FAQ | Aion

Frequently Asked Questions

Want to learn more about our products? Find out how our all-in-one finance platform works for businesses.

Banking

Bill Payments

Accounts Receivable

Financing

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Banking

What is Aion Banking*?

Aion Banking is a convenient online banking platform for businesses. Fully digital banking empowers businesses to securely manage finances on the go. Use Aion Banking to check account balances, move money, and access financial insights any time, anywhere.

Is Aion a bank?

Aion is a financial technology company, not a bank. We provide convenient online business banking without the hassle or unexpected fees associated with a traditional bank. Aion banking services are provided by Cross River Bank, Member FDIC.

Is my business eligible for Aion Banking?

Aion Banking is available to most US-based businesses. Terms & conditions apply.

At this time, Aion does not support sole proprietors.
Aion banking services are not available to businesses in certain industries.

View a full list of exceptions and eligibility requirements here.

Does Aion have any physical locations?

Aion does not have any physical banking locations. Aion brings a completely digital banking experience that can be managed anywhere, any time from your computer or iOS device.

Can I withdraw cash from an ATM?

Yes. Using your Aion debit card, you can withdraw cash at ATMs. Aion does not charge any additional fees for ATM withdrawals, though the ATM may impose its own usage fees.

Can I deposit checks or cash into my Aion account?

Yes. You can easily deposit checks from anywhere in the world using mobile check deposits functionality provided in the Aion iOS app.

Are my funds insured?

Yes. Aion business banking accounts are FDIC-insured up to $250,000 through Cross River Bank, Member FDIC. You can learn more about deposit insurance by visiting the FDIC website.

Can I open multiple accounts with Aion?

Yes. Aion supports multiple business banking accounts so you can open dedicated accounts for specific business purposes. To open additional accounts, please reach out to us at contact@aionfi.com.

What are the fees for Aion Banking?

Aion eliminates the complex fee structures many small businesses face with traditional banks. Aion Banking has no monthly account fee, no fees for ACH transactions or mobile check deposits, and industry-low fees for wire transfers, NSF, reversals, stop payments, and same day ACH transactions.

For a detailed breakdown of Aion’s banking fee structure, please see our Banking Fees.

How can I send and receive money with Aion?

Aion makes it easy to move money via ACH or wire transfers.

What is the cutoff time for transfers?

Aion understands the importance of timely transfers when you’re running a business. ACH transfers initiated before 6:30 PM ET will be sent for processing on the same day. Wires sent before 3:00 PM ET will be processed the same day. Some exceptions may cause a transfer to be delayed. For more information about these exceptions, please view our Funds Availability Policy.

What are the limits for sending and receiving funds?

There are no daily limits for receiving funds. For sending funds, Aion does not limit the number of transactions. Daily limits for the total dollar amount sent vary by plan.

When will I receive my debit card?

Aion aims to get your debit card in your hand as quickly as possible. Once your account is opened, you can expect to receive your debit card within 7-10 business days.

How do I report a lost or stolen debit card?

Security is a top priority at Aion. As soon as you realize your debit card is lost or stolen, please call 408-645-0920. We will take the necessary steps to ensure your account is safe and your card is replaced.

Can I send and receive money internationally?

At this time, sending money is only available within the U.S. If international payments is a feature you would like Aion to prioritize, please reach out to contact@aionfi.com to let us know!

Does Aion Banking connect to my accounting system?

Yes. You can connect your Aion banking account to QuickBooks Online. Automatically record banking transactions in your accounting system and eliminate the need for manually entering each transaction.

What time zone is account activity shown in?

All activity on your account is in U.S. Eastern Time regardless of the time zone in which it was initiated.

BILL PAYMENTS

How can I pay bills using Aion?

A centralized billing inbox and custom approval workflows make it easy to pay bills using Aion. Simply provide your Aion billing email to all of your vendors, set up your approval workflows, and put your bill payments on autopilot.

With multiple users and custom roles, you can add your bookkeeper or finance team to Aion to manage bills, schedule payments, and set up approval workflows.

What is Aion’s centralized billing inbox?

A centralized billing inbox automatically pulls all of your bills into Aion. Simply provide vendors with your unique billing email and each bill they send will be centralized and ready to pay right from your Aion account.

