Having the right bank for your small to medium business is like having an expert partner on your path toward financial success. With the many options available in Atlanta and the state of Georgia, how can you choose between some of the best banks for small businesses in Georgia?
Relay and Georgia Banking Company are two community banks that offer specialized benefits for small to medium business owners. They both have a history of community-centered partnership, coupled with banking expertise.
Which one of these banks is better for your small business? Read below to explore a side-by-side comparison between Relay and Georgia Banking Company and discover the best banking solution for your business needs.
In this article:
What is Relay?
Relay is a convenient digital banking platform for small and medium businesses in Georgia. Designed with the modern entrepreneur in mind, Relay integrates a suite of powerful tools and features so businesses can handle their financial operations with ease.
With Relay, businesses can break free from the inconveniences of traditional banks and embrace a future where financial management is streamlined, efficient, and tailored to their unique needs.
What is Georgia Banking Company?
Founded in 2001, Georgia Banking Company is a community bank that values contemporary financial solutions. Their approach is a blend of personal touch matched with a high level of expertise.
The GBC’s commitment to the community, combined with its understanding of the local business landscape, makes it a trusted choice for many companies in the region.
Relay vs. Georgia Banking Company
Features/Services | Georgia Banking Company | Relay |
Open Account Online | ✅ | ✅ |
Online Banking | Web, Apple iOs and Android Mobile Apps ✅ | Web, Apple iOs and Android Mobile Apps ✅ |
Monthly Account Fees | 150 transactions included at no charge per statement period; $.30 per transaction after 150 for Essentials Account | $0 |
Minimum Balance Requirement | $1000 to offset $20 and Monthly Service Charge for Essentials Account | None |
Overdraft Fees | $0 | $0 |
Minimum Opening Deposit | $100 | None |
ATMs Access | 1,250+ | 55,000+ |
Branch Locations | 7 | Online-only |
Interest-bearing accounts | ✅ Varies by account | ✅ 1-3% APY depending on balance |
Online Reviews |
Online and Mobile Banking
Having access to your business finances anytime, anywhere is a necessity for small and medium businesses. Therefore, small to medium businesses should consider choosing a bank with a user-friendly and feature-rich online and mobile platform.
Relay offers online banking with entrepreneurs in mind. Relay's platform allows business owners to have full visibility of their income. Owners can also open new checking accounts and savings accounts in seconds, or transfer funds online or on the go.
Designed to help businesses make profit a habit, Relay delegates money management and offers a user-friendly platform, making financial decisions simpler.
Georgia Banking Company’s online banking platform provides businesses with the essential tools they need to manage their finances effectively. Key features include a customizable dashboard, secure user access management, and mobile deposit. Georgia Banking Company's mobile banking offers added convenience for businesses on the move, ensuring that they're always in the loop, no matter where they are.
Accounting Integrations
Seamless integration between banking and accounting tools means that businesses can gap between banking and accounting, providing businesses with a streamlined financial management experience.
Relay has built its platform to effortlessly sync with popular accounting software and money management tools like QuickBooks Online, Xero, and Gusto. This ensures that businesses can automate their financial processes, reduce manual data entry, and maintain accurate financial records with ease.
Georgia Banking Company business accounts come equipped with QuickBooks Webconnect, allowing businesses to connect their bank accounts directly to their QuickBooks software. This feature facilitates smoother financial tracking and reconciliation processes.
Monthly Fees and Other Charges
Understanding the costs associated with banking is crucial for businesses, especially when it comes to budgeting and forecasting.
Unlike traditional credit unions and banks, Relay prioritizes transparency and affordability. Relay does not have monthly maintenance fees, allowing companies to retain more of their hard-earned money. This approach aligns with their mission to support businesses in their growth journey.
Relay's fee structure for services is straightforward, ensuring that businesses are never caught off guard by unexpected charges.
Georgia Banking Company offers a variety of business banking accounts with various associated fees. Their Business Essentials account comes with a monthly service charge of $10. Businesses can offset this charge by maintaining an average balance of $1,000.
So Which Bank Should You Choose for Your Business?
While Georgia Banking Company offers a range of services tailored to meet the needs of businesses in Georgia, Relay is the bank of choice. Relay provides a digital-first approach, catering to the modern business's demands without the hassle of big banks.
With seamless integrations, profit-first banking, and a commitment to customer service, Relay is a community bank designed to support your business every step of the way. As you weigh your options, consider what features and services align best with your business goals and operational needs.
Ready to sign up for Relay? You can get started entirely online here!
Banking Built for Business Owners
No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.
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