Alzo is an online bank that focuses on simple business banking for entrepreneurs. With a huge focus on online entrepreneurs like freelancers and business, they are looking to change the way these businesses bank.But what does that mean for you if you’re looking for a great business checking account?Let’s dive in!See how Azlo compares to the best business checking accounts and read more in our review below.
Azlo is an online-only bank available in the U.S. and Mexico. The CEO & Co-founder is Cameron Peake. Azlo was founded in 2017 and is part of BBVA USA, Member FDIC.“Within the banking industry, small business customers usually either aren’t served at all, or they’re served as an afterthought. At Azlo, from day one, we’ve built our product just for them. For example, we don’t have minimum balances or monthly fees. This is important because if you’re a new business owner ― particularly someone who hasn’t started earning revenue yet ― your money should be put towards your business rather than fees,” Peake said in an interview with Fit Small Business.
Azlo offers free business checking suited for simple businesses such as small businesses, contractors, and freelancers who do all of their business online. It also has a no-fee model. Companies that need to write paper checks will want to use a different bank since Azlo doesn’t offer checkbook services. Businesses that need in-branch services and deal with cash will also not be a good fit for Azlo since none of those services are offered.For most small businesses, Azlo can do virtually everything needed without any fees. It offers simple business checking, but for many small businesses, they don’t need anything more. Here’s what’s included with an Azlo checking account:
As you can see from the list above, Azlo is very business-oriented. Some customers have reported that transfers with Azlo are slower than with other banks. Azlo lists that outgoing transfers can take 1-3 business days, and incoming transfers can take 4-5 business days. Mobile check deposits can take 1-6 business days to process. These processing times can certainly be a factor if you need fast processing for transfers and check deposits.Note: In 2020, Azlo launched instant transfers as a solution to this issue. They advertise that you can move money between accounts instantly.Azlo cannot send international transfers. They are working on adding this option. Although you can pull from an Azlo account using an international debit service.Azlo is available in all 50 states. Azlo is not able to offer services to businesses involved in gambling, money services, privately-owned ATMs, sales of marijuana or its derivatives, precious metals, pawnshops, or cryptocurrency exchanges. It also can’t support limited partnerships or limited liability partnerships.Azlo does have some limits on certain transactions. From their webpage these include:
One of the big features of Azlo for businesses is the ability to invoice from within the app/bank. This is one area that they have been consistently approving upon. Today, you can send customized invoices, request payment (with multiple payment options – including bank transfer and credit card), and track the payment status. This makes invoicing easy for small businesses and online entrepreneurs.Check out Azlo here >>
Azlo has a mobile app for both the iPhone and Android. On the Apple App Store, it has a 4.3/5 rating from 258 people and 4.1/5 rating from 298 people on the Google Play Store.
Customer service is available by email and phone. You can email Azlo at [email protected] They reply within 1 business day. Phone service is available at 844-295-6466 from 6:30 am to 5:30 pm Pacific time Monday through Friday.
Nope. Azlo is all-free business checking. That begs the question — how do they make money? Azlo says it makes money by earning interest on checking deposits and from customers using the Azlo debit card.Payment serviced from Stripe, Square, and PayPal do charge processor fees, but these are separate from Azlo.
Accounts are opened online at https://azlo.com.Given this is a business account, you’re going to need both your personal information AND your business information. During the sign-up process, you’ll be asked to enter your personal information (including SSN), as well as your business information (including all owners and their percentages).You’ll also be asked to provide business specifics, such as the industry you’re in (they won’t allow some industries), and your revenue figures.Finally, you’ll need to upload a copy of your ID, as well as your business formation documents (such as Articles of Incorporation, EIN information, and more).
Yes, Azlo uses bank-grade encryption on its website, and mobile and BBVA USA is a Member FDIC.
It has potential, that’s for sure.For small businesses that have simple checking needs and want to accept online payments from customers,will do everything you need. It has integrated invoicing and the ability to accept payment from credit cards and bank transfers, providing a great infrastructure for small businesses.However, if you’re looking for more, check out our list of the best business checking accounts here.