Review: Azlo Banking for Business in 2021

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Finding the right bank for your entrepreneurial dream can be a challenge. It’s easy to feel overwhelmed with all of the fine print. Azlo seeks to make banking easier for you with a high-ranking mobile app and unique, fee-free digital banking services that can make a big difference for your small business.

Azlo Business Banking Features

Is digital banking right for your business? Here are some features of business banking with Azlo that can give a better idea of how this option would impact your financial experience.

Best-suited Business TypesPerfect for:
• Freelancers
• Contractors
• Start-ups
• Other small businesses
Does not support:
• Money services
• Internet gambling
• Virtual currency
• Cannabis sales
Standard Banking Features• Online bill pay
• Debit card
• ATM Access
• Mobile check deposit
Unique Account Features• Free customizable invoicing service
• No fees for foreign transactions
• Free domestic ACH transfers
• Links to third-party payment processing platforms
• Easy online signup

Minimum Deposit and APY

Great news for new small businesses or freelancers wanting to open a business account: There is no minimum deposit to get started, and no minimum balance required! The bad news? You’re going to be exchanging your potential for interest-bearing checking for the fee-free banking service.

 

Azlo Mobile App Ratings

The Azlo bank mobile app earned a whopping 3.8 out of 5 stars (395 reviews) in the Apple App Store. With an even higher rating of 4.5 out of 5 stars (96 reviews) on the Google Play Store, this banking app consistently beats out many other big banks in app features as well as customer technical support.

 

Mobile App Features

As far as the mobile app goes, Azlo Bank receives pretty high marks, for good reason. In addition to standard mobile account access, one of my favorite features is their integrated mobile invoice matching, where you can match incoming funds with existing invoices right from your device, making accounts receivable reconciling a breeze! Let’s take a look at some of the pros and cons of accessing your account via the mobile app.

ProsCons
Invoice Matching
Stay on top of payments by easily reconciling new funds with existing invoices - right from the app.
Single User Sign-in
Online and mobile accounts can only support a single user login, which also means only one debit card available for the account holder.
ATM Finder
Need a quick cash withdrawal? Easily find any of the 55,000 partnered ATMs from any location with the ATM finder feature.
Buggy Touch ID
You may find yourself putting in your password more often than you’d like, since the ‘remember me’ touch ID sign on tends to be glitchy.
Excellent UX Design
As a digital bank, Azlo knows the importance of intuitive banking, and has made their app simple and easy to use, even with all the extra features.

Banking for Entrepreneurs

When it comes to your small business, you need reliable and customizable banking options to fit your needs. Here is a list of pros and cons for banking with Azlo to help you determine if this is the right option for you.

ProsCons
Easy Invoicing
Customize and send instant digital invoices to customers directly from the app or website.
Small Deposits?
Only accepts up to $20,000 deposits
Linkable Payment Options
Use the app to link to your Square, Stripe, or PayPal Business accounts for easy and direct payment
Slow Deposits
Until you build some deposit history with this bank, new check deposits may be held up to 5 days.
No Fees
Maintenance fees are a drag… to your business and to your cash flow. Fee-free banking frees your business to focus on what’s more important: making a profit.
No Cash
For obvious reasons, the digital bank cannot only accept deposits by check, no cash. If you have customers paying by cash, this might be a major downside.

Conclusion

If you are a tech-savvy entrepreneur looking for easily accessible digital banking for your small business, Azlo is a one-of-a-kind institution that makes online banking a breeze. With a well-designed mobile app and unique account features, I rate this bank a 4 out of 5 stars. Looking for something else? Find more bank reviews like this at Revenued.com

 

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