Novo is an online business checking account for small businesses and freelancers. It includes a debit card, ACH transfers and wires.
Novo Reserves is a budgeting feature within the checking account, and money set aside in Reserves stays part of the overall checking balance. Novo Invoices is included with every account, so you don’t need a second invoicing tool. You open and run the account from a browser or phone, and you can also deposit checks by mobile check deposit.
Novo says its online business checking is a good fit for solopreneurs, freelancers, online sellers and service-based businesses. It markets the account to sellers on Shopify, Etsy, Amazon and eBay who want their payouts and spending in one account, and Amazon and Etsy pay out to it by ACH. For consultants, Novo says it fits when clients pay you through ACH transfers, credit cards, wires or checks deposited by phone.
Novo links directly with Shopify, Stripe, Square, PayPal, QuickBooks and Xero, and it also lists a Wise integration. Linking these tools means your payment records and your books draw on the same transaction data. Novo also offers faster Stripe payouts. Novo says support for online business checking usually happens through chat, email and phone rather than an in-branch banker.
There’s a single account type, so there’s no plan to choose. Current fees are in the pricing box above.