Episode #44 – Why Relay Is the Ultimate Choice for Small Business Banking in 2024

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Welcome back to the podcast! 

In the fast-paced world of business, choosing the right bank can make all the difference. As we stride into 2024, the demands of entrepreneurs have evolved, and so have the expectations from their banking partners. If you've found yourself frustrated by the limitations of traditional banking, let me introduce you to the solution that's setting a new standard: Relay.

To start, if you have not heard of Relay, Relay is a no-fee, online business banking and money management platform that allows you to understand precisely what your business is earning, spending and saving.

But, let’s take a step back. What are the common pain points of business banking in 2024? Let's address them head-on:

• Monthly Account Fees: Say goodbye to those pesky monthly fees eating into your profits. With Relay, you can wave goodbye to unnecessary charges.

• High Minimum Balances: Your money shouldn't be tied up just to avoid fees. With Relay, you'll have the flexibility to manage your funds without constraints.

• Hidden Fees: Tired of surprise charges appearing on your statement? Relay keeps things transparent, so you'll never be caught off guard.

• Lack of Personalized Service: Waiting endlessly for answers or feeling neglected by your bank? Say hello to responsive support that's there when you need it.

Now, if you're implementing Profit First, you know the struggle can be even more real. But fear not, Relay has you covered:

• Flexible Account Structures: With Relay, you have the flexibility to create up to 20 individual checking accounts, allowing you to easily segregate funds based on their intended purpose. Whether it's managing operating expenses, setting aside funds for taxes, or allocating resources for growth initiatives, Relay's customizable account structures ensure that you have the clarity and control you need to make informed financial decisions.

• Effortless Account Management: Opening a new account shouldn't feel like a chore. With Relay, it's as easy as a few clicks - no need to visit a branch in person. Gone are the days of waiting in line at a local branch or filling out endless paperwork. With Relay's intuitive online platform, you can initiate new accounts with ease, giving you more time to focus on what matters most – growing your business.

• Automation: One of Relay's standout features is its ability to automate transfers between accounts. Whether you're implementing the Profit First methodology or simply looking to streamline your cash management processes, Relay's automation capabilities allow you to set up recurring transfers based on dollar amounts or percentages. Say goodbye to manual calculations and hello to effortless cash flow management.

So, what makes Relay the ultimate solution for modern businesses? Let's jump into the details:

• Fintech Innovation: As a leading fintech firm, Relay partners with Thread Bank to deliver cutting-edge banking solutions. Harnessing the power of technology, Relay offers a seamless online platform designed to meet the evolving needs of today's businesses.

• Trusted Banking Partner: Thread Bank, with its rich history dating back to 1906, brings stability and reliability to the table. Your accounts are FDIC insured, ensuring peace of mind. With a legacy rooted in supporting the aspirations of entrepreneurs, Thread Bank brings a wealth of experience to its partnership with Relay.

• FDIC Insurance: Your funds are protected with Relay. With FDIC insurance coverage up to $2.5 million, you can have peace of mind knowing that your deposits are secure.

• Cutting-Edge Technology: As a fintech company, Relay leverages the latest advancements in technology to deliver a seamless banking experience. From depositing checks using your smartphone to auto-categorizing debit card transactions for easier bookkeeping, Relay's platform is designed to simplify every aspect of financial management.

• Integrations with Leading Accounting Software: Relay understands that managing your finances involves more than just banking. That's why they've partnered with leading accounting software providers like QuickBooks Online and Xero to seamlessly sync your transactions, giving you real-time visibility into your financial performance.

• Robust Security Measures: When it comes to your financial data, security is paramount. That's why Relay employs state-of-the-art encryption protocols to safeguard your information against unauthorized access. With Relay, you can rest assured that your data is protected at all times.

• Dedicated Customer Support: Need assistance? Relay's dedicated support team is available 24/7 to address any questions or concerns you may have. Whether you prefer to reach out via email, chat, or phone, Relay's team of experts is here to help every step of the way.

• Total Control: With Relay, you dictate who has access to your financial data. Whether it's your accountant or employees, you can tailor permissions to suit your needs.

Before starting my accounting firm, I was CFO of a small, publicly traded bank. Between my background in the C-Suite of a bank combined with being a business owner for nearly 20 years, I truly understand the frustrations with traditional banking. I can confidently say that Relay is a game-changer. Gone are the days of outdated practices, subpar service, and excessive fees. 

Relay offers a comprehensive suite of banking solutions designed to meet the unique needs of modern businesses. From flexible account structures to automated transfers and cutting-edge technology, Relay empowers you to take control of your finances and focus on what you do best – building and growing your business. Join the thousands of businesses already benefiting from Relay's innovative approach to business banking and experience the difference for yourself.

Here are a few additional incentives to switch to Relay:

• Smart Switching Wizard: Relay automatically captures your existing banking transactions, ensuring you can move every dollar, deposit, and payment without letting anything slip through the cracks.

• White-glove Onboarding: Heads up - the link in this paragraph does contain an affiliate link. I only recommend tools I have personally vetted. If you open an account through my link, I may earn a small amount of money, but you will not pay any additional amounts than you would normally pay. What you will get if you sign up through my referral link HERE, is that you will automatically receive free access to Relay’s white-glove onboarding experience. Your dedicated account manager will walk you through the ins-and-outs of Relay, help you put together a game plan, and provide white-glove onboarding for you. That means training, account creation, and support—whenever you need it.

And one last thing to mention, because my niche and a large portion of my audience is law firms. Relay does not offer IOLTA accounts for your trust funds. But, please do not let this be a deterrent. You can keep your existing IOLTA at your local bank and use Relay for all firm accounts. The transfers between Relay and external banks are quick and seamless.

If you have any questions about today’s episode, feel free to comment if you are watching on YouTube or send me an email at [email protected].

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And before I go – remember - profit is something you intentionally plan for in the beginning. It is not a potential bonus at the end of the year!

Thanks and have an amazing day!

Join us as we talk about the best bank for small businesses in 2024 and discover how it empowers small business owners to streamline their financial management, maximize profits, and unlock success in today's competitive landscape.

Heads up - the link provided below does contain an affiliate link. I only recommend tools I have personally vetted. If you open an account through my link, I may earn a small amount of money, but you will not pay any additional amounts than you would normally pay. What you will get if you sign up through my referral link HERE, is that you will automatically receive free access to Relay’s white-glove onboarding experience. Your dedicated account manager will walk you through the ins-and-outs of Relay, help you put together a game plan, and provide white-glove onboarding for you. That means training, account creation, and support—whenever you need it.

✉️ EMAIL: [email protected]
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💻 VISIT: ProfitScaleThrive.com

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