Banking

Banks want your business—badly—so don’t give it away for free.

When the time comes to choose a bank, it's important to consider your financial goals, objectives, and basic needs. Ask yourself the following questions:

Do you need a checking account or line of credit? Or are you also looking for a strategic partner?

How much cash flow will be moving in and out?

Are you actually a business yet?

Do you have the minimum deposit amount?

Do you need to pay employees?

Why do you need capital?

Does your accounting software integrate with the bank?

Do you intend on opening multiple franchise locations (you’ll want to setup your banking to be scalable if so)

While you need to find the bank that is right for you and your business, we have a few suggestions below.

When to choose a bank

We've identified a few appropriate signals that you need to pick a bank for your business:

You're depositing money to pay franchise fees

You plan to apply for loan products, and want to avoid underwriting delays.

You're fundraising.

You have payroll for employees.

Pro tip: Choosing a banking team that can be there for you when you have liquidity or credit needs can be a make or break relationship as you scale.

Pro-Tip: Banking teams have lots of partnerships and incentives. It's a good place to start with setting up a banking relationship to leverage and get access to a lot of discounts on everything from bookkeeping to incorporation. Both FRB and SVB have start-up banking programs.

What to look for in a bank

Business banking made easy - finally! - Relay is banking that works the way you do. It’s intuitive and designed to be flexible to your needs. Sign up online in 10 minutes and enjoy beautiful banking on web, iOS and Android.

Automate your bills - With a few clicks, you can setup payments to vendors via ACH, wire or check. Import bills from Xero or QuickBooks Online and pay them from anywhere using the Relay web, iOS or Android apps.

Streamline your business with thoughtful integrations - Relay directly integrates with the software that powers your business, including Bench, Gusto, Transferwise and many more.

One bank that works in every market - Relay will never require you to come into a physical branch, not for adding signers to your account or for depositing large checks. Manage all your finances from your phone, anywhere, any time.

With mutliple franchise locations, its unlikely to find a bank in every market you work in. Relay allows you the flexibility to open a local credit union bank account for store cash deposits for store-managers to manage, while allowing you as the business owner to receive corporate payouts in relay, and transfer cash balances at your credit union all within a single relay dashboard.

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👉 Next up:
`Expense Managment`⁠
section!

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When to choose a bank

What to look for in a bank

👉 Next up: Expense Managment section!

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Banking

When to choose a bank

What to look for in a bank

👉 Next up: Expense Managment⁠ section!

👉 Next up:
`Expense Managment`⁠
section!