Novo Review 2023 😍Online Small Business Checking Accounts

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Charges & Fees
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Customer Support
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Resources & Tools
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Ease of Use
9
App Integrations
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Pricing
9
User Friendly

Pros

  • Novo Boost - Receive payments within hours
  • Directly integrates into your tax software
  • Multiple integrations like PayPal, Stripe, and Wise
  • You get virtual and physical debit cards
  • Refunds for all ATM fees
  • Great customer support
  • A lot of benefits
  • Quick transfers
  • No monthly fees
  • No hidden charges
  • 10-minute business account application

Cons

  • No ability to deposit cash
  • Noninterest-drawing account
  • No physical branch

Novo is a tech company that is shaking up the world of small business banking. Its goal is to make it easy for small business owners to open an account and use their banking data for bookkeeping and reporting. Right now, Novo offers online business checking accounts through its financial partner Middlesex Federal Savings F.A.

Rating
Price:$

Are you looking for an Unbiased Novo Review? Great! You have come to the right post.

Are you attempting to build a side hustle into a small business? Or maybe you’re finally beginning to see passive revenue from online book royalties or your online courses.

Whether you’re just starting started with a side hustle or you’re already producing substantial revenue, one of the most crucial steps you can take as an entrepreneur is to segregate your company and personal income.

Using a business checking account to deposit your company money and pay your business expenditures will help you take your firm to the next level. But what bank should you pick for your small company checking account?

One firm to consider is Novo. Novo is a fintech startup making it more straightforward for small business owners to create checking accounts.

✅Bottom Line Upfront :

Novo is a tech company that is shaking up the world of small business banking. Its goal is to make it easy for small business owners to open an account and use their banking data for bookkeeping and reporting. Right now, Novo offers online business checking accounts through its financial partner Middlesex Federal Savings F.A.

Novo’s business checking account is relatively inexpensive and straightforward compared to some major banks that have several tiers of business checking account options with various levels of monthly fees. Novo’s commitment to simplicity makes it a great choice for businesses who want to avoid the hassle of managing multiple accounts with different fees.

Novo’s online business checking account is a great option for businesses who want to avoid the hassle of managing multiple accounts with different fees. Novo offers free direct deposit, free ACH transfers, and free bill pay. There are no minimum balance requirements and no monthly maintenance fees. You can also get free access to your account data through Novo’s partner, Xero.

In addition to its simple pricing structure, Novo also offers a great user experience. The website is easy to navigate and the sign-up process is quick and easy. Novo also has a mobile app that allows you to view your account balance, transaction history, and make payments on the go.

Let us understand more about Novo in this review.

🚀 What Is Novo? Novo Review

Novo provides an online business checking account with a United States-centric emphasis. The startup aims to remove the typical costs associated with corporate checking accounts while simplifying account setup and functions such as sending checks and accepting wire transfers.

Novo Review

As an “online-only” business checking account, you cannot visit a banking office (which is extremely helpful to have). However, Novo compensates for its lack of branches by offering a sophisticated web interface and a mobile application that would make Chase and Bank of America green with envy. It’s user-friendly, provides the required information at the app’s top, and there’s no need to search for necessities such as buttons to transfer funds or see recent activity.

Novo provides assistance to small company owners, eCommerce merchants, freelancers, and entrepreneurs around the United States. To create an account, you must either be a US citizen or an international creator. There may be future intentions to grow into additional markets, but this has not yet occurred.

However, you should remember that Novo is not a bank but a Fintech business that provides all the technology tools associated with your account. It employs a fully digital workforce in Miami, New York City, and India offices.

Somerville, Massachusetts-based Middlesex Federal Savings, F.A. is its partner. These agreements guarantee you can access enhanced technological banking capabilities while staying protected by FDIC insurance and an actual bank.

How Does Novo Work?

Here is how you can start using Novo in a few easy steps. 

Step – 1: Go to the official website of Novo from here and click on ‘Get started.’

How Does Novo Work step1

Step – 2: Fill in the details and click on ‘Get Started.’

How Does Novo Work step 2

Step – 3: You will be asked to confirm your email. Do it. Then, read the text and click on ‘I understand.’

How Does Novo Work step3

Step – 4: You will be asked to fill in your details. Fill them up and click on ‘Next.’

How Does Novo Work step4

Verify your phone number and start using Novo.

Major Features & Benefits of Novo Review

Benefits of Novo

Discounts on software and services: 

Using your bank account, you may save on specific business software and services via the Novo rewards program. Novo connects with suppliers like Stripe, QuickBooks, Gusto, Google, and HubSpot to provide account users with savings options. For instance, Novo account holders get $20,000 in fee-free credit card processing via Stripe and $150 in Snapchat advertising credits.

Integrations with business tools: 

While other online businesses checking account rivals provide unique financial tools or add-ons, Novo distinguishes itself by integrating with standard tools that many small-business owners already use.

