Amaiz review: Is this the best business banking app for sole traders?

Fintech is booming. Multiple security breaches and issues with apps have led to many people fleeing from the big banks and into the waiting arms of exciting, new banks with a lot more to offer.

With a booming fintech market, it might be hard to set yourself apart. Everywhere you turn there is a new banking app launching, but there is a banking app that has a narrowed focus on business banking. Not just any business banking, but sole traders and other similarly small businesses. Amaiz is that fintech company.

So, what is Amaiz? How does it set itself apart from other fintech companies?

What is Amaiz?

Amaiz is a new business banking app specifically designed for sole traders, small businesses and startups.

Amaiz will give you everything you need as a small business, quickly. You can start a free trial with a quick and easy sign up, download the app, fill out some information with supporting documents, get authenticated with a short video, and after a few days your card to arrive you are ready to explore you new business account.

The idea is to cut back on admin and accounting for entrepreneurs. Make banking simple for new businesses looking to get their company successful by focusing on getting a business off the ground.

Features

Amaiz is packed with numerous features to get your business going.

Aside from the straightforward set up, the Amaiz app runs on both iOS and Android. You get screen notifications when money enters and leaves your account. There is even instant communication between your app and desktop computer. You can check your transactions, download statements as PDFs, update your details and view your subscriptions on your account.

Expert advice is provided 24/7 by the Amaiz team. Their highly ACCA trained team of accounts can provide you with advice on how your small business can move up to the next level. Contact can be made through email or the in-app chat function. You just need to let the Customer Care team know you need advice from an accountant, and you will be chatting about your business within three working days.

You can create invoices on the go. Then track these invoices through the app to ensure that you are paid on time and as a reward for all your hard work. Invoices are customisable. Each one can be personalised to thank your customers and add that extra personal touch.

Amaiz know the value of a well-deserved break. They have a built in a thoughtful feature of a Jar Sub Account. Busy entrepreneurs can place a section of their income in the jar account to save some cash on the side. They have taken into consideration that everyone needs to have a break or holiday to access their goals and become more motivated as a result.

Security

A bank account is nothing if you do not feel that your money is secure. Amaiz have made app security a priority, at every level.

To start with, to open an account you need video authentication. This acts as an in-person confirmation that you want to open an account. Identity theft is a serious concern, but so is convenience. You will not have to leave your office to open an Amaiz account and still be safe in the knowledge that your money is safe.

As with most banking apps, biometrics is an important part of security. The traditional code is still in use to open the app, but you can also use your fingerprint or, if your devices allows it, face and touch ID. You can even set up a voice ID for sensitive operations.

If you happen to forget or lose your Amaiz card, all you need to do is log into your app and freeze it. Then, once you know it is back in your possession unfreeze the card and carry on with your purchases.

Limitations

With such a new fintech product on the market Amaiz has a couple of limitations.

The major one is integrating with your current accounting software. You can integrate your Amaiz with FreeAgent, but if you happen to use Sage or Xero you are it a difficult position. They are on the way, but at the moment of writing this review their website says that integration is coming soon.

You can manage your direct debits with ease through the app, however the platform does not allow for standing orders.

Making Tax Digital is on the way. As is the ability to create cards for team members, also a tax calculator will be coming soon.

Overall

Amaiz is a brilliant new fintech product coming into an already crowded market but with a focus on small business. They have an offering that is more complete than their competitors with more features soon to come.