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We’re excited to announce that Novo Boost, a brand new feature that lets small business owners receive payments from Stripe up to 95% faster than they would with a standard checking account, is available to all Novo customers. A payout process that used to take 2+ business days now happens in a fraction of the time, improving cash flows for our customers and letting them more quickly reinvest for growth.
Novo Boost is 100% free. While other fintechs and institutional banks charge small businesses as much as 2% for the privilege of faster money movement, we believe this is a right. Starting a business is difficult enough, and business owners should not have to pay a premium to access revenues they’ve already earned.
If you’re a Novo customer, check out this quick guide on how to activate Novo Boost.
Novo Boost’s coverage will expand to enable expedited payouts from other popular platforms, including Stripe, Shopify, and PayPal. We recognize that most small businesses receive revenue from a variety of tools, and we have no interest in building a walled garden that is incompatible with the products our customers currently use and may use in the future.
What does 2 days of accelerated cash flow get you? Don’t take it from us: listen to real Novo customers who were able to buy more inventory, reinvest in marketing, and pay themselves and their teams faster, all with a boost.
“If I have something that’s pending, or if I have something I need to take care of business-wise, I don’t have to wait those two or three business days to have my funds available to me. If I have any pending invoices that I have to pay from third-party vendors, I can take care of that right away. If I need to transfer any funds or pay myself, I can do that right away. It just makes everything easier not having to wait.” - NaKeitha Melton, NaKeitha K Creative Services
Cash flow is a looming threat and a constant source of stress for most small business owners. Most businesses fail due to cash flow management, and according to JP Morgan, the average small business has a cash buffer of only 27 days. When money gets stuck in transit, business owners end up paying unreasonable late fees, pausing their operations, or drawing from personal funds to make ends meet. We believe having to wait two or more days to access revenue is unacceptable and are thrilled to have a free solution now available for all Novo customers, from small businesses to sole proprietorships and side hustles.
Running a business is daunting and full of potential pitfalls, especially in today’s environment. We founded Novo in 2016 because we were inspired by the fearless small business owners who face challenges head-on and who persevere despite the odds. We celebrate these business owners’ achievements and do everything in our power to break down barriers to entry and enable growth.
Novo is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A. Novo Boost and early availability of funds are governed by the program terms and conditions outlined here.
Novo is a powerfully simple business checking platform. with no hidden fees built for small business owners. If you'd like to continue the conversation, join Novo's community group on Alignable for additional finance expert tips. Or, learn more about Novo here.
**This article is for informational purposes only and is not intended to be relied upon as legal, financial, or accounting advice. Please consult your own professional if you have any questions.
