Novobank might sound like the name of a bank. However, Novo, the official name of this company, offers a slightly different service than what you can find on a bank. Novo provides a platform that small businesses can use to deal with business checking solutions.
How Does Novo Assist Your Business?
As written on the Novo official website, this company runs in the technology field. It is not a bank, but a provider of a technological solution for business finance. In this case, Novo provides an integrated banking account for various business purposes.
Novo’s service is very helpful for business owners, especially small businesses. Many business owners want to separate their bank accounts for personal and business usage. However, they have problems doing that because opening a business account is complicated.
Moreover, they also can’t use their personal bank account to receive income or transaction payments for their business. Many banks don’t allow personal accounts for business. Therefore, Novo provides the solution to that problem.
As we all know, one of the essential things to do in business is separating your account. That way, you won’t accidentally use the funds for developing your business accidentally. You can find this kind of tip in many places and by experts, such as financial samurai.
How Much You Should Pay to Open Novobank Account
You don’t need to pay anything to open a Novo business account. Best of all, Novobank provides their service without minimum balance, monthly maintenance fees, ACH fees (incoming and outgoing), and wire fees (domestic or international). The only fees Novo charges its customer is an insufficient funds fee and an uncollected funds return fee. Both of them are $27 each.
Thanks to these affordable fees for opening a Novo business account, it is a suitable option for those of you who have not applied for incorporation certification for your small business. So, before you even make your business become an llc, you have a powerful tool that supports your business finance in the future.
Novo Business Checking Account Features
Novo also offers various features on its business checking account. Here are some of them for your reference before using this service.
· Online Mobile Banking
Novobank provides a mobile app that you can use for many things; especially managing your business finances. That app also is integrated into several business tools, like QuickBooks and Stripe, for making and receiving payments. Then, the app also displays your account balance, recent activity, top spending, and other information you need. This app and online mobile banking feature help you to reach your financial goals much easier.
· Fast Application
To apply for a Novo business checking account, only takes about 10 minutes. Answer several questions about you, the business owner, and your business, and then submit for review. It will take around two business days to finish the review. Once you get approval, you can use that business checking account right away.
· Send Invoices and Receive Payments
We have mentioned earlier that you also can use a Novobankaccount to make and receive payment. It includes sending invoices to your customer as well. This feature helps a lot when your business involves sending invoices regularly to clients or customers.
Moreover, you can track invoices and other payment activities much more easily. This account also allows you to provide various payment options for customers. It accepts debit or credit cards, also Stripe for invoice payment. It surely helps your business daily activity and makes everything work smoothly.
· Taxes and Expenses
As recommended by the best financial advisors you can find out there when you run a business, taxes and extra money is an essential financial burden you must consider. Therefore, you should spend extra money to pay for those two. Novo simplifies that process through its service, Novo Reserves.
Novo Reserves is an integration feature you can get from opening a Novo bank checking account. This space is available for saving extra money for taxes or extra expenses. The money in Novo Reserves will get protection from accidental usage.
You can even allow Novo Bank to allocate money from your account to this reserve account automatically. Therefore, you don’t have to think about that money and use it when you need it to pay taxes or other expenses. Then, you can reach the zen business level that you want.
· Free and Easy Transfers
It is easy and free to transfer money from or into your Novo Bank account. It has no minimum balance requirement. This feature also assists the payment transfer you receive from your customers.
· Deposit Checks
You need to go to an ATM or bank branch to deposit a check, which is consuming time. However, Novo allows you to do it via mobile phone. Moreover, it has unlimited deposit checks through its service. It is also free and takes a second to take a picture of your checks and that’s all.
· Send Payments Easier
Novobank also allows you to send various types of payments without any fees. You can send paper checks, ACH transfers, or international transfers via Wise service with a Novo checking account. This feature solves the problems you have when you have to send payments to your employees or clients.
· Stripe Verified
Novo is a Stripe Verified provider, which means you can integrate your Novo account with a Stripe account. You can check your Stripe balance directly from the Novo app. Or, you can receive payment via Stripe to your Novo account.
Novo Bank Funding
Another service you can get from Novo is business funding. This service also has many advantages over the general business line of credit service. For example:
· Immediate availability,
· Always available as long as you pay a monthly fee,
· Clear repayment plan, so you can use only what you need.
Conclusion
Having a powerful financial tool, like a Novo business account, affects your business growth significantly. It is easy to manage and helps improve service satisfaction level. That’s also part of what Novobankis.