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f you’re a freelancer, entrepreneur, or small business owner looking to open a business banking account, Novo and Mercury are two excellent options. As digital-exclusive fintech solutions, both offer business banking with no monthly fees or transaction limits. Although both have a lot to offer, one may be a better option for your business. This guide will cover the features and benefits of each to help you decide which is best for you.
Overview of Novo
Novo is a business banking platform that was created to serve freelancers, entrepreneurs, and small businesses. With Novo, you can open a business checking account in minutes, securely and easily, with no minimum balance requirements. As a comprehensive fintech solution, Novo goes beyond business banking and offers detailed financial insights, integrations with popular business software, and faster money movement.
Key features of Novo
Novo’s primary offering is a feature-rich business checking account designed with the needs of small businesses and freelancers in mind. Here’s a detailed explanation of Novo’s key features.
Account features
With Novo’s business checking account, you’ll get granular control of and insights into your financial records. Novo Reserve lets you put your savings and budgeting goals on automatic mode. Choose what percentage of deposits you want to set aside, and Novo will automatically put it into a reserve.
Novo provides free invoicing with your business account, so you can create and send unlimited invoices from any device. This powerful feature lets you customize your invoices to match your business branding and offers dozens of payment options for your customers.
By partnering with other companies, Novo offers instant access to discounts for many business tools for payments, marketing, payroll, and more.
Novo Boost lets you access funds from Stripe payments up to two days early at no charge. Additionally, its Novo Funding program lets you access up to $75,000 through a merchant cash advance.
Fees
Novo has no monthly fees, no minimum deposit, and no required minimum balance to avoid monthly fees. Novo also doesn’t charge overdraft fees if your account doesn’t have sufficient funds to complete a transaction. Additionally, all ATM fees are refunded to your account at the end of the month.
Customer service
Novo’s customer support team is accessible and responsive. You can contact them directly from within the app or email them at support@novo.co. The website also has a comprehensive help center where you can get quick answers to most questions.
Integrations
Novo provides extensive business software integrations from within the dashboard. You can easily integrate the products you already use to run your business to make tracking your finances easier, including QuickBooks, Stripe, Etsy, Amazon, Square, Shopify, and eBay, among others.
Overview of Mercury
Mercury offers business checking services aimed at startups. In addition to checking, it provides startup services, such as access to investor networks and venture debt, as well as credit cards. However, its services aren’t available to sole proprietorships or trusts.
Key features of Mercury
Mercury’s focus on tech startups is apparent in its core account offerings and features.
Account features
Mercury’s core feature is a free business banking account. You can also access Mercury Vault, a risk management tool that extends your Federal Deposit Insurance Corporation (FDIC) insurance to $5 million and lets you invest in Mercury Treasury's Vanguard money market fund. [https://mercury.com/vault]
If your business has raised venture capital in the past year, you can apply for venture debt, which is a term loan with an 18-month interest-only payment period. [https://mercury.com/venture-debt]
Mercury’s investor database lists active seed and pre-seed investors, and the Mercury Raise program lets you pitch your business to established investors and founders. [https://mercury.com/investor-database] [https://mercury.com/raise]
To qualify for a Mercury account, your business must be incorporated in the US and have a federal Employer Identification Number (EIN). Independent contractors, freelancers, and sole proprietorships can’t open accounts. [https://mercury.com/bank-accounts]
Fees
Mercury’s business checking account has no minimum deposit requirement, no monthly fees, no overdraft fees, and no ATM fees, although you’ll have to pay operator fees at ATMs. [https://mercury.com/pricing] [https://mercury.com/faq]
Customer service
You can contact Mercury’s customer service team through your account or email them at help@mercury.com. However, they’re only available on weekdays from 6:00 a.m. to 5:00 p.m. PT.
Integrations
True to its focus on tech startups, Mercury offers many integrations with popular business management tools, such as QuickBooks, Shopify, Amazon, and PayPal. You can also set up custom access for multiple users on your account.
[https://fitsmallbusiness.com/mercury-business-checking-review/]
Decision factors: When to choose Novo
Novo is ideal for small businesses, freelancers, independent contractors, and entrepreneurs. Its extensive range of features provides all the tools and integrations you need to manage your business in one platform.
Choose Novo if you want the following benefits:
- Simplicity: Novo’s all-in-one platform and integrations make it simple to manage all of your financial records in one place. With unlimited customized invoices, you’ll present a polished brand image.
- ATM fee refunds: If you frequently use ATMs and don’t want to have to hunt down a particular one, you’ll benefit from the monthly ATM fee refunds.
- Faster Stripe funds: If you accept payments through Stripe, Novo Boost will provide access to your money two days earlier.
- Access for all types of businesses: Novo provides accounts to all types of businesses. Sole proprietorships and trusts aren’t eligible for Mercury accounts.
- Expense insights: Novo provides insights into your income and expenses that can help with budgeting and business planning. \
Decision factors: When to choose Mercury
Mercury’s target customer base is very specific. Its services are designed primarily for VC-backed tech startups. If you’re an incorporated tech company looking for a customized banking experience with API access, Mercury will be a good choice. Some other reasons you may want to choose Mercury include:
- Multiple users: With Mercury, you can set up multiple users on your account and grant role-specific access. [https://mercury.com/faq]
- More FDIC insurance: Normally, the FDIC only insures deposits up to $250,000. If you use Mercury Vault, you can tap into a network of banks to distribute your funds across many banks and extend your FDIC coverage to $5 million dollars.
- Large-scale startup resources: If you are or want to be a large-scale incorporated startup, you’ll benefit from Mercury’s programs, such as venture debt, Mercury Raise, and the investor database.
Conclusion
Novo and Mercury are both solid business banking solutions, although they serve different types of businesses. Mercury provides services and features designed to help tech startups obtain and manage venture capital for rapid expansion. Its API access lets tech-savvy businesses create a customized banking experience. However, Mercury doesn’t provide services to sole proprietorships or trusts and doesn’t offer granular financial insights that smaller businesses may benefit from.
Novo is committed to helping small businesses, entrepreneurs, and freelancers. With many small-business-friendly features, Novo simplifies banking for busy entrepreneurs. From free invoicing to accounting software integration and access to fast funding through a merchant cash advance, Novo provides tools to help businesses succeed.
Novo Platform Inc. strives to provide accurate information but cannot guarantee that this content is correct, complete, or up-to-date. This page is for informational purposes only and is not financial or legal advice nor an endorsement of any third-party products or services. All products and services are presented without warranty. Novo Platform Inc. does not provide any financial or legal advice, and you should consult your own financial, legal, or tax advisors.
The Merchant Cash Advance is provided by Novo Funding LLC, PO Box 311092, Miami, FL 33231. Novo is the marketing name for Novo Platform Inc. and its subsidiaries and affiliates. Novo Funding LLC is a wholly owned subsidiary of Novo Platform Inc. Credit and Merchant Cash Advance products and services are offered by Novo Funding LLC. The information and materials contained on this website - and the terms and conditions of the access to and use of such information and materials - are subject to change without notice. Not all products and services are available in all geographic areas. Your eligibility for particular products and services is subject to final Novo determination and acceptance.
Novo is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A.: Member FDIC.
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