The Azlo Business Checking Review for 2019

Learn about the most internet-friendly business bank account on the market.
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Azlo Business Checking Review: An Overview

As a small business owner, one of the most important tools you need to have is a business bank account—specifically, a business checking account. A good business checking account will allow you to efficiently manage your finances without costing you an arm and a leg in service fees. Ideally, your bank will serve as a business partner of sorts—keeping your best interests at heart and helping you grow your business.

Now, when most people think of banks, they think of their typical brick-and-mortar bank where they go to make deposits, transfer funds, and withdraw money from the ATM. Almost all of these banks require that you come into a branch and provide lots of paperwork if you want to open a business checking account, or any other account for that matter.

But what if we were to tell you that’s no longer the case? In fact, there are now a variety of tech-forward solutions that allow you to handle all your banking needs from your computer or other internet-enabled device. Perhaps the most innovative of these online-only banks is Azlo.

Azlo was a pioneer in the digital banking revolution, and they offer a great product on both desktop and mobile for entrepreneurs who don’t have time to run to their local branch every time they need to make a deposit or send an invoice.

In this Azlo review, we’re going to hone in on Azlo business checking, including its features, price, and pros and cons. By the end, you’ll have a complete understanding of whether or not Azlo business checking is a viable option for your business’s banking needs.

Here is our ultimate guide to the Azlo business checking account.

Azlo Business Bank Account

Azlo Business Bank Account

on Azlo's secure website.
Sign-up Bonus
$0
Minimum First Deposit
$0
Monthly Fee
$0
Balance to Waive Fee
$0
Details

Azlo Business Checking Review: What You Need to Know

Let’s start by explaining all the ins and outs of an Azlo business checking account, including logistics, features, and perks.

For starters, to be eligible to open an Azlo business checking account, you need to meet the following criteria:

  • At least 18 years old
  • Living in the U.S. with a verifiable U.S. address
  • A U.S. citizen or a resident with a Permanent Resident Card or a type H, L, or O visa.

Note that residents who are not citizens will also have to provide a current passport for verification purposes. If you meet these criteria, you can open an Azlo business checking account, regardless of whether you are a small business owner, ecommerce merchant, or freelancer.

Keep in mind, though, that there are a few industries Azlo does not support, including internet gambling, some money services businesses, exchanging virtual currency, private ATMs, and cannabis sales.

Now let’s get into the details of this Azlo bank review. Read on to get a comprehensive run-through of the Azlo business checking account.
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How to Open an Azlo Business Checking Account

An Azlo business checking account can be opened entirely online through the Azlo website.

The exact documents and information you need to apply will depend on your specific situation, but generally, you will need:

  • Business formation documents, such as a partnership agreement or articles of incorporation. If you operate a sole proprietorship, you won’t be required to provide business formation documents.
  • If you have a DBA (doing business as) name and your state requires that you register that name, Azlo will ask for a copy of your registration documents.
  • A copy of the document the IRS gave you when they issued your EIN.
  • Personal verification documents, including an ID, social security number, and address.
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Azlo Business Checking Welcome Bonus

If you’ve ever opened a bank account before, you might have received a welcome bonus. This is a great way to start a bank-client relationship off on the right foot. Unfortunately, Azlo does not offer a welcome bonus at this time.

This is obviously less than ideal, especially if you’re comparing Azlo to another business checking account that does have this incentive. However, we will say that some of the other terms Azlo offers their customers may make up for their lack of a welcome bonus.

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Azlo Business Checking Service Fee

Another common term of a business bank account is dealing with service fees.

However, Azlo business checking accounts are fee-free.

With your Azlo business checking account, you won’t have to worry about maintaining a certain balance in order to avoid a monthly service fee, because Azlo is a free business checking account, no matter how much of your business’s capital you’ve got stashed away.

As well as having no maintenance fees, Azlo business bank accounts also have no overdraft fees, transaction fees, or card replacement fees.

If this leaves you wondering how Azlo makes money, they provide an explanation for that: “We earn revenue from the interest on deposits in Azlo accounts. We also earn a small sum every time someone makes a purchase with an Azlo card.”

