You are brave to start and survive in a business in the new normal! Let Novo business banking help you with all-things banking in your organization to become a successful business owner.
Digitization of businesses has also pushed the adoption of digital banking. These online bank accounts provide a range of services that your organization needs. And, all these services are minus the hassle of visiting an actual bank.
Business banking services target micro, small, medium, startup, and enterprise-level entities. However, choosing the right one is another tricky business. You can save time and resources by signing up for Novo as your business banking partner. Continue reading to learn novel things about Novo.
Introduction to Business Banking
Businesses need to deal with complex and unlimited transactions. These are mainly getting paid from consumers, paying vendors, financing assets through loans, getting credit lines, paying taxes, making deposits, getting checking accounts, and so on. The banking system for individuals, popularly known as retail banking institutions, can not handle such volumes and variations of transactions.
Here comes business banking. Such bank accounts come with all the mentioned services above plus added benefits. In a nutshell, you comply with local and international money management rules and also do monetary transactions with your customers swiftly.
The Benefits of Business Banking
Financial Protection for Staff and Owner
For LLCs or similar business types, the staff or owner are not held responsible when a business fails due to market reasons. If any of such events happen, it does not mean that you need to pay out of your pocket for business debts. You are not liable when you separate your finances from business banking.
No Lower or Upper Limit of Account Balance
A retail savings account comes with upper and lower limits for funds. There are no such restrictions on most business banking accounts because your business needs to handle bulk transactions of money and assets.
Organized Expense Handling
Expense reporting and monitoring have become super easy with business banking. Such an account also helps you to avoid overspending and losing margin.
Complying With Financial Regulations
Since business banking companies manage various compliance practices, you automatically comply with the same laws when you keep an account with such institutions.
You can opt for the services that you want and discard those your business does not need yet.
Since you can customize banking services, you might get a better deal for the yearly fees as well as transaction-linked service charges.
Business banking cards come with better forex conversion rates, airport lounge access perks, and more.
The Emergence of Business Banking Tools
Since you need to manage global business transactions 24 by 7 for 365 days, you need the following business banking tools:
- Checking accounts
- International and domestic letters of credit (LCs)
- Online and mobile banking channels
- Online and point-of-sale payment collection platforms
- Virtual check deposit system
- Managing cash for payroll, payments, etc.
- Mobile check deposit system
- Video teller machine (VTM) service
- Ready Reserve with an auto sweep in and out
- FDIC insurance
- Dedicated credit line and loan processing channels
Several banking corporations understood the above needs of an organization and started offering such services packaged into one or a few accounts. For example, Novo business banking offers most of the above services through one business checking or savings account so that you can focus on running your business, not queue up in front of banks.
What Is Novo Business Banking?
Novo is a fintech service provider for Middlesex Federal Savings, F.A, and offers Novo business banking. It is a brand name, while the underlying banking services come from Middlesex Federal Savings.
Novo is not an independent bank and can not accept monetary deposits or offer its banking products. Furthermore, only US citizens or foreigners owning a business operating in the US can open a business banking account at Middlesex Federal Savings, facilitated by Novo.
Though it offers business financial accounts to foreigners, you may not open an account with Novo if you are from a USA-sanctioned country.
It mainly offers a full-service business checking account with various tools to manage all kinds of monetary transactions happening within a business.
How Does Novo Help You to Manage Business Accounts?
Novo business banking is the state-of-the-art digital platform for modern banking. Being a business owner, you can apply for a business checking account online in a few minutes. Therefore, you can invest the time you free up from not standing in line into business growth.
Its online and mobile platform comes with all the modern and virtual banking tools you need to run a business globally and locally. Also, you get absolute business freedom without violating any local or international financial regulations.
Furthermore, the Novo app is robust and elaborate enough to handle account linking, processing ACH transactions, paying bills, depositing checks, and more. And not just the mobile app! You get a business debit card with many perks. One such perk is free ATM withdrawal in prominent countries without any ATM transaction fees.
These are just standard Novo business banking highlights to indulge you in various helpful services of Novo. You will learn more about its features and industry usage below.
Novo Business Banking Features That Make It an Ideal Choice
The followings are the most sought-after features that expert businesspersons seek from a successful business banking channel like Novo:
Fully Mobile Novo Business Banking
Manage the financials of your organization from a smartphone. The Novo mobile app supports Novo Reserves, payment platform collections, spending visualizations, transaction history, etc.
Online Account Opening
You can apply for a business checking account via Novo virtually on a computer. You do not need to visit any Middlesex Federal Savings branch. Hence, you save on transport costs, nonproductive schedules, etc.
Novo Virtual Card
Novo’s account opening feature is so streamlined that your account may be up and running in a few minutes, provided that the documents you provide are valid. Once your account is active, you immediately get a link to access your virtual business banking card.
Thus, you can keep your business payments up to date online without waiting for a new physical card from the bank.
