Novo Review | Online Small Business Banking (2024)

Hello, I’m excited to share with you my review of Novo, an innovative online banking service designed specifically for small businesses. As a neobank, Novo combines the convenience of digital banking with the financial technology expertise to provide a seamless and efficient banking experience. Whether you’re a freelancer, contractor, or small business owner, Novo offers a range of banking features tailored to meet your needs.

With Novo, you can enjoy the benefits of mobile banking, access to a user-friendly banking app, and a simplified account opening process. Gone are the days of endless paperwork and long waits at traditional banks. Novo makes it easy for you to open a business checking account and start managing your finances online in just a few simple steps.

But what sets Novo apart from other banking options? In this article, I will provide an in-depth review of Novo’s features, account opening process, pros, cons, and how it compares to its competitors. You’ll also get insights into Novo’s mobile and online banking capabilities, security measures, customer support, and integration with popular business tools.

Key Takeaways:

• Novo is an online small business banking solution that combines digital banking with financial technology.
• Opening a Novo business checking account is quick and hassle-free, with a straightforward application process.
• Novo’s features include no monthly fees, unlimited transactions, and integrations with popular business software.
• While Novo offers many advantages, there are limitations such as no cash deposits and limited customer support options.
• Novo’s mobile and online banking capabilities, security measures, and integration with business tools make it a viable choice for small businesses.

About Novo

Novo is a financial technology company that specializes in online small business banking. While Novo is not a direct bank, it has partnered with Middlesex Federal Savings to provide FDIC insured business deposit accounts. Novo’s mission is to offer a seamless and efficient banking experience tailored specifically for small businesses.

Novo Business Checking Features

Novo’s business checking account offers a range of features specifically designed to meet the needs of small businesses. With Novo, you’ll enjoy:

• No Monthly Fees: Novo allows you to keep more of your hard-earned money by eliminating monthly fees.
• Unlimited Transactions: Conduct as many transactions as you need without worrying about additional charges or limitations.
• Integration with Business Software: Seamlessly connect your Novo account with popular business software, streamlining your financial management process.

But that’s not all. Novo also provides unique features that set it apart from traditional banks:

• Unlimited Refunds for ATM Charges: Say goodbye to those nuisance ATM fees. Novo refunds all ATM charges, allowing you to access your funds wherever you are without any extra cost.
• Built-in Invoicing Capabilities: Simplify your billing process with Novo’s built-in invoicing feature. Create and manage unlimited invoices directly within your checking account.
• Integrations with Various Business Tools: Novo integrates seamlessly with a variety of business tools and software, making it easier than ever to manage your finances and streamline your operations.

And the best part? Novo’s business checking account doesn’t require a minimum balance, and there are no fees for ACH transfers, stop payments, debit card replacements, or paper statements.

With these robust features and the convenience they offer, Novo is the perfect choice for small businesses looking for a modern, digital banking solution.

Boost Your Business with Novo

“Novo’s extensive features and seamless integrations have revolutionized the way I manage my small business finances. It’s no wonder Novo has become my go-to digital banking solution.” – Sarah Johnson, CEO of Johnson Marketing Agency

Account Opening Process

Opening a Novo business checking account is a straightforward process that caters to U.S.-based businesses and entrepreneurs. Here’s a step-by-step overview of the account opening process:

1. Eligibility Requirements:

• Be at least 18 years old
• Must be a U.S. citizen or permanent resident
• Have a U.S.-based business
• Sole proprietors must be U.S. citizens

2. Application Submission:

To get started, visit the Novo website and complete the online application. You’ll need to provide personal information, such as your name, address, and social security number. Additionally, you’ll need to provide details about your business, including its legal name, address, and industry.

3. Supporting Documentation:

Novo may require additional documentation to verify your business and identity. This includes providing your Employer Identification Number (EIN) and articles of incorporation or other relevant business formation documents. These documents help establish the legitimacy and legal status of your business.

4. Application Review and Approval:

Once you’ve submitted your application and supporting documents, Novo will review your information. They typically process applications within two to three business days, but may request further documentation or clarification. You may receive notifications via email or through the Novo mobile app.

5. Account Activation:

If your application is approved, Novo will provide instructions on how to fund your account. You can initiate the funding process by transferring funds from an existing bank account or utilizing other available funding options. Once your account is funded, you’ll have access to a business debit card and can start using your Novo account for financial transactions.

