Novo understands small enterprise homeowners and makes it straightforward to open and handle an account. As an online-only financial institution, you’ll discover Novo strikes the fitting stability between expertise, human contact, and real-world advantages. Listed here are a few of our favourite options for Novo Enterprise Checking:
- NO month-to-month charges
- NO minimal stability requirement
- NO ATM charges
- NO credit score verify or ChexSystems
- FREE Mastercard debit card
- FREE cellular app
- FREE transfers, mailed checks, and incoming wires
- FREE invoicing to create, ship, and monitor invoices
- FREE cellular verify deposit
Enterprise Banking Made Simple
There are not any month-to-month charges, no minimal stability necessities, no incoming wire charges, and no transaction charges with Novo. Novo even refunds all ATM charges. You’ll by no means be charged for incoming or outgoing ACH transfers, debit card replacements, paper statements, or cease funds.
For those who’d like, Novo will ship free paper checks on your use. You may as well use the app to have checks mailed out. The gotcha with paper checks is that in the event you don’t find the money for to cowl the verify, Novo will cost a price of $27 for inadequate funds. And in the event you deposit a verify from a buyer that doesn’t clear, you’ll get whacked for $27.
Novo doesn’t help you deposit money. As an alternative, you’ll have to make use of distributors akin to USPS, Walmart, and grocery shops to trade your money for a cash order. Then you need to use the cellular verify deposit characteristic to deposit the cash order. Novo will not be the fitting enterprise account for you if your enterprise offers with loads of money.
You’ll be able to handle your account out of your laptop or the Novo smartphone app. This lets you keep away from the trouble of visiting a bodily financial institution. And the Novo Reserves budgeting device permits you to put aside funds in your checking account for bills akin to payroll or taxes.
We particularly like their totally built-in invoicing characteristic which permits freelancers and contractors to ship and handle limitless invoices. You can also make funds by ACH switch and if you’re utilizing the Novo Stripe integration you possibly can settle for funds by means of your Stripe account.
Novo seamlessly integrates with well-liked enterprise instruments akin to Stripe, Shopify, Zapier, Quickbooks, and Xero. You may as well join Sq., Wave, PayPal, Venmo, Apple Pay and Google Pay.
Novo has a program known as Novo Perks that provides you perks on wide selection of enterprise software program and companies akin to Stripe, Quickbooks, Gusto, Google, Hubspot, Reserving.com, and plenty of extra. For instance, you will get $20,000 in fee-free bank card processing with Stripe.
Software Course of
It takes about 10 minutes to join a Novo account. You’ll want private and enterprise info, which can embody a social safety quantity, enterprise tax ID, and enterprise formation paperwork. They don’t verify your credit score or use ChexSystems.
Novo is rising rapidly. Their providing is well-liked with small enterprise homeowners. The account approval course of is at present taking 1-2 enterprise days and when you’re authorized, you will get full entry to your account with a easy $50 deposit.
We like Novo. We expect you’ll prefer it, too.