Novo is a small business checking account tailored to the needs of small businesses. Quickbooks, Stripe, Square, Shopify, and numerous other systems offer direct interfaces. When you utilize Novo, you may take advantage of thousands of dollars in savings from their integrated partners. Novo is entirely free, with no minimum balance or hidden fees. Novo’s debit card has no fees and may be used at any ATM.
Novo isn’t actually a bank. It’s a tech startup that collaborates with a bank, Middlesex Federal Savings, F.A., to offer online financial services. Through their partner, Novo, you have the benefits of FDIC insurance and the security precautions of a traditional bank, but with a robust suite of digital solutions created specifically for small companies.
Table of Contents
Advantages
- Novo business checking is an excellent alternative for small-company operators on the road, with no monthly fees, unlimited ATM reimbursements, and an emphasis on digital banking. Novo has its integrated invoicing tool and direct interaction with leading business tools, making it suitable for optimizing financial procedures and managing various accounts in one location.
- Novo Reserves is a means to set money away for specified objectives, like taxes, payroll, or other costs, in addition to business checking tools and features. You may build up to five Reserves in your Novo account for different budgets and aims.
- Novo also provides other benefits. You can enjoy discounts and cash savings when you join up for different accounts and services with Novo partners like Google Cloud, QuickBooks, HubSpot, etc. You can check out this page for all the latest perks and offers provided by Novo.
- As customers turn to mobile checking applications and other digital tools to conduct their daily banking duties, digital checking has grown increasingly widespread in financial services. Innovative digital tools, services, and features are also becoming more prevalent in small business banking.
Pros and cons
Pros:
- There is no monthly cost and very few extra expenses.
- Stripe, QuickBooks, and Shopify all have integrations.
- The mobile app has a high rating.
- All ATM costs are refunded.
Cons:
- No interest income.
- To deposit cash, you must acquire a money order.
- Insufficient funds fee of $27; uncollected monies returned.
- Novo presently does not provide any savings or other interest-bearing accounts.
- Novo does not provide loans or credit lines.
Who would benefit the most from Novo?
- Small company owners who want an accessible business checking account with no minimum balance restriction may use Novo business checking. They prefer to handle their affairs online and do not require monthly cash deposits.
- If you want to be able to use any ATM in the United States or abroad without incurring fees and want to link their corporate checking account to their existing financial software, then Novo is the right option for you!
- While Novo has a strong internet presence, it does not accept cash deposits, which is a need for many businesses. On the other hand, many rivals provide the opportunity to deposit funds into a company checking account through the internet.
Novo Boost: What is it?
Novo Boost, which is free for all Novo users, enables business owners to receive Stripe revenues 95 percent faster than the industry norm.
It enables small companies and solo entrepreneurs to put their money to work faster by allowing revenue produced through Stripe to be deposited into their checking account in hours rather than days. Unlike other small company financial solutions, Novo enhances clients’ cash flow by providing them with free access to money they’ve previously earned.
Here are some advantages of Novo Boost:
- Instant Payouts using Stripe
The Instant Payouts services of these firms charge 1-2 percent of the payment amount and are levied on each payout transaction.
- Square Checking & Shopify Balance
Payouts are sped up for free using Square and Shopify… However, you may only utilize their checking account and payment processor if you employ their services.
- Brex Instant Revenue
Brex provides platform depositors quicker payments for 1-1.5 percent of transaction volume, but not for all payouts.
Conclusion
Creating an account on Novo comes with a debit card, and you may request checks to be prepared and mailed on your behalf for free using the Novo app. Cash may be put into the account using the mobile check deposit tool by purchasing a money order from an approved vendor.
Novo’s corporate checking account may be applied for online in as little as ten minutes, according to the fintech startup.
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