How much does it cost to pay a bill through Aion?

Unlimited bill payments are included in your monthly Aion subscription at no additional cost per bill. Payments via ACH are completely free while wire transfers incur a small fee.

Can I set up custom approval workflows?

Yes. Aion supports custom approval workflows to streamline bill payments. Set up workflows for your business and automatically send each bill through the necessary approvals.

Please check aionfi.com/pricing to see which plans include this feature.

Can I pay employees using Aion?

Aion supports contractor payroll. Payroll for full-time employees is not available at this time.

If this is a feature you would like to see Aion support, please send us an email at contact@aionfi.com

Accounts Receivable

How does sending invoices through Aion save time?

Aion saves businesses time by providing a single platform to manage all receivables. Create and send individual invoices, build custom templates for recurring invoices, and trigger payment reminders right from your Aion account. Sync Aion with QuickBooks online to eliminate time wasted on manually moving data between systems.

Does Aion sync to my accounting system?

Aion syncs with QuickBooks Online to eliminate manual and duplicative processes across systems. All of your data flows seamlessly between QuickBooks Online and Aion, making it faster and easier to reconcile your books at the end of the month. Aion also has an open API for custom integrations.

If you’re using a different accounting system that you would like to integrate with Aion, please let us know at contact@aionfi.com.

Does Aion send payment reminders for outstanding invoices?

Yes. Aion tracks all of your invoices so you can easily sort by status and trigger payment reminders with the click of a button.

Can I add my bookkeeper to my Aion account?

Yes. Aion supports multiple users and roles. You can also set up custom permissions for each user. Your bookkeeper can view bank transactions, statements, create invoices, send reminders, reconcile invoice payments, and close books faster.

Financing

How does Aion Capital* work?

Aion Capital helps businesses get paid on day one by unlocking revenue tied up in invoices and inventory. With both short-term loans and revolving lines of credit, Aion provides the best type of financing for your business. Simply visit aionfi.com/pricing to apply for financing. Enter a few details and financial documents and we’ll generate a proposal in as fast as 24 hours.

What are the requirements for financing?

Aion Capital is designed for businesses with assets stuck in invoices and inventory. We do not have a revenue requirement and will work with companies that are pre-revenue.

How long does the application take?

The initial application should only take a few minutes. Aion requests a little bit of information about your business and its ownership, plus a few financial documents. Once submitted, you can expect a response in as fast as 24 hours. After accepting the proposal, we’ll request a few more details and documents to get you approved.

How long does it take to get approved?

After submitting your initial application, if pre-qualified, you can expect to receive a proposal as fast as 24 hours later. Once you accept the proposal and provide your final business details and documents, the Aion Capital Team will review your file for a final approval.

How does Aion determine how much capital I qualify for?

Aion examines your business and its financial history to determine how much capital you qualify for. This includes things like invoicing history, revenue, debt, and inventory. Your eligible accounts receivable and/or inventory will determine how much financing your business qualifies for.

What types of financing does Aion provide?

Aion provides short-term loans and revolving lines of credit. We consider the amount of capital you need as well as your revenue model, industry, seasonality, cash flow, and more. Based on this information, we propose an offer for financing to meet your business needs.

How do I increase my amount of capital as my business grows?

Aion Capital is designed to grow with your business. As your business grows, we expect that your capital needs will increase as well. Simply reach out to contact@aionfi.com to request additional funds.

Are there any hidden fees for capital?

Aion provides transparent pricing up front so you know exactly what you will be paying for funds before you get funded. No hidden fees, no surprises.

What business purposes can I use Aion Capital for?

Aion Capital can be used when and where your business needs it. Pricing remains consistent no matter how you spend – whether you’re investing in marketing, purchasing inventory, or hiring new employees.

Which industries qualify for financing?

Most industries with accounts receivable (AR) and inventory are eligible for financing. There are some industries such as cannabis and gambling that Aion does not support. You can access a full list of restricted industries here.

How does repayment work?

Aion’s flexible financing solutions are designed to meet the needs of your business. Payment terms for our revolving lines of credit are based on your customer invoice terms, so your outstanding balance settles as your customers pay. For short-term loans, repayment occurs in weekly or monthly intervals.

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