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Azlo Business Checking Transactions

While many business checking accounts limit the number of free transactions you’re allowed each month, Azlo has no such limits.

With your Azlo business checking account, you can process as many transactions as you need—all for free.

Speaking of transactions, you can also deposit checks to your Azlo business checking account by snapping a photo of them with the Azlo mobile app or by mailing them. Your deposits are insured up to the FDIC limit.

You can also accept payments via check, bank-to-bank transfer, or a third-party payment processor. Azlo is compatible with SquareStripePayPal, and many others.

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Azlo Business Checking Cash Deposits

Another notable shortcoming of the Azlo business checking account?

It logistically can’t process cash deposits because it isn’t attached to physical branches. And though you’ll be able to withdraw cash through the AllPoint ATM network that Azlo partners with, you won’t be able to deposit cash through these ATMs.

Note that this is subject to change in the future. However, at this time, if you’re running a business that’s primarily cash-based, then you’re probably going to have to look at business checking options beyond Azlo.

As a workaround, Azlo does suggest depositing cash into a linked bank account and then transferring the funds into your Azlo account as a workaround.

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Azlo Business Checking Wires

With your Azlo business checking account, you can receive both international and domestic money wires entirely fee-free.

That said, Azlo doesn’t offer the ability to send wires. However, you can send bank-to-bank payments anywhere in the U.S., which pretty much makes your money wiring needs obsolete.

This payment option is secure, convenient, and affordable and certainly give wires a run for their money.

As far as sending international payments, Azlo is working on offering this feature in the future, according to their website.

Why Choose Azlo Bank

So, now that we’ve combed through the nitty-gritty details on Azlo business banking, it’s time to dedicate some attention to the main reason why Azlo seriously stands out from their competitors.

The long and short of it?

Azlo is one the most tech-savvy business checking account we’ve ever seen, as well as being one of the only business checking accounts you can open online without visiting a physical bank branch.

But, perhaps more significantly for business owner who house their finances completely online, Azlo business checking is remarkably good at integrating with other business finance software.

Your Square and Stripe accounts will integrate with the Azlo business checking account seamlessly and allow you to seriously streamline your business’s financials. You can also integrate your Azlo bank account with popular accounting software like Wave, Xero, and QuickBooks Online.

Open an Azlo Account

Azlo Business Checking Review: Advantages and Disadvantages

The Advantages of Azlo Business Checking

While we’ve touched on some great positives of the Azlo business checking account, there’s still more to discuss. Let’s continue our Azlo bank review by looking at some of the most enticing reasons to make Azlo your business bank of choice.

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Completely Fee-Free

As previously mentioned, as long as you’re using one of Azlo’s 55,000 in-network ATMs, you won’t have to pay a single fee for your Azlo business checking account.

That means no service fee, no transaction fee, and no invoicing fee.

Plus, you’ll be able to use your Azlo business debit card abroad without paying any foreign transaction fees. And if your card is lost or damaged, you won’t pay a card replacement fee either.

Being completely fee-free is another happy anomaly that the Azlo business checking account boasts. So if you’re looking to pay as few fees as possible, then Azlo is your best bet.

However, one thing to keep in mind is that if you use an Azlo account with other services or companies, they may charge a fee. For example, if you accept payments through a third-party payment processor, like Stripe, Square, or PayPal, these third-party processing fees will apply.

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Built-in Invoicing and Electronic Payments

With your Azlo business checking account, you’ll be able to send and accept both professional invoices and electronic payments.

And this is no small feat—many invoicing and payment services will charge you a small percentage of each payment you send or request, so the fact that Azlo will allow you to do so for free is a definite upside.

There are currently three payment options for invoices: Your clients can mail you a check, send a wire or bank transfer to your Azlo account, or pay via credit or debit card.

To accept payments via credit or debit, you must integrate your Azlo business checking account with a payment processor, so this option is only available if you have a Stripe, Square, or PayPal account connected to Azlo. Normal fees from these services will apply.

