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Novo is a fintech firm for small companies, entrepreneurs and freelancers. If you happen to’re self-employed and desire a checking account that’s straightforward to make use of with virtually no charges, you may need to try Novo. Learn extra to seek out out the main points of how Novo works and whether or not or not an account is smart for you.
What Is Novo?
Novo is a fintech firm based mostly in New York. You may handle your account by way of on-line banking in your laptop computer or desktop pc or by way of the Android or iPhone cell apps.
This fintech firm is constructed for enterprise house owners who’re comfy managing their cash on-line on the Novo web site or cell apps. Whereas it would not have each function of a conventional checking account, Novo presents loads of options for many trendy entrepreneurs and cashless companies.
Behind the scenes, Novo makes use of Middlesex Federal Financial savings to handle accounts and debit playing cards. Every part will feel and appear like Novo, however accounts are held in FDIC-insured accounts at Middlesex Federal Financial savings.
Novo has no department places. The fintech companyis comparatively new, based in 2016. However it presents much better phrases than most old-school, conventional banks.
|Accounts||Financial savings, Checking, Cash Market, CDs|
|Entry||Net Primarily based, iPhone App, Android App, Blackberry App|
|Quantity of Branches||0|
|FDIC Insurance coverage|
|Buyer Service||E mail, Telephone|
- On-line and cell banking: Novo is on-line solely. You may simply handle your cash with the Novo on-line banking web site and cell apps.
- No charges for typical exercise:– There aren’t any recurring charges. The one charges charged are for inadequate funds when sending a test or when a deposited test is returned for inadequate funds. Incoming wires, home ACH transfers, ATMs and paper statements are all free.
- Ship checks out of your telephone: You aren’t getting a paper checkbook with Novo. Nonetheless, you may nonetheless ship paper checks. Utilizing a function that works equally to invoice pay at different banks, you may ship a paper test from the Novo cell apps. Novo additionally allows you to deposit checks immediately.
- Ship Invoices: Ship limitless, customized invoices and settle for on-line funds for what you are promoting.
- Digital integrations: Novo integrates with widespread on-line instruments utilized by tech-forward companies. It really works seamlessly with Xero accounting, Stripe, Shopify, and Quickbooks. It additionally triggers notifications on Slack, and permits worldwide transfers by way of Smart.
- Enterprise perks: As a bonus, Novo prospects get entry to reductions with Google Cloud, Zendesk, HubSpot, Stripe, Salesforce, and different suppliers.
How Does Novo’s Enterprise Checking Account Work?
Novo presents just one kind of account. The small enterprise checking account handles a very powerful options for on-line enterprise house owners and different companies that do not use money.
- You may deposit to the account by way of ACH, worldwide or home wire switch, or with a cell test deposit in your smartphone.
- You may withdraw and ship cash by way of ACH or ship a paper test by mail with the cell app.
- All transfers out and in of the account are fee-free.
A number of conventional banking options are lacking:
- There is no such thing as a typical checkbook.
- You may’t ship wire transfers.
- As with all on-line banks, you may’t deposit money.
- There is no such thing as a curiosity paid on account balances, so that you in all probability will not need to hoard an excessive amount of money there.
Sending Invoices With Novo
One of many fundamental promoting factors of Novo’s enterprise checking account is you can ship limitless, personalilzed invoices with out paying charges. It additionally integrates with Stripe, Sq., and PayPal that will help you settle for on-line funds and in addition works with ACH and test funds if you wish to keep away from transaction charges.
And with Novo Reserves, you may mechanically transfer cash apart to cowl taxes, payroll, and different enterprise bills. You may create as much as 5 reserves as properly, so it is easy to create totally different budgets for what you are promoting.
You can too use 15+ integrations with Novo, like Shopify and Etsy, which is helpful in the event you run an ecommerce enterprise. Novo additionally integrates with Slack for simple workforce communication and quite a few fee processors as talked about.
The closest rivals to Novo are NorthOne and LendingClub Financial institution.
- NorthOne is a financial institution for freelancers, small companies, and entrepreneurs. With NorthOne you get limitless banking with out hidden charges or minimal balances for simply $10 monthly. And you’ll create limitless envelopes to simply handle your funds with totally different classes, like taxes and trip. Plus as an Investor Junkie reader, you will get three months free while you join.
- LendingClub Financial institution has quite a lot of merchandise, with a checking account particularly geared in the direction of small companies. With this account, you will get 1% money again along with your LendingClub debit card and get 0.10% APY on balances of $5,000.
Here is a fast comparability between the three:
Novo costs virtually no charges. You may want $50 to open a brand new account, however after that, there aren’t any minimal steadiness necessities or recurring charges of any type.
The payment schedule exhibits no costs for the whole lot, aside from an “Inadequate Funds Cost” and an “Uncollected Funds Returned Payment.” Each charges are $27. So, so long as you do not ship dangerous checks or deposit dangerous checks, you will not pay for something.
If you happen to use your debit card overseas, it’s possible you’ll incur international transaction charges from the cardboard networks, however Novo would not add a payment of its personal. And there aren’t any outgoing wire switch charges as a result of you may’t ship wire transfers.
Novo presents only one kind of enterprise checking account with a debit card. There is no such thing as a present possibility for a financial savings account, bank card or different loans. However the Novo web site says it does intend to supply lending merchandise and different new options sooner or later.
How one can Contact Novo Buyer Service
You may contact Novo by emailing firstname.lastname@example.org for help. The web site additionally has an in-depth FAQ part with useful articles.
Notice that Novo at the moment has a 3.6 star score on Trustpilot. Clients appear to love its ease-of-use and bill options however customer support is the principle complain. You may’t name Novo which is a draw back if you need telephone buyer assist, and assist appears sluggish in generaly judging by critiques.
Professionals & Cons
- No month-to-month charges or ATM costs
- No ACH or incoming wire switch charges
- Ship limitless invoices without cost
- Quite a few integrations with fee processing programs and ecommerce platforms
- Novo perks present reductions on widespread enterprise software program
Novo is an efficient banking alternative for almost anybody who runs a solo, on-line enterprise. Tech startups and small companies that do not use money will most certainly discover all of their wants met. And there are virtually no charges.
A number of options frequent at conventional banks are lacking, together with the power to ship a wire switch or get a checkbook. However for contemporary banking options, Novo has most individuals’s wants coated.
Novo Disclosure – Novo is a fintech, not a financial institution. Banking companies offered by Middlesex Federal Financial savings F.A.; Member FDIC.