The Invoices function of Novo saves you from buying an invoicing tool. Instead, create professional and customized invoices on Novo. Also, send them to clients, schedule invoices, route clients to the payment interface, and more using this feature.
Novo Reserves is a robust business and money management functionality. For example, you can allocate reserve funds for up to 10 Reserve heads and use those funds to grow your business or save your business from any corrective movements in the market.
Novo is a Stripe Verified Partner. It means you get priority and affordable services from Stripe. For example, Stripe payments will arrive in your Novo account 95% faster than other platforms.
Novo Boost processes your online transactions faster so that you can get your money instantly for payroll, taxes, vendor payments, etc. Currently, the features are available for Stripe integration in Novo.
Easy Money Transfers
Novo also offers you limited free money transfers without any upper or lower limit. You can easily bring money to Novo’s business banking account from existing corporate accounts. Furthermore, you can send money to other accounts using a mobile or computer.
Novo is also popular for its hassle-free check deposit processing. You can deposit a check by exercising the followings:
Scanning a check and sending that for clearance
Take a photograph of the check using a phone and deposit it online
Moreover, Novo allows unlimited check deposits daily. It also does not charge any check deposit fee from you.
Novo business banking account’s payment features include the followings:
- Free and unlimited transactions in the USA
- Paper check deposits and ACH are free from fees
- Easy access to Wise for international payments
International Travel Transactions
You can use the EMV-chip Master debit card during business travels in foreign locations. Novo refunds all the ATM fees that you incur during foreign travel.
If you do not have access to any credit card but need to make an urgent payment towards Google Ads, you can use the Novo debit card on Google Pay. Google’s competitors like Samsung and Apple also accept this debit card.
Novo Tools for Businesses
#1. Apps From Novo
It brings you automated workflow solutions via Novo Apps. For example, some apps let you connect multiple payment interfaces. If you collect payments on Stripe, Shopify, PayPal, etc., you can view the transactions on your Novo account. Other app functionalities are billing, budgeting, money transfers, etc.
#2. Novo Perks
You can save up to $4,000 on business apps, tools, and facilities when you sign up for a Novo business banking account. For example:
- $500 Google Ads credit on spending $500
- $150 credits for Snap Chat Ads
- QuickBooks online discount of 30% for the first 6 months
#3. Novo Incorporate
You can get help from Novo and LegalZoom to form a corporate out of your small or medium business in legal ways. Such actions are known as incorporation and are highly necessary for business growth. You can start an S Corp, LLC, Non-Profit, and C Corp on Novo.
#4. Novo Integrations
Novo integrations empower you to navigate around different third-party business apps without any confusion. Mostly, you can access app data from Stripe, QuickBooks, Shopify, Xero, Square, and Wise directly on a Novo banking account using integration services.
#5. Novo Resource Center
The Novo resource center gives you free access to premium training and articles on business. You can access hundreds of content under top headers like SMB Insider, Company News, Company Culture & Management, Business 101, and Banking 101.
You can go through these resources to learn the business from the inside out while managing your small business, gigs, etc.
Novo for Industries
Novo’s financial technology is for any business that operates in the USA. For example, you can get a business checking account from Middlesex Federal Savings through Novo for the following industries and business domains:
- Health & beauty like barbers, nail technicians, coaches, massage therapists, etc.
- eCommerce & retail like online shops, retail, resellers, dropshippers, etc.
- Food & Beverage, for instance, catering businesses, restaurants, bakeries, coffee shops, etc.
- All kinds of small businesses like truckers, Airbnb hosts, Vrbo hosts, real estate, and so on.
- Professional services providers like freelancers, gig workers, digital marketers, etc.
All the above-mentioned industries and business niches can use various Novo tools and functionalities to organize every penny and its transaction routes. After all, you can grow your business only when you know where your money is and how you are spending it.
Find below some alternatives to Novo for easier valuation of Novo’s services with a few competitors:
Relay Financial is a popular business checking account provider among US LLCs, US corporations, and business owners from many foreign countries as long as their business has a unit in the US. It offers Mastercard Zero Liability Protection, FDIC insurance, app integrations, etc.
Wise International Business Account
Wise offers painless business banking for any ventures that need to pay staff, accept payments from clients, process taxes, and more. Furthermore, it offers complex and advanced business financial accounts without any monthly fees and hidden charges. Moreover, its business banking rates are fair and it offers better forex conversion rates.
Revolut is yet another business banking account that offers standard corporate services like cards, teams, rewards, multi-currency accounts, global money transfers, expense tracking, payment channels, etc. It offers a free account to try out some basic features.
So far, you have gone through the features and use cases of the Novo business banking services. Furthermore, you have discovered some Novo alternatives to draw a comparison.
After evaluating all the features, we suggest Novo business banking for businesses of all sizes. If you are a bit skeptical, you can check with the Novo team for a more clear demonstration. If the services are state-of-the-art and affordable, you can make a deal!
You may also be interested in these businesses checking accounts.