Novo integrates directly with Zapier, Wise, Shopify, Stripe, Xero, and QuickBooks. While Novo does not provide direct connectivity with Square, PayPal, and Wave, you may link your Novo business checking account to these services. Additionally, you can connect Novo with Venmo, Apple Pay, and Google Pay.

Invoicing:

Novo’s integrated invoicing function enables you to write, submit, and manage an unlimited number of invoices inside your checking account, making it a beneficial tool for freelancers and contractors. If you use the Novo Stripe interface, you may take payments by ACH transfer or your Stripe account.

Mobile and online banking:

Novo business checking is meant to make it simple for small-business owners to handle their accounts regardless of location, emphasizing mobile solutions that eliminate the need to visit a physical bank. You may deposit checks, make payments, transfer money, and even mail paper checks for payment using the bundled online and mobile banking services.

In addition, you may execute transactions, monitor your account activity, and contact customer care for assistance. In addition, the Novo Reserves budgeting tool allows you to put aside cash from your checking account to budget for various sorts of costs.

Free ATM access: 

Novo lets you use any ATM in the United States or abroad free of charge. In addition, Novo will reimburse you for any costs charged by these banks for using their ATMs, crediting your account immediately at the end of each month.

Fee-free:

The business checking account offered by Novo is free of monthly fees, minimum balance requirements, transaction fees, and inbound wire fees. Additionally, there are no costs for outgoing or incoming printed statements, replacement debit cards, stop payments, and ACH transfers. 

Free mobile check deposit, free bill pay with physical checks (which are sent from the mobile app), and free bank checks are additional features of the Novo business checking account. Insufficient money and uncollected monies, which carry a $27 cost, are the only scenarios in which you will suffer fees using Novo.

Who Is Novo For?

Tech-savvy consumers:

Banking using an online-only platform necessitates familiarity with the applications that have become standard with most lenders today. However, with conventional banking, even with these applications and tools, you’ll have access to a local branch that you can contact or visit anytime you need human interaction.

It is essential that you feel comfortable using banking applications. Novo provides human-backed customer assistance, but all your transactions will take place through the app.

Freelancers and small business owners: 

Novo is designed for freelancers, small company owners, and startup founders. There are several possibilities for both big businesses and individual customers.

This option is intended for those who fall between the two extremes. You will get access to a mobile application and the tools required to operate your firm.

Businesses that pay freelancers: 

Whether you outsource a portion of your work or manage your firm, paying freelancers has unique issues. You may quickly pay by ACH or connect your bank accounts to your payment app of choice. Even freelancers may be paid using Slack and other collaborative tools.

Novo: Integrations

Novo provides a variety of connectors that might assist you in monitoring your business’s finances.

We don’t blame you if you don’t want to balance your bank account manually. Novo synchronizes with some small businesses’ most popular accounting tools, including QuickBooks and Xero.

You may add your Novo debit card to your Apple Pay or Google Pay wallet if you prefer not to carry a genuine wallet full of cards.

Novo also synchronizes with your Stripe processing account and can be used with Slack to get automatic bank account updates.

Therefore, if you currently use (or want to use) any of these products, Novo’s integrations may make your life much more accessible. In addition, Novo intends to offer other connectors in the future.

Novo Pricing & Fees

Novo Pricing & Fees

The pricing at Novo is transparent. There are no hidden fees, minimum balance restrictions, or monthly costs. Transfers, payments by check delivered to you, and incoming wires are all free. (Wire transfers cannot be sent from your Novo account.) Although Novo does not have its own ATM network, all ATM costs will be reimbursed to Novo consumers. Although Novo does not impose international transaction fees, the ATM you use abroad may. Once again, Novo returns all ATM costs.

The only costs stated for Novo are $27 per overdraft and returned payment. Therefore, if you don’t make payments exceeding your account amount and don’t deposit any bad checks, there will be no penalties for your Novo account.

Users may contact Novo support to seek increases to these restrictions through the Novo app. Suppose you intend to deposit a significant sum of money. In that case, Novo requires two to three days’ notice through the Support option in the app so that your deposits are not detected as potentially fraudulent.

Novo: Customer Support

Customer service is always challenging for Fintech firms since tech companies sometimes prioritize quick expansion above user base concerns. Currently, it looks like Novo offers adequate customer service.

Novo: Customer Support

They assert that you will talk with an “actual person” (which should be a given in the banking industry), but there is no indication of whether this human staff is outsourced. As far as we’re concerned, a workforce that is exclusively outsourced is often no more helpful than a chatbot.

During my testing, however, the email address indicated on the Novo website for customer service put us in touch with a support agent within 24 hours. They responded with what seemed to be a knowledgeable email about Wise account integration. I found what I was seeking.

As online resources, Novo provides links to its FAQ and Help sites, which go to the exact location. It is a credible knowledge base with a search bar for locating articles that may provide answers to queries. In addition, you may search by category. They offer hundreds of knowledgebase “articles,” but they are more like answers to frequently asked questions, with relatively brief responses and no images to assist you with integrations or the UI.