6. Integration with Business Software:

Novo allows you to connect your business checking account with various business software tools, such as accounting software or payment processors. This integration streamlines your financial management and enables seamless synchronization of transaction data, further optimizing your banking experience.

With Novo’s straightforward account opening process and emphasis on digital convenience, entrepreneurs and small business owners can quickly establish a business banking relationship that suits their needs.

Pros of Novo Business Checking

Novo business checking account offers several advantages for small business owners. It has no fees, no minimum balance requirements, and no transaction fees. Novo provides free ATM access worldwide, refunding third-party ATM fees up to $7 per month. The built-in invoicing feature allows users to create and manage unlimited invoices directly within their checking account. Novo also integrates with popular business tools like Xero, Stripe, Shopify, Wise, and Zapier, providing seamless integration and streamlined financial management.

With Novo, small business owners can enjoy the following benefits:

• No monthly fees
• No minimum balance requirements
• No transaction fees
• Free ATM access worldwide, with up to $7 per month refunded for third-party ATM fees
• Built-in invoicing feature for creating and managing unlimited invoices within the account
• Integration with popular business tools like Xero, Stripe, Shopify, Wise, and Zapier

These advantages make Novo an excellent choice for small businesses looking for a cost-effective and efficient banking solution.

“Novo’s business checking account has been incredibly beneficial for my small business. The fact that there are no fees or minimum balance requirements gives me peace of mind, knowing that I can focus on growing my business without worrying about unnecessary expenses. The free ATM access worldwide is a game-changer, especially when I travel for business. The built-in invoicing feature has simplified my invoicing process, making it quick and easy to manage unlimited invoices directly from my Novo account. The integration with popular business tools has also enhanced my financial management, allowing me to seamlessly connect my account with tools like Xero and Stripe. I highly recommend Novo to any small business owner looking for a reliable and feature-packed banking solution.” – Sarah Johnson, Owner of XYZ Marketing Agency

With its emphasis on no fees, free ATM access, built-in invoicing, and integrations with popular business tools, Novo business checking account offers a comprehensive and convenient banking experience tailored to the needs of small businesses.

Pros of Novo Business Checking	Description
No Fees	No monthly fees, no minimum balance requirements, and no transaction fees.
Free ATM Access	Worldwide ATM access with up to $7 per month refunded for third-party ATM fees.
Built-in Invoicing	Create and manage unlimited invoices directly within the checking account.
Integrations with Business Tools	Seamlessly integrate Novo account with popular business tools like Xero, Stripe, Shopify, Wise, and Zapier.

Cons of Novo Business Checking

While Novo offers many benefits, there are some limitations that potential users should be aware of.

No Cash Deposits

Novo does not accept cash deposits directly, requiring users to purchase a money order and deposit it via the mobile check deposit feature.

No Recurring Payments

Novo’s business checking account does not offer recurring payments, which may be a drawback for those who rely on automated bill pay.

Limited Customer Support

Customer support is limited to email and in-app support, with no option for real-time or phone support. This lack of accessibility may be a disadvantage for business owners who prefer immediate assistance.

Novo Business Checking Cons Comparison

Limitation	Explanation
No Cash Deposits	Users must purchase a money order and deposit it via mobile check deposit.
No Recurring Payments	Automated bill pay is not available with Novo’s business checking account.
Limited Customer Support	Customer support is limited to email and in-app support, lacking real-time or phone support options.

Despite these limitations, Novo still offers a range of benefits and features that make it an attractive option for small business owners. However, business owners should consider their specific needs and preferences before choosing Novo as their banking solution.

How Novo Compares to Competitors

Novo faces tough competition in the online business banking space, with competitors such as Bluevine, Axos, and Lili. While Novo has its own unique features, it’s essential for business owners to compare the offerings of these platforms to find the best fit for their specific needs.

Bluevine

Bluevine is a prominent player in the online business banking industry. It not only offers a business checking account but also provides an interest-earning option and access to business loans. This makes Bluevine an attractive option for businesses looking to earn interest on their checking account balance or in need of additional funding.

