The Best Banking Solution for Entrepreneurs in the Online Space

(This is not a sponsored post. I’m sharing my experience finding a banking solution that works best for me and my online business. If you sign up for Novo using my link, you and I may both receive a sign-up/ referral bonus of $40, depending on their terms at the time of sign up.)

When I first started my business, I’d heard the advice of keeping personal and business finances separate, but I didn’t take it seriously. Mostly, because I hadn’t taken the time to open a bank account specifically for my business. Looking back, I really wish I had. It would have made tax time a whole lot easier.

Once I finally did decide to be adamant about keeping my finances separate, It was a bit of a struggle finding the right bank. Initially I went into my local credit union, and they wanted a business license (which I didn’t have because business licenses are not required for online businesses in Arizona.) After being turned down by the credit union, I opened an account with the first online bank I found. Later I found that it had a bunch of hidden fee’s. I didn’t love that, so I closed it down after a few months. Finally, Novo was referred to me by a friend. I researched the terms and it sounded perfect! I signed up using her link, and we were both given a $40 bonus. Not too shabby, right? Oh, And I was able to save $$$ in payment processing fees.

What is Novo and How Does It Work?

Novo is more than a bank; it’s a banking platform that gives me an easy and hassle-free way to handle my small business finances all in one tidy place. Since Novo is a banking platform backed by Middlesex Banking, you can have confidence that your money is safe and dependable, and you can access it anytime, anywhere, from your computer or mobile device. It’s an online bank also known as a “Fintech”, which is different from your regular bank, and offers a unique set of advantages.

As an online entrepreneur, I find the benefits Novo provides irreplaceable. Among the many benefits (which we will dive into deeper later) are the ability to separate personal and business money, track your income and expenses, and access a range of perks.

The Difference Between a Bank and a FinTech

The main distinction between a classic bank and a FinTech is how they use modern technology. Instead of conventional banking methods, which are often sluggish and tedious, FinTechs focus on innovation, which accelerates their processes. Moreover, FinTechs target their services to specific market niches rather than serving the general public, which helps create customized solutions.
Another way that FinTech banking platforms are outperforming traditional banks is through their focus on mobile features, big data analysis, and overall accessibility. They use innovation and user-oriented design to compete well against conventional financial institutions, and they have a forward-looking approach that questions established standards.

What are the Benefits of Signing Up for Novo?

1. No hidden fees. No more worrying about fees on minimum balances, transfers, or foreign transactions. Novo offers their services without any hidden fees.
2. Easy setup. Like its use, Novo offers an easy setup that only takes a few minutes. You will need a photo ID and your personal and business information. You can also easily link your existing bank accounts and payment platforms like Stripe, PayPal, Shopify, etc.
3. Powerful tools. Novo gives you a dashboard to view your balance, transactions, invoices, and receipts. You can also create sub-accounts for different purposes, such as taxes, savings, or expenses.
4. Exclusive perks. Novo offers various discounts and deals from partner companies, such as Google Cloud, Stripe, Zendesk, Gusto, and more. You can save money on tools and services to help you grow your business and improve your productivity. For instance, I’ve saved $5,000 in Stipe fees this year from using Novo with Stripe! Learn more about that here.

Customer Support and Community

One of Novo’s great prides is its 100% human customer support for its users. Regardless of your question, the Novo team is always on standby, ready to help you with your banking processes. You can contact Novo through email, phone, or live chat, making it easy and convenient. This is especially important to me since I am always finding myself with a million questions!
Additionally, Novo has a thriving online community where users can connect, share tips and advice, and learn from each other’s experiences. To avoid the delays and the frustration of being on hold, choose Novo instead of a regular bank.

Security and Privacy

As a business owner, security and privacy are always top concerns when signing up for a new banking platform. With Novo, I can rest assured that my data is kept safe and confidential. Novo utilizes encryption technology, multi-factor authentication, and standard security measures to ensure the protection of my information. Moreover, the platform is deeply committed to never giving out or selling my private information and data. With these practices and commitments to privacy, I feel safer and more secure than ever.

Business Resources and Education

Novo doesn’t just stop at banking; it goes above and beyond to support my business growth. The platform also offers a wide range of educational reading materials and handy-dandy resources. These include financial articles, guides, and even webinars on topics such as budgeting, cash flow management, business tax tips, and more! This addition to the Novo platform empowers me to stay on top of the competitive business landscape.

Future Developments and Features

Novo is constantly developing new features and enhancements to suit the demands of its users and make the banking world better. I expect that users like me (and you as well!) will benefit from updates in Novo’s integration options, reporting features, and reward programs. At the end of the day, choosing Novo for your banking needs not only introduces you to a vibrant community but also keeps your finances organized, safe, and efficient.

How to Sign Up for Novo

Signing up for Novo is simple and straightforward. All you need is your personal and business information and a photo of your ID. You can open a Novo account in minutes without any paperwork or hassle. Once you set up your account, you can easily link your existing bank accounts and payment platforms like Stripe, PayPal, Shopify, and more. Use my referral link, and we’ll both get a $40 bonus! (depending on their terms at time of sign up.)