BaselaneReviews of baselane.com

Could be great, but is plagued by bugs and a broken auto-categorization rule system. Support frequently tries to deny the issues, if you push through that and you issue makes it to the 'backend team', a couple weeks will go by and then that group will also avoid/deny even the issues even though the bugs and issues are blatant. Every baselane banking transaction is titled simply "Baselane" which makes operating your business or doing your books very difficult. While Baselanes bank transactions do have a sub-text, it is not very useful from either the standpoint of reading it and knowing what it means or acting against it (more on that below). Baselane's auto-categorization rules cannot match against their own banking transactions, since auto-categorization can only match against the transaction title which is just "Baselane" in the case of Baselane bank transactions. Unless things change, I would recommend using Xero or Quickbooks, potentially a separate instance or class for each LLC or property you are bookkeeping against. I've used Xero for over ten years and use Quickbooks on another business. I'm not a major fan or proponent of Xero or Quickbooks however the fundamental functions 'do work', which is what's most important in the end. AI, Integrated Payment processing, App Stores, and so forth cannot overcome non-functional fundamental banking (transactions having names) or digital bookkeeping features (categorization rules).

I initially had a positive experience with Baselane, but opening additional business accounts has been unnecessarily difficult. Despite already having multiple approved accounts under the same parent LLC, Baselane is now blocking a new account using the exact same documentation. Nothing has changed with the entity or ownership, yet I’ve been pushed through repeated verification loops with little explanation. The process is slow, inconsistent, and poorly communicated. I’ve had to request manual reviews just to get consistent treatment. If you’re a real estate investor using a holding LLC with multiple properties, expect delays and extra friction. The product has potential, but the onboarding and account approval experience needs serious improvement.

The first support agent (Yassmin) did not respond to me a after a small back and forth, the only way I was able to solve my issue was to get in contact with another support agent (Mike) who worked diligently to solve my issue

Really a poor experience thus far. The scope of functionalities for the taget customer and purpose is near perfect. Execution, unfortunately, is clunky. UX and CX need serious work in concert with the product owner. Language about relevant process conditions have not been baked into the online functional experience. For example, error messages do not contain sufficient diagnostic information about why a transaction failed to execute. Ten days in, and I am still not up and running in the platform.

The company sent me an email to verify my legal tax address before they sent out tax documents. It was incorrect and there isn't a way to update it online, so you have to contact customer service. The entire process took multiple emails over a week. The requested a list of documents to verify my address change. However, the list of documents (Utility Bill, Bank Statement, Lease Agreement, Current Pay Stub, Insurance Bill/Statement, Incorporation Documents, EIN Letter) were either mailed to me or contained my registered agent's address. I asked if I could use my valid, legal, state issued, unexpired identification. When I sent it in, the bank rejected it because when Michigan updated my address, they did not issue a new ID with my new address, they just put a sticker on the back with the new address. Baselane's bank, Thread Bank, required something like a utility bill. I flat out told them I would make a fake bill so they could update my address because apparently my ID was not good enough to verify my identity. THEY TOOK IT! The next day they verified that my address way updated in the system.... This bank has terrible security practices. What's even better is that when I requested to close my accounts and profile, all the needed was the last 4 of the account numbers to CLOSE THE ENTIRE ACCOUNT AND PROFILE. I'm giving 2 stars because I enjoyed the user friendly dash board. It is one of the easiest I've used to conduct business. But I cannot look past this incident, especially because this is not the first time I've had issues updating information on my account.

Baselane is below average for rent collection and clears payments at the speed of 1980. I have had some payments take 7 days to clear, plus an additional day to actually show up in my checking account! The service I was using prior to Baselane was clearing rent payments in 3 days maximum, most of the time in 1-2 days. I will be returning to the prior service. The banking is a bit of a scam; they hook you with a high APY only to lower it below industry standards a month later. They also have very low deposit maximums - $5k. You have to ask for an override to make deposits above this amount....very inconvenient.

The chat help function promised to give a response in 2 hours concerning a payment made 2 business days ago. Customer service did not respond and then 2 days later I received an email notice the payment when through. Then the next day the payment was reversed by another email sent at 5am. I had returned another payment from the tenant as a result of the notice the payment went through. For small landlords the accounting benefits of Baselane do not outweigh the poor customer service of this financial platform.