Axos Bank

Axos Bank offers a comprehensive range of banking services, including checking, savings, investments, and small business banking options. This full-service approach may appeal to businesses that prefer to consolidate their banking relationships and have all their financial needs met by a single institution.

Lili

Lili is another contender in the online business banking space. It offers business banking services coupled with budgeting tools and cashback rewards. This unique combination of features makes Lili an attractive choice for business owners looking for a banking solution that also promotes financial management and rewards.

Comparing Novo with these competitors is crucial in order to find the platform that aligns best with the specific requirements and priorities of your business.

Novo	Bluevine	Axos	Lili
No monthly fees	Interest-earning checking account	Full-service banking	Budgeting tools
Unlimited transactions	Business loans	Savings and investment options	Cashback rewards
ATM fee refunds
Built-in invoicing
Integration with business tools

Comparing these key features and offerings can help you make an informed decision when choosing the right online business banking platform for your business.

Novo’s Mobile and Online Banking Capabilities

When it comes to mobile and online banking, Novo is a leader in the industry. With their innovative Novo mobile app, users have the convenience of performing various banking functions right from their smartphones. Whether you’re on the go or at the office, Novo makes it easy to manage your finances anytime, anywhere.

One of the standout features of Novo’s mobile banking capabilities is the remote check deposit. With just a few taps on your phone, you can quickly and securely deposit checks by simply scanning them with your phone camera. No more hassle of visiting a physical branch or finding an ATM to deposit your checks.

Novo also understands the importance of mobile wallets in today’s digital age. That’s why they’ve made sure their debit card is compatible with popular mobile wallets like Apple Pay and Google Pay. Simply add your Novo debit card to your mobile wallet to enjoy seamless and secure mobile payments wherever you shop.

But Novo’s mobile banking capabilities don’t stop there. The Novo mobile app offers a range of features designed to make your banking experience even better. From accessing ATMs nearby to managing invoices and integrating payments with various business tools, Novo has you covered.

Innovative Mobile Banking Features

• Remote check deposit for convenient check processing
• Compatibility with popular mobile wallets like Apple Pay and Google Pay
• Access to nearby ATMs for cash withdrawals
• Built-in invoicing for seamless business transactions
• Integration with various business tools, simplifying financial management
• Budgeting tools to help you stay on top of your finances

Novo’s mobile and online banking capabilities truly set them apart from traditional brick-and-mortar banks. With their user-friendly mobile app and advanced features like remote check deposit and mobile wallet compatibility, Novo makes banking on the go easier than ever before.

Novo’s Security and Customer Support

Novo prioritizes the security of your business finances and provides reliable customer support to ensure a seamless banking experience.

FDIC Insured for Account Protection

Rest assured that all Novo funds are FDIC insured through our partner Middlesex Federal Savings, F.A. This means that your deposits are protected up to the maximum limit allowed by law, providing you with peace of mind.

Bank-Level Encryption for Data Security

At Novo, we take the security of your personal and financial information seriously. Our website is secured with bank-level encryption to safeguard your data and protect your online transactions. With Novo, you can confidently manage your business finances knowing that your information is safe.

Responsive Customer Support

We understand the importance of timely assistance when you have questions or need help. Our dedicated customer support team is available to assist you via email and within the Novo app. We strive to respond to your inquiries within 60 minutes during our business hours, ensuring that you receive the support you need, when you need it.

At Novo, we are committed to delivering a reliable and secure banking experience. With FDIC insurance, bank-level encryption, and responsive customer support, you can trust us to protect your business and provide the assistance you require.

Security Features	Customer Support
FDIC Insurance	Responsive Email and App Support
Bank-Level Encryption	Fast Response Time

Novo’s Integration with Business Tools

Novo offers seamless integration with a wide range of business tools to enhance your financial management. By connecting your Novo business checking account with platforms like Stripe, Shopify, and QuickBooks, you can streamline your operations and gain a centralized view of your financial data.

This integration allows you to effortlessly sync your transactions, sales, and invoices, making it easier to track your revenue, expenses, and overall financial performance. With Novo’s integration capabilities, you no longer have to manually reconcile data or switch between multiple platforms, saving you time and reducing the risk of errors.

