According to the Small Business Administration, nearly 32 million small businesses are operating in the country. That number continues rising every day. Currently, the IRS is experiencing a post-pandemic business application boom like never seen before. So, what exactly is going on? As business restrictions ease up, employees are none too eager to return to the monotony, restrictions, and office politics they experienced in their former positions. Side hustles have become full-time operations, and the desire to be one’s own boss is at an all-time high.
Whether furloughed, laid-off or working remotely, employees have begun to recognize their true worth and the importance of living a more balanced life. Being able to juggle raising a family while keeping up with work has proven their ingenuity and resilience. After navigating the complexities of 2020, starting a business might not seem so hard after all.
You’ve trademarked your name, gotten your EIN, and opened your website for business; now what? What about expense management? You can have clients send payments directly to your bank account, but that may not be a good idea. It can become an arduous task to untangle your business revenue from your personal assets at tax time. With any startup, money is tight, and you’ll need to keep track of every penny.
Who is Novo?
With Novo, you can open a business account without any hidden fees or minimum balance requirements. Novo was founded in 2016 by Michael Rangel and Tyler McIntyre to empower customers with their financial data and provide the most compelling banking experience possible. That happens to be the mission statement they still use today.
Just fill out a quick application, transfer $50 from your personal account, and once approved, you’ll be in business in minutes. Novo does one thing only, and that’s helping small business owners and freelancers keep their business finances organized and easy to understand. Novo offers an online-only business checking account that keeps you updated with an easy-to-read series of dashboards.
Categorize your expenditures to review your purchasing trends. Understanding where all the money comes from can help you streamline operations to help you save. And though Novo doesn’t offer a traditional savings account, per se, they do allow you to put aside funds for quarterly taxes and unexpected expenses. Those reserve accounts aren’t indicated in your daily balance, but they are always accessible to you.
Novo lets you manage all your financial tasks from your phone, send invoices, make payments, and get paid. Novo partners with Middlesex Federal Savings, so you can rest assured your funds up to $250,000 are FDIC insured.
How Does it Work?
Simply apply for Novo business checking by creating an account and submitting an online application on the Novo website. To be eligible for a business checking account, you need to:
- Be at least 18 years old and a U.S. citizen or permanent resident.
- Operate a U.S.-based business.
- Show personal identification and legal business documents.
- Provide information about yourself, your business, and additional business partners.
- Have a valid U.S. mailing address, Social Security number, and mobile phone number.
Once your application has been reviewed, usually within two to three business days, Novo will contact you. After receiving approval, you’ll be able to log in using your username and password, fund your account, and download the Novo mobile app on an iOS or Android device. You’ll also be able to integrate your account with some of the business tools you already use, like QuickBooks, Xero, Stripe, TransferWise, Shopify, Zapier, and Slack.
If you requested a Novo business debit card, your card would be delivered to your designated mailing address. You can only have one debit card per user with the Novo business checking account. However, you can add multiple users using the mobile app. Added users will have full account access, including the ability to transfer and withdraw funds.
Is Novo Right for my Small Business?
Any small business, freelancer, or sole proprietor that doesn’t run a cash-only establishment will love the many benefits offered by Novo. Here are some features that you can expect.
No Hidden Fees: Novo provides business checking accounts with no monthly fees, no minimum balance requirements, no transaction fees, or incoming wire fees. There are no fees for incoming or outgoing ACH transfers, stop payments, debit card replacements, or paper statements.
Novo business checking accounts also include free mobile check deposits, free bill pay, free bank checks, and can mail physical checks straight from the mobile app.
Free ATM access: Unlike many of its competitors, Novo does not offer ATM access through a specific partner network. Instead, Novo allows you to use any ATM in the U.S. or internationally without charging you any fees. In addition, Novo will reimburse any fees that you face from banks that charge for using their ATMs, depositing the refund directly into your account at the end of each month.
Easy Online Banking: Novo business checking app is designed to make it easy for small-business owners to manage their finances on the go without the hassle of visiting a physical bank. Use your phone to deposit checks, make payments, send money, and even mail paper checks.
Invoicing: Novo Bank’s invoicing feature allows you to create, send and manage an unlimited number of invoices directly within your checking account. You can also accept ACH transfer payments or payments made through your Stripe account.
Easy Integrations: Integrate your Novo account with QuickBooks, Stripe, Shopify, Slack, Venmo, as well as Apple or Google Play. Novo stands out by seamlessly connecting to popular tools that many small business owners already use.
Discounts: The perks program gives access to discounts on specific business software and services compatible with your checking account. Novo partners with providers including Stripe, QuickBooks, Google, GoDaddy, HubSpot, Snapchat and others, offering valuable savings to account holders.
Budget Assistance: Track account activity and use the Novo Reserves budgeting tool to set aside funds for taxes and unexpected expenses. And, of course, contact Novo’s friendly customer service representatives for support.
Customer Service: Many online and traditional banks outsource their customer service or use AI-powered chatbots. Novo believes in human-powered relationships, and that customer service needs to focus on more than support. They believe that by helping customers build success, they can develop more meaningful and long-term relationships with them. Our support team knows that mastering Novo expense management and business budgeting software can help our customers grow in ways they never imagined. That’s why we keep customers at the heart of everything we do.
Payline + Novo
While Novo helps you keep your business finances organized and easy to follow, Payline Data can help you protect your small business from credit card fraud and the burden of unnecessary chargebacks. Payline integrates seamlessly with your Novo Business account to provide an extra level of security to your online transactions. And just like Novo, Payline offers transparent pricing and no hidden fees to help you keep more of the money that you’ve earned. Novo and Payline Data are both explicitly designed with small businesses, startups, and self-employed individuals in mind.