The emergence of FinTech solutions has reshaped how businesses handle money and manage their operations. Digital acceleration in banking allows customers to complete their financial transactions online without visiting a brick-and-mortar branch. Statistics have revealed that over 64 percent of the U.S. population used digital banking in 2021.
Digital banking allows businesses to take complete control of cash flow. The multitude of innovative services, such as digital wallets, personal finance management, and remote digital advisors allow businesses to ditch the traditional banking model and embrace digital banking. Whether you are new to business banking platforms, or are looking to make a move and find an alternative to Brex or any other online banking system, you should consider a few factors before choosing a platform.
Serves Main Street Employer Businesses
When choosing a digital business banking platform, it’s important to pick one that caters to main street employer businesses. It can be helpful to compare companies such as Relay vs Brex to determine which platform provides the service you require. Relay is an excellent Brex alternative due to the numerous benefits the platform provides.
If you’re looking for a platform that allows you to clearly understand your cash flow, you should choose a neobank like Relay. Relay serves businesses of all sizes: small, mid-sized, bootstrapped, venture-backed and everything in between, whereas Brex primarily aims to serve funded tech start-ups that already have a ton of cash. Although the two platforms have some similarities, Relay offers a few advantages that Brex doesn’t, such as ultra-detailed transaction data, same-day ACH, and up to 50 debit cards.
Powerful Money Management Features
An efficient digital business banking platform offers powerful money management features to help businesses stay on top of their cash flow. For example, Relay offers 20 free, no-fee chequing accounts, allowing you to seamlessly organize your income, set up cash reserves for expenses, and set aside emergency funds.
The easy-to-use yet powerful tools allow you to simultaneously set up a one-time or recurring dollar or percentage transfer to one or more accounts, saving you time and clicks.
Accounts Payable Automation
Business owners typically have to pay and approve bills and deal with administrative work manually. The efficiency and effectiveness of the accounts payable process can influence a company’s cash position and credibility. Switching to a digital business banking platform that offers premium services allows businesses to automate accounts payable. Relay simplifies time-consuming administrative work by allowing users to auto-import bills from QuickBooks Online or Xero, review, and pay bills within their banking dashboard, and consolidate payments to the same vendor into a single transaction.
Accounts payable centralization eliminates the need to use additional payable software, which may be required when you use Brex or a similar digital platform. You can save time and money using a single source offering a range of services to simplify administrative work.
Collaborative Banking Experience
Business owners often struggle to provide team members or financial advisors with secure banking access, which results in limited assistance from accountants and bookkeepers. The solution? Giving business owners more control over user permissions so they can give their financial access to the information they need to do their jobs. When you choose a platform that offers different user roles, you don’t have to worry about sharing passwords ever again, allowing for a more collaborative banking experience. Relay offers seven user roles, including the administrator, manager, and bill payer.
Your choice of digital banking platform will depend on the size of your business and the features you need. Before making a final choice, take your time to learn about what various digital banking platforms offer!