Stessa Business Checking Review (2024)

Stessa, a financial technology (fintech) company, offers residential rental property owners an all-in-one cash management system, which includes online rent collection and accounting software. The Stessa Cash Management account, its business checking product, provides a high yield of 5.08%The rate is effective as of July 26, 2023 and subject to change at any time.under a Pro plan.

Under an Essentials plan, there are no minimum balance and opening deposit requirements. The company also allows the creation of unlimited accounts per property for free, making it easy for landlords to automate the tracking of business income and expenses.

Stessa is a business fintech platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Blue Ridge Bank, N.A. It provides a Visa debit card, which you can use at any ATM, but third-party operator fees may apply. You can open a Stessa checking account through its website or mobile apps.

How Stessa Stacks Up With Its Competitors

Stessa offers interest earnings for both free (Essentials) and premium (Pro) plan users. It provides the highest APY rate when you sign up for its Pro plan, which has a monthly fee of $20. In comparison, Baselane and Bluevine provide interest as well, but at lower rates than Stessa’s paid plan.

However, Stessa’s disadvantages are it does not support cash deposits and offer financing options. Baselane allows fee-free cash deposits at Allpoint ATMs, while Bluevine allows cash deposits via Green Dot at $4.95 per deposit. Baselane and Bluevine also extend lending products, with Baselane offering a full suite of loans, which include CRE loans that real estate investors and independent landlords value.

When Stessa Is a Good Fit

• You’re a residential rental property owner preferring an all-in-one money management system: Stessa provides built-in rent collection and expense management software with its business banking product, allowing residential rental property owners to view their cash flow in one place. Stessa is part of our roundup of the best banks for real estate investors for combining rent collection software with a banking product.
• You’re looking for an opportunity to earn high interest: Stessa’s business checking product provides a high yield, with two plan options. For the free plan, Essentials, you get a 3.12%The rate is effective as of July 26, 2023 and subject to change at any time.APY on your checking account, while its premium subscription, Pro, offers users a 5.08%The rate is effective as of July 26, 2023 and subject to change at any time.APY. These rates are some of the highest in the financial industry.
• You’re seeking to earn cash back: When you make purchases using your Stessa debit card, you can earn 1.1% cash back.
• You’re looking to save on banking fees: Stessa’s fee-free business checking product, Essentials, has no monthly subscription fees, minimum balance requirements, opening deposit requirements, and inbound domestic wire transfer fees. In addition, outbound domestic wires cost only $5.
• You want to open a banking account online easily using your limited liability company (LLC) or corporation: Stessa allows easy and simple online account opening for all business entities. This is unlike other banks that either require a branch visit to open an account or limit online account openings for certain business types only.

When To Consider Stessa Alternatives

• Your business is cash-intensive, requiring in-person banking: Stessa does not accept cash deposits and operates fully online. You may consider a traditional bank like Chase to make cash deposits in one of its 4,700 brick-and-mortar branches. See if it fits your business needs by reading our Chase Business Complete Banking review.
• You make frequent ATM transactions: Stessa is not connected to any ATM network, so you’re likely to incur fees at third-party ATMs. We recommend Novo, another online-only fintech since it refunds all ATM fees at the end of each month. Check out our review of Novo business checking to learn more.
• You’re a sole proprietor or freelancer who doesn’t own or manage a rental property: Given that Stessa’s business checking product caters to residential rental property owners, its property management features may be irrelevant. A good option to consider is Found, which offers a free account that integrates expense tracking, tax tools, and invoicing features. Our Found business checking review provides more details on its features.
• You want access to business financing: To grow your rental property portfolio, you may need to apply for CRE loans. Baselane, a close competitor offering similar products, provides an array of lending options that Stessa currently does not have. Discover financing solutions you can maximize by reading our review of Baselane Business Checking.

Check out additional providers in our list of the best small business checking accounts.

Stessa Business Checking Overview

Stessa Business Checking Requirements

Opening a Stessa business checking account requires visiting its website or mobile app. You can start by downloading the Stessa mobile app, which is available on the App Store and Google Play and at https://app.stessa.com.

To be eligible to open an account, you must be a business entity, specifically a sole proprietor, corporation, unincorporated association, limited liability company, limited liability partnership, or partnership within the 50 states in the United States, Washington, D.C., and all US territories.

As part of the Stessa business checking requirements, you will be asked to provide identifying information of authorized users, account owners, officers, directors, beneficial owners, and controlling shareholders. You will also need to present IDs and business documents.

Stessa Business Checking Features

Stessa’s business checking account offers high-yield interest, cash back, built-in expense management software, and unlimited free accounts.

