great work, everyone.

#3. Permit Quick but Occasionally Risk Management

Relay makes managing some accounts, cards, and assets online relatively simple, which is frequently challenging with traditional brick and retail banks. They can easily assign cards and access levels to various team members. Regrettably, Relay occasionally chooses access levels for team members that are not optimal. For instance, there is NO WAY to grant a single team member the ability to pay invoices and make deposits.

#4. Relay Offers Excellent Customer Service.

Relay offers excellent customer service with prompt and beneficial responses. Their internet interface is incredibly user-friendly and simple to use.

#5. A Few Things to Think About Before Joining

Their features are a little bit practical, including the option to create a virtual business card to use when making purchases on behalf of my company. But the only communication method available to you when you need to update them is chat. Since you work remotely, it’s challenging for you to speak between saying what you need to say and getting things done, which takes 5 minutes. Depositing funds is the final step. If you want to deposit cash into my account, you have to pay for a pro account, then you have to wait roughly 10 days to deposit a check. Nobody likes to be kept waiting for their money. you will always find customer service representatives to be quite pleasant to talk to.

Is Relay a Legit Bank?

Yes! The relay was created to keep you on track with the Profit First methodology and is the official financial platform for Profit First Professionals.

Who Is Relay Financial Owned By?

Relay is a business banking platform that improves SMBs’ financial visibility and streamlines communication between SMBs and their advisers, such as accountants and bookkeepers. Yoseph West is the Co-Founder & CEO of Relay.

What Does Relay Financial Do?

Utilize 20 checking accounts to organize your income, expenses, and cash reserves with Relay.

How Does Relay Banking Work?

Your clients can access business banking with Relay with no account fees or minimum balance requirements.

How Do You Get Paid on Relay?

Relay drivers have the opportunity to receive fast payment whenever they choose on a weekly basis through direct deposit.

Can I Use Zelle With Relay?

Relay and Zelle do not yet integrate.

References

trustpilot.com