# Novo Reviews **Vendor:** Novo **Category:** [Invoice Management Software](https://www.g2.com/categories/invoice-management) **Average Rating:** 3.5/5.0 **Total Reviews:** 11 ## About Novo Novo is a powerfully simple business banking platform built for the modern entrepreneur and powered by Middlesex Federal Savings. With dozens of native business software integrations available, Novo provides superior visibility into business finances while reducing cash flow friction for faster money movement and accelerated business growth. Features: Free business checking No hidden fees or minimums Unlimited transfers Mailed checks Novo connects with thousands of business tools, many of which are available as native integrations in the Novo app (available on desktop, iOS, and Android). Novo is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A.; Member FDIC. ## Novo Reviews ### 1. Stay away from this so called bank **Rating:** 0.0/5.0 stars **Reviewed by:** Sadie G. | Small-Business (50 or fewer emp.) **Reviewed Date:** April 22, 2024 **What do you like best about Novo?** Easy to set up account for business owner. **What do you dislike about Novo?** I would give zero stars if i could! They have rejected my deposits and ACH payments several times. I had to open another business bank account quickly with another bank so I could pay my employees. I couldnt get my manager a debit card and they wouldnt give me any kind of reason why they kept rejecting it. Then I had a small loan with them, they closed my account so I couldnt pay on it anymore. I settled with them and made a payment in February. It is APRIL almost MAY and I still get statements carrying interest on the remaining balance even though Novo settled for less. Then after I wired the money I had to follow up and make sure they received it since they called a week later as if sent the money….I emailed confirmation with receipt immediately after… Novo Bank is a joke and they are NOT a business bank anyone should trust or their money with. **What problems is Novo solving and how is that benefiting you?** They have not benefited me once the whole time I was using them for my business it was a headache ### 2. Great banking software **Rating:** 5.0/5.0 stars **Reviewed by:** Ken A. | Administrator, Small-Business (50 or fewer emp.) **Reviewed Date:** March 13, 2024 **What do you like best about Novo?** The thing that I enjoyed most about novo was how many features it has in comparison to a traditional brick and mortar bank. **What do you dislike about Novo?** The thing I disliked about Novo was the wait time for support. While common with online fintech banking, it can still be a little frustrating at times. **What problems is Novo solving and how is that benefiting you?** With novo, we were able to connect our banking software directly to the other business softwares we were using which made certain things, like money management, a breeze! ### 3. Clean interface, fast customer service, simple account management **Rating:** 4.5/5.0 stars **Reviewed by:** Kelly B. | Co-Founder, Small-Business (50 or fewer emp.) **Reviewed Date:** October 20, 2023 **What do you like best about Novo?** It was super fast and easy for us to sign-up our small business with a Novo banking account! The account management interface is intuitive and simple to navigate, with a customizable home dashboard. The bank syncs with a wide variety of 3rd party apps like Stripe, Square, PayPal, and Cash app for ease of transactions. **What do you dislike about Novo?** Would love if they can continue to build more features into invoicing feature, add even more customizable views, and layer in additional financial account analytics. **What problems is Novo solving and how is that benefiting you?** Our business does not have a brick & mortar office location. As a remote-first work-from-anywhere digital business, we wanted a platform that functioned as flexibly as my business partner and I do. Novo makes it incredibly easy to pay, get paid, and monitor and manage our accounts on the go via web browser or mobile app. ### 4. Safe and easy access to our funds **Rating:** 4.0/5.0 stars **Reviewed by:** Christy R. | Chief Operating Officer, Small-Business (50 or fewer emp.) **Reviewed Date:** August 15, 2023 **What do you like best about Novo?** As an established customer, they began offering a line of credit. This was useful to our small business. **What do you dislike about Novo?