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Free AllPoint ATM Access

Finally, even though there are no physical Azlo branches, they partner with the AllPoint ATM network, which comprises over 55,000 ATMs nationwide. This means that you’ll be able to withdraw cash from your Azlo business checking account through any AllPoint ATM for free.

To find an ATM near you, you can AllPoint’s handy ATM locator. (Azlo also has an ATM finder built into their mobile app.)

If you use an out-of-network ATM, Azlo won’t charge you a fee, but the ATM owner might.

The Disadvantages of Azlo Business Checking

For all of its upsides, the Azlo business checking account isn’t perfect.

By its internet-centric nature, the Azlo business banking account will come with a few limitations as far as what it can do for your business’s finances.

Though they might be insignificant for some business owners, these downsides could also prove to be dealbreakers for others. So let’s run through them so that you’re familiar with all of the ins and outs—both good and bad—of the Azlo business checking account.

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No Cash Deposits

First and foremost, you’re not going to be able to make any sort of cash deposit with your Azlo business checking account. Because they’re completely without brick-and-mortar branches, Azlo simply doesn’t have the infrastructure to support cash deposits.

If your business primarily deals in cash, then this downside basically makes the Azlo business checking account a non-option for your finances.

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No Sending Wires

Additionally, you won’t be able to send wires through an Azlo business banking account. However, this is less of an issue than no cash deposits, because the Azlo business checking account offers up a superior alternative to wiring money—their secure electronic payments system.

Put simply, you won’t miss wires once you start using Azlo’s free and secure electronic payments.

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No Checkbooks

Azlo also does not offer checkbooks and checks with your Azlo business banking account. For those that prefer the peace of mind that comes with writing and handing over a physical check, this is obviously a drawback.

However, Azlo does offer two alternatives to paper checks:

  1. You can use Azlo’s bill pay service to mail a check to pretty much anyone in the U.S.
  2. You can send payments directly to another bank account with an account and routing number.
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One User Per Account

Right now, Azlo business banking accounts can only support one user. That means only one person can access the account. This could be a drawback if you operate a business that is a partnership.

However, multi-user accounts is another feature that may be coming soon, so stay tuned for more news.

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No Welcome Bonus

Perhaps less significantly, the Azlo business checking account doesn’t offer a welcome bonus for new customers.

Other business checking accounts might offer you a one-off welcome bonus of a few hundred dollars for opening an account and fulfilling a few easy steps. However, many of these accounts will also charge you monthly service fees. It’s up to you to decide if you’re more interested in a one-off, conditional bonus or a completely fee-free account.


Azlo Business Checking Review: Top Alternatives

If you want to find a business checking account that performs where the Azlo business checking account lacks, you’ve got some shopping around to do.

Fortunately, there are a variety of other tech-forward solutions that give Azlo bank a run for their money. Furthermore, several old-school banks have modernized and now offer some powerful digital tools that many small business owners will love.

Let’s take a look at some of your top Azlo alternatives.

 

nbkc Business Account

One of the top alternatives to Azlo for business owners looking for digital-friendly, fee-free checking will be the nbkc business account.

You’ll be able to open an nbkc account quickly and easily online, with no minimum deposit required. Additionally, nbkc has no transaction limits, no account fees, no transaction fees, no fees for overdrafts or non-sufficient funds, no minimum balance, and no fees for incoming domestic wires. You’ll also be able to deposit checks through the nbkc app, access online and mobile banking, and talk to an nbkc banker on the phone or via email—all with no fees.

Moreover, with an nbkc account, you’ll have access to a free business debit card which you can use at over 32,000 MoneyPass ATMs across the U.S. Plus, for ATMs that do charge you fees, nbkc will reimburse you $12 per month to cover these charges.

The only two times you’ll face fees with an nbkc business account are for:

  • Sending domestic wires ($5 per wire)
  • Sending or receiving international wires ($45 per wire)

Finally, nbkc also gives you the option to add ACH credits and debits or desktop deposit for low monthly fees, as well as a business savings account for no additional cost.

Therefore, if you’re looking for a business checking account with substantial accessibility, almost no fees, and a digital-focus, nbkc will be a worthwhile alternative to consider.