Benefits of Integration

Integrating Novo with popular business tools offers several advantages:

• Efficiency: Syncing your financial data eliminates the need for manual data entry and reduces the chances of errors.
• Convenience: Access all your financial information in one place, providing a comprehensive overview of your business’s financial health.
• Streamlined Operations: Seamlessly manage your transactions, sales, and invoices without the need for separate platforms.
• Informed Decision-Making: Gain valuable insights into your financial performance by analyzing integrated data.

Novo’s integration capabilities cater to various business needs and industries. Whether you’re running an e-commerce store, a subscription-based service, or a consulting firm, Novo can connect with the tools you rely on for your day-to-day operations.

Examples of Integration Partners

Novo integrates with a wide array of business tools, offering compatibility with platforms such as:

1. Stripe: The popular payment gateway enables you to seamlessly process online payments and manage your revenue.
2. Shopify: Connect your Novo account to your Shopify store to streamline your e-commerce operations and track sales data.
3. QuickBooks: Sync your Novo transactions with QuickBooks, simplifying your accounting and bookkeeping processes.
4. Wise: Seamlessly handle international payments and currency conversions, making it easier for your business to go global.

These are just a few examples of the many integration possibilities with Novo. Whether you need to sync your sales, track expenses, manage invoices, or streamline your financial reporting, Novo’s integration capabilities have you covered.

Integrating Novo with my Shopify store has been a game-changer for my business. It allows me to effortlessly track sales, manage my revenue, and keep my finances organized in one place. The process was seamless, and I highly recommend it to other small business owners. – Sarah, E-commerce Entrepreneur

By leveraging Novo’s integration with business tools, you can simplify your financial management, gain valuable insights, and focus on growing your business. Spend less time on tedious tasks and more time on what matters most – serving your customers and expanding your enterprise.

Novo’s Fees and Account Types

Novo’s business checking account offers a transparent fee structure and flexible account types to suit the needs of small businesses. With Novo, you can enjoy a cost-effective and affordable banking experience without worrying about excessive fees or minimum balance requirements.

No Monthly Fees or Minimum Balance

Unlike traditional banks, Novo does not charge any monthly fees for its business checking account. This means you can keep your hard-earned money where it belongs – in your business. Additionally, Novo eliminates the need for a minimum balance, giving you the freedom to manage your finances without any constraints.

ATM Fee Refunds

One standout feature of Novo’s business checking account is the ATM fee refunds. Novo understands that accessing your money should be convenient and affordable, which is why they offer ATM fee refunds. You can receive up to $7 in ATM fee refunds per month, ensuring that you can access your cash without incurring unnecessary expenses.

Transparent Fee Structure

Novo simplifies banking by eliminating many fees that business owners typically encounter. ACH transfers, stop payments, debit card replacements, and paper statements are all fee-free with Novo’s business checking account. This transparency allows you to plan your finances effectively and avoid unexpected charges.

Fee	Cost
Monthly Fee	No Fee
Minimum Balance Requirement	None
ACH Transfers	No Fee
Stop Payments	No Fee
Debit Card Replacements	No Fee
Paper Statements	No Fee
ATM Fee Refunds	Up to $7 per month

Novo’s fee structure ensures that you can focus on growing your business without worrying about unnecessary expenses. Whether you need to make ACH transfers, replace a lost debit card, or receive ATM fee refunds, Novo has you covered.

With Novo, managing your business finances becomes hassle-free. Take advantage of their transparent fee structure, no monthly fees, and ATM fee refunds to keep your costs low and your business thriving.

Novo’s Perks and Discounts

Novo goes above and beyond to provide additional perks and discounts through its exclusive Novo perks program. As an account holder, you gain access to an array of savings opportunities offered by our trusted partner providers. Take advantage of these benefits to enhance your business’s financial success.

Savings Opportunities with Leading Providers

Through the Novo perks program, you can unlock various savings opportunities with top-notch partner providers such as Stripe, Gusto, Google, Zendesk, and more. These partnerships allow us to offer you exclusive discounts and privileges that can significantly benefit your business’s bottom line.

As a Novo account holder, enjoy waived credit card processing fees with Stripe, one of the world’s leading payment processors. This valuable perk alone can save your business a substantial amount of money, leaving you with more resources to invest in growth or other essential activities.

Adding Value to Your Novo Experience

We believe in providing more than just banking services. By offering these additional perks and discounts, Novo aims to add greater value to your business checking account. We understand that every dollar counts for small businesses, which is why we strive to help you save and optimize your financial resources.