** We don't have a checkbook. So if I want to pay an item by check, I add the payee and have a check issued. If I need to send paperwork with the check, I have it delivered to my business address and then resend to the vendor with the paperwork attached. **What problems is Novo solving and how is that benefiting you?** Management of our startup capital. They have provided a business line of credit (can provide up to $75k on 6 month term). They allow me to modify the maximum size of an ABA transfer to other institutions. I keep it lower normally, but when paying legal fees, will raise it temporarily to send funds. ### 5. Best Online Banking for Small Businesses **Rating:** 5.0/5.0 stars **Reviewed by:** Amanda S. | Small-Business (50 or fewer emp.) **Reviewed Date:** August 15, 2023 **What do you like best about Novo?** The ease of usage and that I have the ability to set up reserve accounts and automatically decide what percentage of all funds received go into those accounts. This is a HUGE help for preparing for taxes, operating expenses and general savings. **What do you dislike about Novo?** I wish Novo had the ability to set up automatic payments each month. That is really the only thing that I wish it had the ability to do. **What problems is Novo solving and how is that benefiting you?** Collecting payments from clients and keeping all business-related income separate. Novo also solves the problem of tax planning. I can easily select the percentage of funds from each payment that I want set aside for tax purposes. It happens automatically and isn't something I need to think about ### 6. Great company **Rating:** 5.0/5.0 stars **Reviewed by:** Erica B. | Realtor, Real Estate, Small-Business (50 or fewer emp.) **Reviewed Date:** February 29, 2024 **What do you like best about Novo?** Profession, great resources like invoice maker, easy to use platform **What do you dislike about Novo?** I didn't like how they canceled my account for my notary business but they said that I can always re-apply and I would like that. I keep making the mistake of using my personal account. **What problems is Novo solving and how is that benefiting you?** Help separate personal and business funds ### 7. Not Great **Rating:** 0.0/5.0 stars **Reviewed by:** Melissa A. | President, Small-Business (50 or fewer emp.) **Reviewed Date:** December 25, 2023 **What do you like best about Novo?** Integrates with apps I use, and affordable fees. **What do you dislike about Novo?** It takes a longer time than acceptable for payments to be deposited, and for disputes to be resolved. **What problems is Novo solving and how is that benefiting you?** Helps with accepting payments, as it integrates with Stripe. ### 8. complete lack of support, **Rating:** 0.5/5.0 stars **Reviewed by:** Verified User in Marketing and Advertising | Small-Business (50 or fewer emp.) **Reviewed Date:** January 17, 2023 **What do you like best about Novo?** -novo was easy to join because there was almost no verification or barrier, making it an easy first bank to get when we needed something quick and had bigger problems. -fee-free ACH invoicing (although the lack of tools in the invoices requires a whole other workflow which doesnt justify the saving of the fee) **What do you dislike about Novo?** the customer support is so upsetting ive lost hair on multiple occasions. if you run a business, you need to access money when you need it. -no live support, period. -chat bot is possibly the worst ive used in the last 4 years. -you can open a ticket, but they only respond during business hours. -support articles are out of date (give instructions for buttons and features that dont exist), incomplete, and dont help with most scenarios. i have literally lost thousands of dollars because of weird random problems with the site. most recent one that made us decide to leave the platform was a limit on how much we could pay out that happened before end of year. no support was around to help review that (low, $5000) limit, so we couldnt spend the money we needed before end of year, and will lose thousands in taxes. aside from that, the rest of the site is pretty half baked. they offer some things like partner promos, but they often have fine print they dont show up front making them unusable. novo isnt their real name, which makes them look unprofessional on invoices. the invoicing software is useless for my needs due to inability to offer line discounts, or