Open an nbkc Business Account
nbkc Business Checking Account

nbkc Business Checking Account

on nbkc's secure website.
Sign-up Bonus
$0
Minimum First Deposit
None
Monthly Fee
None
Balance to Waive Fee
None
Details

Axos Business Checking Accounts

One of the closest alternatives to an Azlo business checking account is the Axos business checking account suite. Axos is another online bank providing very affordable banking solutions for small business owners.

Axos’ most general business checking account, the Basic Business Checking, is also a free business checking account. You’ll never have to pay a monthly service fee, and there’s no minimum average daily bank balance to maintain your free status.

With Axos Basic Business Checking, you’ll be allowed 200 free items processed, with each item costing $0.30 thereafter—making the Basic account a good option for business owners who have minimal to moderate bank activity needs.

There are no limitations on how many withdrawals and transfers you make, and you can make up to 60 remote deposits with the Basic Business Checking account.

To open an account, however, you’ll need a minimum initial deposit of $1,000.

Open an Axos Account
Axos Bank Basic Business Checking

Axos Bank Basic Business Checking

on Axos Bank's secure website.
Sign-up Bonus
$0
Minimum First Deposit
$1000
Monthly Fee
$0
Balance to Waive Fee
$0
Details

Capital One Spark Business Unlimited Checking

If your business deals primarily in cash and needs to be able to deposit said cash, then the Capital One Spark Business Unlimited Checking will be your very best alternative to Azlo business banking.

With this business checking account, you’ll be able to make unlimited free cash deposits each month.

Granted, Spark Business Unlimited Checking will cost you a $35 monthly service fee, but Capital One will waive this fee if you achieve an average account balance of at least $25,000.

Chase Total Business Checking

Alternatively, if you want to access a welcome bonus with your new business checking account, then consider Chase Total Business Checking.

For a limited time, Chase is offering a $200 welcome bonus to all new Chase business checking customers that open with a minimum deposit of $1,000.

While opening a Chase Toal Business Checking account entirely online isn’t possible, Chase also does a great job of streamlining the in-person application process, which at least makes the process a bit easier. Chase also has about 16,000 ATMs and 5,000 branches across 26 states, which will easily accommodate any in-person banking you need to do. It’s also worth noting that Chase Total Business Checking has a $15 monthly service fee ($12 if you enroll in paperless statements), which can be waived by maintaining a daily balance of $1,500 or more.

Though Chase Total Business Checking will be the most comparable option to Azlo business banking, there are other Chase business checking accounts worth considering.

Larger businesses willing to pay higher monthly fees will find good options in the Chase Performance Business Checking or the Chase Platinum Business Checking.

Open a Chase Total Account

Novo Business Checking

Launched in 2018, Novo is one of the newest entrants to the digital-only banking space. Like Azlo business banking, Novo allows you to open your business checking account online.

To apply for a Novo online business checking account, simply select the “Apply Now” button on their website and provide your basic personal information, business information, and answer a few questions about your business. Note that you do have to make a minimum $50 opening deposit to activate your account.

Once you’re set up with your online checking account, you can link bank accounts, make payments, process ACH transfers, and deposit checks. With your Novo account, you also receive a free, EMV-chip-protected Novo debit card. Like Azlo, there’s also fee-free checking and no minimum balance requirements with Novo business checking.

These high-tech features and low fees make Novo a great alternative to Azlo.

Open a Novo Account
Bank Novo

Bank Novo

on Bank Novo's secure website.
Sign-up Bonus
$0
Minimum First Deposit
$50
Monthly Fee
None
Balance to Waive Fee
None
Details

Azlo Business Checking Review: The Bottom Line

There you have it—all there is to know about the Azlo Business Checking Account.

Put simply, Azlo business checking is ushering in a new generation of business checking accounts. After all, opening a business checking account online is still a pretty new development, and Azlo business checking was the first to take that step.

Plus, even though they’re offering a unique product, Azlo won’t charge you exorbitant fees for taking advantage of this online business checking account.

And because of this, you’ll be able to affordably establish your business’s financial home base with a few simple steps from your computer.

Open an Azlo Account