Today, I’m thrilled to announce that Relay is becoming the official banking platform for users of Profit First.
We’re joining forces because Relay is deeply committed to keeping business owners — and that aligns with our mission to eliminate entrepreneurial poverty. It’s best to hear the details from the horse’s mouth, so I sat down with Relay’s team to discuss the partnership and what it means for business owners. You can watch that conversation here.
I will also be co-hosting a live virtual event with Relay’s team on April 4th, 2023. More on that below — but in the meantime, I recommend you sign up here.
For years, readers have told me that the #1 barrier to implementing the Profit First system was their bank. Most banks are inflexible, don’t understand Profit First, charge high account fees, and demand you maintain a large minimum balance just to hold an account. Sadly, almost none of them have been willing to evolve for the sake of your success.
That all changes today thanks to Relay. Relay is an online banking and money management platform that runs Profit First out of the box. It’s elevated the standard for business banking, and I can confidently say that Relay and Profit First are now the two matching tools you need to ensure permanent profitability in your business. Here’s why:
- Relay lets you open up to 20 individual business checking accounts (i.e., real accounts — not just virtual envelopes) per business entity, and manage all of them from one easy dashboard.
- Each checking account you open can have its own unique nickname (like “Profit – 15%”) to help you keep track of allocations.
- You can allocate money to the right accounts, in the right percentages, in just a few clicks. Transfer money from your Income account to your other accounts all at once and have the math done for you.
- Forget about fees. You can bank with Relay with no monthly fees, no minimum balance requirements, and no overdraft fees. This alone is enough reason to use Relay for many businesses.
- Opening an account with Relay is a 100% online process. So you don’t have to take hours to visit a branch.
- With Relay, you get a customer support team that *gets* Profit First. In fact, Relay has become a Profit First Certified firm as part of this partnership.
But they’re not stopping here. Something NEW that Relay is launching as part of this partnership are smart transfer rules. With this feature, you can automatically allocate your income to different checking accounts (i.e., Profit, Taxes, Owner’s Comp and Operating Expenses) without needing to lift a finger.
Once you set up these smart transfer rules, they keep you on track with Profit First allocations no matter what.
You can learn more about how to use Relay for Profit First here.
I’m so excited about how this partnership will transform the profitability and clarity for so many business owners.
To celebrate the launch, I’ll be co-hosting a live virtual event with Relay’s team on April 4th, 2023, at 3:30 p.m. ET / 12:30 p.m. PT. We’ll be covering everything you need to know about the partnership, Relay’s platform, and how you can get the most out of it. Spaces are limited, so register ahead of time.
We’ll cover:
💵 How to get cash flow clarity and profitability with Relay and Profit First
🚢 How to implement Profit First with Relay in 3 simple steps
🧠 Demo of how to get the most out of Relay’s smart transfer rule built for Profit First
🌏 Ways to get practical resources for managing cash flow in your business
👕 T-Shirt and 📚book giveaway for those that register
💬 Live Q&A to get your questions answered
I look forward to seeing you there!
-Mike
*Disclosure: Relay is a financial technology company, not a bank. Banking services and FDIC insurance are provided by Thread Bank; Member FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.
