I signed up for Business in the USA before it was officially launched in all 50 states. Coming from an outdated bank account, Revolut Business is an incredible breath of fresh air. With that being said, there are a few items that need to be addressed if Revolut is going to succeed in the US market.
1 - There is no way to send or receive checks. I can manage without the ability to send checks, however, being a business that cannot receive checks is a massive downside. As a real estate and property management company, several of our property owners will pay us for services we provide via check. I understand that the rest of the world is far beyond check payments, but unfortunately they’re extremely common in the US.
2 - Incoming Wire. Again, as a real estate company that cannot accept checks, the ability to receive an incoming wire would alleviate some of the pain. As it currently stands, we can only receive incoming funds via ACH transfer. We have several real estate agents licensed under us. In the state of Florida, all sales commissions are paid by the property title processor of the transaction to real estate agents via check. Real estate agents are not allowed to deposit the check into their own accounts, they must be deposited into our business account and we then have to pay them. We have no way to deposit those checks unless we maintain another bank account from a different institution. Most title processing companies can send a wire, but I’ve never heard of one being able to send an ACH transfer.
1 - Invoicing is labeled as “coming soon.” When invoices do finally arrive, they need the ability to receive payments directly. This would be incredible if we could use Revolut to send an electronic invoice, and the recipient could pay it upon receipt directly through Revolut.
2 - USA Merchant accounts. We use Authorize.net as our payment gateway and Elavon as the processor. We take payments for tenants to rent the properties we manage. It would be great if we had access to the Merchant account and payment processing tools that are available in Europe.
3 - A Revolut username for businesses, the same as personal accounts have. Currently there is no way to easily send and receive money from other Revolut accounts. Full account details must be shared instead of an easy @.
4 - Quickbooks integration that works on USA accounts. I have been trying to sync my Revolut account to Quickbooks for a couple weeks now and it never seems to work. It appears it is tailored to European accounts.
5 - Plaid support. Several business products require you to link your business account through Plaid. Sometimes there will be an option to link via account numbers, but more often if you cannot login via Plaid you’re out of luck.