Novo’s perks and discounts are updated regularly, ensuring that you can continually take advantage of new opportunities and exclusive offers. We are constantly working to expand our partnerships and bring you even more ways to save and maximize your banking relationship with us.

Take a look at some of the benefits you can expect from the Novo perks program:

Partner Provider	Discount or Benefit
Stripe	Waived credit card processing fees
Gusto	Special rates for payroll services
Google	Advertising credits exclusive to Novo customers
Zendesk	Discounted rates for customer support services

This is just a glimpse of the many perks available through Novo. We are committed to continually expanding our partnerships in order to provide you with valuable savings opportunities from a diverse range of providers.

Novo understands the importance of supporting your business’s financial success. With our Novo perks program, you can save money and get more out of your banking relationship. Stay tuned for more exciting offers and discounts as we continue to work with top-notch providers to help your business thrive.

Conclusion

Novo offers a user-friendly and cost-effective business checking account for small business owners. With its no monthly fee structure, unlimited transactions, and features like unlimited ATM fee refunds, built-in invoicing, and integrations with business tools, Novo provides a comprehensive banking solution tailored to the needs of small businesses.

Although Novo has some limitations, such as no cash deposits and limited customer support options, its mobile and online capabilities, along with its robust security measures, make it a viable choice for businesses looking for an efficient and accessible banking experience.

In conclusion, Novo’s innovative approach to online small business banking, coupled with its competitive features and affordable fee structure, make it a compelling option to consider. Whether you are a freelancer, entrepreneur, or small business owner, Novo can provide the financial tools and flexibility you need to effectively manage your business finances. With its user-friendly interface, seamless integrations, and commitment to security, Novo is helping to redefine the way small businesses approach banking in the digital age.

FAQ

Is Novo a bank?

No, Novo is not a bank itself. It is a financial technology company that partners with Middlesex Federal Savings to offer business deposit accounts insured by the FDIC.

What services does Novo offer?

Novo offers online small business banking services, including features like no monthly fees, unlimited transactions, and integration with popular business software.

Does Novo have a mobile banking app?

Yes, Novo has a mobile banking app that allows users to manage their accounts and perform various banking functions from anywhere.

What is the account opening process for Novo?

To open a Novo business checking account, applicants need to provide personal information, business details, and additional documentation like the EIN and articles of incorporation. Novo reviews applications within two to three business days.

Does Novo have cash deposits and wire transfers?

No, Novo does not accept cash deposits directly and does not support wire transfers.

What are the advantages of using Novo?

Novo offers no monthly fees, no minimum balance requirements, and no transaction fees. It also provides free ATM access worldwide, unlimited refunds for ATM charges, built-in invoicing capabilities, and integrations with popular business tools.

Does Novo have customer support?

Yes, Novo offers customer support through email and in-app support. However, there is no option for real-time or phone support.

How does Novo compare to its competitors?

Novo faces competition from other online business banking providers like Bluevine, Axos, and Lili. Each platform has its own unique features and advantages.

Does Novo offer mobile and online banking capabilities?

Yes, Novo excels in providing mobile and online banking capabilities through its mobile app. Users can perform various banking functions, including remote check deposit and mobile wallet compatibility.

Is Novo secure?

Yes, Novo prioritizes security. All Novo funds are FDIC insured, and the website is secured with bank-level encryption to protect user data and transactions.

Can Novo integrate with other business tools?

Yes, Novo offers seamless integration with a wide range of business tools like Stripe, Shopify, QuickBooks, and many others.

What are Novo’s fees and account types?

Novo’s business checking account has no monthly fees, no minimum balance requirements, and offers ATM fee refunds up to per month. Novo also offers different account types catering to the needs of various business sizes and types.

Does Novo offer perks and discounts?

Yes, Novo provides additional perks and discounts through its Novo perks program. Account holders can access savings opportunities with partner providers like Stripe, Gusto, Google, Zendesk, and others.

Our Friends

• https://www.nerdwallet.com/reviews/small-business/novo-business-checking
• https://thecollegeinvestor.com/32423/novo-review/
• https://www.forbes.com/advisor/banking/checking/novo-business-checking-review/