Relay’s business checking account is designed to help business owners effectively manage their cash flow. One of the main features of this account is the ability to open up to 20 separate checking accounts under the main account, allowing for easy organization of different types of income and expenses. This can be particularly useful for businesses that need to allocate funds in specific ways.
Another key feature of the Relay business checking account is the ability to issue 50 virtual or physical Visa debit cards, with the option to set spending limits for team members. This feature can be beneficial for businesses with multiple employees or contractors who need access to company funds.
This account has no minimum balance requirements to open and allows for fee-free cash withdrawals from over 55,000 Allpoint ATMs. Additionally, there are no overdraft fees associated with this account, with the only fees being for outgoing wire transfers.
Managing transactions and transferring funds is made simple with Relay’s business checking account. The account accepts various forms of payment such as ACH payments, wire transfers, check deposits, cash, and payments from online processors like PayPal, Square, and Stripe. Recurring transfers and payments can also be set up to ensure timely payments to vendors.
The account includes bookkeeping and accounting options, with Relay automatically categorizing transactions for an overview of cash flow data that refreshes every three hours. Integration with QuickBooks, Xero, and Gusto allows for seamless management of financial records and payroll processes.
Lastly, the Relay business checking account provides up to $3 million in FDIC insurance coverage through its cash sweep program with Thread Bank. This program automatically insures all excess deposits for added peace of mind.