include our terms of service. we are leaving because of two reasons: -customer support. just...so bad... over and over.. -no benefits. when other banks offer cash back and interest earnings, there's no reason to use a bank that doesnt offer you anything for being a customer. updating this review with the most recent headache: i had switched off of Novo and had a little bit of money left here. A merchant I work with accidentally charged this card for a service instead of the newer card I had added on file. I contacted the merchant and they admitted it was completely their fault, and they should not have charged the Novo card. I contacted Novo to dispute this, and they refused to reverse the transaction and said there is no appeals process, so I just need to deal with it. Just stay away from Novo. **What problems is Novo solving and how is that benefiting you?** we joined when we first incorporated to get a bank started fast. it worked short term. ### 9. Great for small businesses **Rating:** 5.0/5.0 stars **Reviewed by:** Kayleen S. | Industry Trained Associate | Science Networking | Communication, Small-Business (50 or fewer emp.) **Reviewed Date:** June 29, 2023 **What do you like best about Novo?** Love that there are no minimum balances and no fees, since I own my own (very) small business! **What do you dislike about Novo?** Everything has been great - nothing to complain about. **What problems is Novo solving and how is that benefiting you?** I needed a separate account for my small business payments with no minimum balances or fees. ### 10. User-friendly online banking for business owners **Rating:** 5.0/5.0 stars **Reviewed by:** Samantha K. | Copywriter & Content Strategist, Small-Business (50 or fewer emp.) **Reviewed Date:** January 09, 2023 **What do you like best about Novo?** It's simple to use– the app's UI is easy & clean. Plus, it has so many features to help streamline your banking experience! **What do you dislike about Novo?** I really don't dislike anything! It's great the way it is. **What problems is Novo solving and how is that benefiting you?** It helps me organize my business funds, especially through its QuickBooks integration. Great for taxes, savings, forecasting, etc. ### 11. Easy to use. Straight Forward Interface. **Rating:** 4.0/5.0 stars **Reviewed by:** Verified User in Civic & Social Organization | Small-Business (50 or fewer emp.) **Reviewed Date:** July 28, 2022 **What do you like best about Novo?** It is easy to use and the photo check deposit system works great and is pretty fast at funding the deposits **What do you dislike about Novo?** The charge back system is not set up to assist the cardholder and requires too many hoops to jump through. **What problems is Novo solving and how is that benefiting you?** Keeps all of my small business expenses and deposits in one easy clean account. - [View Novo pricing details and edition comparison](https://www.g2.com/products/novo/reviews?section=pricing&secure%5Bexpires_at%5D=2026-06-10+13%3A23%3A42+-0500&secure%5Bsession_id%5D=574432e2-b8fa-4c73-91d6-c22c38408a23&secure%5Btoken%5D=5be6361732633534124bab22d76c8a4896f9a0389f706dabd9c07c57e03181c2&format=llm_user) ## Novo Features **Payment Methods** - ACH - Credit and Debit - Wire Transfer **Invoice Generation** - Templates - Digital Invoices - Recurring Invoices **Agentic AI - Accounting & Finance** - Autonomous Task Execution **Payment Processing ** - Batch Processing - Payments Scheduling - Automated Workflows - Self Service - Reconciliation - Settlements - Payment Tracking **Invoice Processing** - Approvals - Batch Processing - Consolidation - Match Invoices **Security and Compliance** - PCI Compliant - P2PE - Fraud Management - SSL Encryption - SOX - SOC **Analytics** - Due Dates - Cashflow - KPIs - Payment Tracking **Integration** - Agnostic Integration - Reporting Consolidation - Plugins and APIs **Integration** - Accounting - Payments - ERP - Account Sync **Payment Types** - AP Automation - E-Commerce - Retail **Agentic AI - Invoice Management** - Cross-system Integration - Adaptive Learning - Proactive Assistance **Agentic AI - Enterprise Payment** - Adaptive Learning ## Top Novo Alternatives - [BILL AP/AR](https://www.g2.com/products/bill-ap-ar/reviews) - 4.4/5.0 (1,779 reviews) - [Payoneer](https://www.g2.com/products/payoneer/reviews) - 3.2/5.0 (360 reviews) - [Paylocity](https://www.g2.com/products/paylocity/reviews) - 4.4/5.0 (5,291 reviews)