You can find Novo on almost every social media platform, from Facebook to YouTube. Given that this is also a Fintech firm, it is evident that their social media profiles are for marketing and not client service. Finally, Novo provides a blog with articles on small businesses, corporate news, business development, and more.

Just go to the official website of Novo and scroll down. 

From here, you can choose to contact them via their email id. Also, you can click on their FAQ section for any questions you may have.

You can choose your queries by searching in the search box or clicking on the category and browse look for your question. 

Novo Customer Support step1

You must also check out their ‘Resource Centre.’

Novo Resource Centre

My Experience With Novo

Technology has made starting and running a company more straightforward than ever before. Consider Novo your accountant if your company is a freelancing endeavor like mine.

I utilize applications to simplify every other aspect of my life, so why not my company finances? You will get a list of your recent transactions when you log in. I also get relevant information, such as how much I’ve spent at a given store this month.

However, you do not need to register for the app to get valuable recommendations. I’ve enabled alerts and now get practical suggestions on my lock screen. I particularly like that it records my typical expenses in various categories and compares them to my current expenditures.

My favorite feature is Send Payment. You will choose the payee from a list. If you manage a team, you may add them to the list, so they appear.

After selecting a payee, you must enter a transaction amount and type. ACH transfers the funds immediately from your bank to the receiving bank. You can send the funds locally or abroad at no extra cost. Novo now connects with TransferWise.

Everything is accessible on my iPhone, making mobile business management simple. As a result, I am not tethered to a desk for 40 hours a week, which is one of the most significant advantages of freelancing. I also link to Xero so that at tax time, I can generate reports on my annual revenue and spending and take them to my tax preparer.

Why Do I Recommend Novo? Novo Review

Here’s a popular new pairing: a swanky Fintech startup and a modest bank. And precisely, that is what Novo has done. This resolves several issues. For starters, business account holders do not have to endure the sometimes abominable web and mobile interfaces thrown together by banks. In addition, you are not sending your money to a Fintech business whose primary concern is user growth. The partner bank, Middlesex Federal Savings, F.A., stores, and safeguards your funds.

Thus, Novo can stand out in various ways, thanks to its spectacular web interface and financial institution support. Users can use mobile deposit checks, perform bank transactions, and check their account balances from a single, straightforward interface.

Novo distinguishes itself from other Fintech firms by connecting with dozens of applications, including Etsy, Shopify, Stripe, and Wise. Additionally, fees are negligible and clear. There are no hidden charges, monthly payments, or sign-up fees. When applying for a business bank account, you no longer need to go through the typical lengthy procedure. Novo has a 10-minute limit. That is all

Also, Novo is highly secure.

Why Do I Recommend Novo

FAQs On Novo Review 

Does Novo have a minimum balance requirement?

No, Novo doesn't demand you to maintain a particular account balance. You must deposit $50 to access all business account services, but no minimum balance is required afterward.

Is Novo an actual bank?

Novo is a platform for financial technologies and not a bank. Your business account will officially be with Middlesex Federal Savings, Novo's parent bank holding company, but you will apply for and manage the account via Novo.

Can I open a Novo account for my crypto-related business?

No, Novo cannot collaborate with firms in the cryptocurrency, privately-owned ATMs, marijuana/cannabis, gaming, crowdfunding, money services, or adult entertainment industries.

Will Novo check my credit history?

No, your credit history won't be examined when you apply for a Novo account. Therefore it won't affect your credit score.

Is Novo US-based?

Yes, its headquarters are located in New York City, promoting U.S. companies.

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Conclusion: Novo Review 2023

The cost and complexity of opening a small business checking account with a local bank should be minimal. But regardless of the reason, it is.

Few physical establishments provide free business checking accounts. Those who do need you to wait in line, carry a plethora of papers, and complete paperwork to open the account. The customary red tape is overwhelming for business owners who generate just a few hundred dollars in profit each month.

Novo simplifies the procedure. Since Novo’s accounts have no monthly fees, the business checking account sounds like an excellent option, particularly for entrepreneurs and side hustlers who do not currently have a company checking account.

Whether you’re a freelancer or a small company owner, a free checking account from Novo will allow you to separate your funds without further hassle. You may connect your bank accounts and control everything from your mobile device.

With Novo’s alerts, you’ll have continuous insight into how you’re spending money, allowing you to identify methods to cut costs and retain a more significant portion of your monthly revenue.

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Andy Thompson

Andy Thompson has been a freelance writer for a long while. She is a senior SEO and content marketing analyst at Digiexe, a digital marketing marketing agency specializing in content and data-driven SEO. She has more than seven years of experience in digital marketing & affiliate marketing too. She likes sharing her knowledge in a wide range of domains ranging from ecommerce, startups, social media marketing, make money online, affiliate marketing to human capital management, and much more. She has been writing for several authoritative SEO, Make Money Online & digital marketing blogs like : ImageStation, Newsmartwave, & Experthoot

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