High-yield Account

Stessa accountholders earn high-yield APY and have a choice between two plans.

• Essentials is a free option with a 3.12% The rate is effective as of July 26, 2023 and subject to change at any time.APY.
• Pro is a premium subscription with a full suite of features priced at $20 per month, or $16 per month if paid annually. Pro users earn 5.08% The rate is effective as of July 26, 2023 and subject to change at any time.APY.

For both, the interest is compounded and credited to your account monthly.

Cash Back Debit Card Rewards

Clients using the Stessa Cash Management Visa debit card for purchases can enjoy 1.1% cash back. You can expect the cash back earned to be credited to your account by next month’s statement cycle. Transactions that are ineligible for cash back rewards are ATM transactions, purchase of money orders or cash equivalents, loan payments, and account funding using your debit card.

Unlimited Free Accounts

Stessa allows residential rental property owners to open unlimited free cash management accounts per property or portfolio. This makes it easy for landlords to stay organized and track income and expenses faster, resulting in fewer accounting errors.

Note that Stessa limits unfunded accounts up to a maximum of three.

Stessa Physical & Virtual Debit Card

Stessa issues a free physical Visa debit card that can be used at any ATM, but third-party surcharges can apply. The daily ATM withdrawal limit for your debit card is $500. Your card may also be eligible for fraud protection through Visa’s zero liability policy.

After opening your account, you can create a virtual card with its own unique account number. It can be connected to Apple Pay, Google Pay, and Samsung Pay.

Online & Mobile Banking

You can log in to your Stessa account through the web or mobile app. You can transfer funds, pay vendors through ACH, view account statements and reports, scan receipts to organize expenses, and deposit checks through your mobile phone.

Stessa’s mobile app has 4.8 stars from around 4,200 reviews on the App Store[1] and 4.6 stars from about 400 reviews on Google Play[2]. Users find the app intuitive and useful for tracking income and expenses. Some also said it is easy to set up and keeps them organized since they can quickly pull up income and tax reports.

However, there were also complaints surrounding bank connection issues and blocked access from previously free features. Some stated they wished to see the app evolve into a full tenant management software.

Built-in Free Rent Collection Software

Stessa has automated free rent collection software, Stessa Rent Pay, a convenient tool for property owners and tenants. Landlords must first set up a cash management account to collect the rent. Then, they can send an email invite that tenants can click to register for Stessa Rent Pay. Tenants must connect a valid bank account before they can pay the rent.

Through Stessa Rent Pay, landlords can onboard tenants easily and set auto rent payment reminders. An automatic reminder email is sent to tenants 10 days ahead of the rental due date. Renters can set up autopay for regular payment deductions from their linked accounts to avoid missing rental dues.

Built-in Accounting System

With Stessa’s advanced software, rental property owners can automate accounting and track, import, and categorize expenses efficiently. You can connect to banks, lenders, credit cards, and property managers that use AppFolio or Propertyware easily and view all financial information in a single place. Further, you can access vital reports, such as income statements and net cash flow statements, aiding you with tax preparation.

Integrated Tenant Screening & Free Rental Applications

Stessa provides landlords with a free tenant screening service, where no monthly minimums and sign-up fees are required. However, prospective renters must pay the screening fees as part of the screening process. The fee is $40, with optional add-ons, $10 for income verification, and $7 for judgments and liens.

The mobile-friendly rental applications can be quickly completed by potential tenants. Landlords can make the right decisions through the comprehensive screening service, which includes a full credit report, background check, and more.

Instant Mortgage & Insurance Quotes

Stessa provides a resource for users to access instant online quotes from direct lending and insurance providers. The insurance products are offered by Steadily.

Other Stessa Business Products

Stessa currently does not offer any savings and lending products.

Stessa Business Checking Reviews From Users

On Software Advice[3] and Capterra[4], Stessa shows a 4.7 rating from around 80 reviews. Reviewers find the app valuable for tracking income and expenses, with easy access to business reports. They said it makes tax time easy to manage. They also praised the provider’s interface and ease of use.

However, some Stessa business checking reviews highlight that syncing of bank transactions is delayed, and some bank links failed to work. Others stated they wished more categories and subcategories could be added and modified.

In terms of customer service, some users reported that they only received general responses when they complained about an issue with the links. The problem wasn’t resolved after they waited for several months.

Bottom Line

Stessa is an excellent choice for residential rental property owners for its integrated cash management system and rent collection software. You can benefit from a high-yield 5.08%^ⓘ APY, earn 1.1% cash back, create unlimited free accounts per property, and track your income and expenses effortlessly in one system. But if you want to deposit cash or access lending products, you may want to look at alternatives.