Summary
Relay offers a no-fee online business banking platform tailored for HVAC contractors who adhere to the Profit First cash management system. With the ability to create up to 20 individual checking accounts and issue 50 debit cards, Relay provides a streamlined solution for managing multiple financial buckets. TL;DR: Relay is a strong fit for HVAC businesses seeking a cost-effective, multi-account banking solution that integrates seamlessly with accounting software.
What Relay Does Well
Relay excels in providing a banking solution that aligns with the Profit First methodology, a cash management system that is gaining traction among HVAC contractors. By allowing up to 20 individual checking accounts, Relay enables HVAC businesses to segregate their finances into distinct categories such as operating funds, payroll, and equipment reserves. This separation helps contractors maintain a clear view of their financial health and ensures that funds are allocated appropriately.
The platform's integration capabilities are another significant advantage. Relay offers seamless connections with QuickBooks Online and Xero, allowing each account to generate its own bank feed. This feature is particularly beneficial for HVAC contractors who rely on these accounting tools, as it simplifies the reconciliation process and reduces the likelihood of errors. Additionally, Relay's integration with Gusto for payroll and Plaid for third-party apps enhances its utility for businesses looking to streamline their financial operations.
Relay's no-fee structure is a major draw for small to midsize HVAC shops. The Starter plan includes unlimited free ACH transfers, free incoming wires, and no monthly fees or minimum balance requirements. This cost-effective approach is ideal for contractors who want to minimize banking expenses while maximizing financial control.
Where It Falls Short
Despite its strengths, Relay does have some limitations that HVAC contractors should consider. One notable drawback is the lack of support for cash deposits, which can only be made through the Allpoint network and incur fees. For businesses that handle a significant amount of cash, this could pose an inconvenience.
Additionally, Relay does not offer lending products or SBA loans, which might be a disadvantage for HVAC contractors looking to finance growth or manage cash flow during slower seasons. The absence of physical branches may also be a concern for those who prefer in-person support and a traditional banking relationship.
Finally, as a fintech platform, Relay operates through Thread Bank, which may not provide the same level of reassurance as a long-established traditional bank. Contractors who value the security and familiarity of a conventional banking institution might find this aspect less appealing.
Pricing
Relay offers a free Starter plan with no monthly fees, no minimum balance requirements, and unlimited free ACH transfers. Outgoing domestic wires are priced at $8 each. For businesses seeking additional features, the Grow plan is available at $30 per month, and the Scale plan at $90 per month, which includes benefits like same-day ACH, higher APY savings, and enhanced bill pay workflows.
Who It's Best For
Relay is particularly well-suited for HVAC contractors who practice the Profit First cash management system. These businesses will benefit from the ability to separate funds into multiple checking accounts, ensuring clear financial oversight. Additionally, contractors who prioritize cost savings and appreciate a no-fee banking solution will find Relay's offerings attractive.
Bookkeepers and accountants managing HVAC businesses will also appreciate Relay's clean bank feeds and integration with popular accounting software, which simplifies the reconciliation process and enhances financial accuracy.
Bottom Line
For HVAC contractors seeking a modern, cost-effective banking solution that aligns with the Profit First methodology, Relay presents a compelling option. Its ability to manage multiple accounts with no fees, coupled with robust integration capabilities, makes it an excellent choice for small to midsize shops looking to streamline their financial operations. However, contractors should weigh the platform's limitations, such as the lack of cash deposit options and lending products, against their specific business needs.