Most painters didn't start a painting business to think about banking. You quoted a repaint, took the 30% deposit, bought $1,400 in Sherwin-Williams product, paid two crew members on Friday, and deposited a property manager's check right from the truck. The business banking underneath all of that should make each of those moments easier, not harder.

Finding the best business banking for a painting contractor means looking at actual workflows, and addressing the honest caveat about cash that most reviews skip. Novo is a strong business banking solution for painters who get paid by check, ACH, or card, but it is not a good primary account for painters who regularly need to deposit cash.

What do painters need from business banking?

A painting business has a specific cash-flow shape: a deposit at signing, a materials purchase in week one, weekly payments to a 1099 crew, and a balance payment when the customer signs off on the job. A good business account handles all of that from a phone, on-site, between jobs. That means:

• Mobile check deposit. Homeowners still pay by check. You should be able to deposit that check from the driveway in the app, not drive to a branch on Saturday morning.
• Invoicing inside the account. A signed estimate should turn into a paid invoice without paying a third-party tool a monthly fee for the privilege.
• No monthly fee. January and February in most of the country are slow. Your account shouldn't cost $15 to keep open during the months you're not billing.
• Clean expense tracking. Paint, sprayers, drop cloths, ladders, gas, and 1099 crew pay should each land in a category your accountant can read at year-end.
• Direct connections to QuickBooks, Stripe, and Square. Job costing lives in QuickBooks; on-site card payments live in Square or Stripe. The business banking has to talk to both.

Painting businesses often have seasonal, project-based revenue, so a business checking account with no monthly fee and no balance minimum is useful during slower months.

Is Novo a good business banking option for painters?

Short answer: Novo fits most painting contractors who take checks, ACH, and card payments. It does not fit painters who regularly collect cash, because Novo does not accept cash deposits. That's a real tradeoff worth naming up front.

For contractors taking non-cash payments, a Novo account maps directly to a typical week:

• $0 monthly fee, $0 minimum balance, unlimited free ACH. Seasonal revenue means some months you'll run the balance low. Novo doesn't penalize you for it, and paying a weekly crew of three subs by ACH adds no per-transaction cost.
• Novo Invoicing at no additional cost. Send an invoice from the app when the job wraps. Homeowners pay ACH directly into the account at no extra cost, or by card through the Stripe integration (standard card processor fees apply).
• Integrations painters use. QuickBooks for job costing, Stripe for card links, Square for tap-to-pay on-site. Xero and Wise are there too if you need them.
• Reserves for tax and job deposits. Reserves is a budgeting feature inside your Novo checking account. All funds stay in the same checking balance; Reserves just lets you earmark portions of that balance for specific purposes, like an 8% allocation toward sales tax and a 15% allocation toward quarterly taxes each time a customer pays.
• FDIC insurance up to $250,000 through Novo's partner bank, Middlesex Federal Savings, FA.

The tradeoff again, because it matters: if you take cash from customers, Novo isn't the right primary account for that revenue. Some painters keep a local credit union for the occasional cash job and run everything else through Novo. That's a fair setup. If most of your residential and commercial customers pay by check, ACH, or card, cash deposits may not be a day-to-day issue.

How should business banking handle painter payments?

Customer payment methods dictate how funds flow into a business account. Four common patterns exist for painting contractors.

Customer checks. Deposit through the Novo app the same day you're handed the check. No branch, no envelope, no waiting until Monday. Property management companies still cut a lot of paper checks, so this matters more than it sounds. Mobile check deposit timing can vary by cutoff time, review, and account status; check the Novo app for the estimated availability of each deposit.

ACH from homeowners and property managers. Send a Novo invoice with an ACH pay link. The customer pays from their bank, the money lands in your Novo account, and no card processor takes a cut. If a card processor charges 2.9%, a $6,000 card payment would cost $174 in processing fees. Actual card processing fees vary by provider and transaction type.

Card payments through Stripe or Square. For customers who want to pay by card (often the smaller residential jobs where the homeowner is putting it on a rewards card), Stripe or Square handles the processing and settles into Novo on the processor's normal timeline.

Progress payments and signing deposits. The 30% you collect at contract signing is not yours to spend yet. It's paint, permits, and the deposit on the lift rental for week two. Label a Novo Reserve for that job so the deposit is earmarked inside your checking balance and doesn't get treated as operating cash. When the job hits the milestone, adjust the Reserve allocation so the working portion is available for job expenses.

Paying 1099 painters and crews. Unlimited ACH at no additional cost from Novo to your crew's bank accounts creates the paper trail you need for Form 1099-NEC at year-end. Personal Venmo or Zelle doesn't. That payment record makes January 1099 filing easier, and it also gives you a clean record you can compare against benchmarks like BLS wage data when setting crew rates.

What business banking mistakes do painting contractors make?

Five patterns show up over and over in painter-owner conversations. Each has a fix.

1. Running everything through a personal account. If you formed an LLC, mixing personal and business money is the fastest way to weaken the liability shield you paid to set up. The SBA specifically flags commingling as a risk to the LLC's protection.

2. Not separating sales tax collected. In states where painting labor or materials are taxable, that sales tax belongs to the state, and you're just holding it. Labeling a Reserve "Sales Tax" inside your Novo checking account earmarks a portion of every deposit toward that liability, so it's not treated as spendable operating cash.

3. Paying subs from personal Venmo or Zelle. At year-end, you owe every sub you paid $600 or more a Form 1099-NEC. Reconstructing those payments from personal peer-to-peer apps in January is time-consuming. Paying by business ACH from day one means the report writes itself.

4. Choosing an account with per-transaction ACH fees. If a business account charges per ACH transfer, weekly subcontractor payments can add avoidable cost over a year. Novo offers unlimited ACH at no additional cost.

5. Ignoring FDIC coverage. Novo deposits are FDIC-insured up to $250,000 per depositor through Middlesex Federal Savings, FA. If you're carrying more than that in the account after a large commercial job pays out, talk to your accountant about options for the excess.

How to open a business bank account as a painter

You can apply online from your phone, though approval timing and document requirements can vary. Five steps:

1. Register the business with your state. Sole proprietor, LLC, or S-corp. Most painting contractors go LLC for the liability protection. Filing fees and requirements vary by state, so check your Secretary of State's website before applying.
2. Get an EIN from the IRS. Free from the IRS, applied for online, and in most cases the number is issued the same session. You'll need it to open the account and to file Form 1099-NEC for your subs.

1. Gather your documents. Government-issued ID, EIN confirmation letter (the CP 575), and your LLC or corporation formation documents. Sole props can use the SSN and a DBA certificate if the business runs under a trade name.
2. Apply with Novo online. No branch visit. Approval timing can vary based on the business, documents, and review requirements.
3. Fund and connect. Move an opening deposit from your existing account, then connect QuickBooks for the books, Stripe for card links, and Square if you take cards on-site.

How should painters separate deposits from operating cash?

Below is a plain estimate template painters can adapt. The deposit line is the one most painters under-use; putting it on the estimate in writing makes collecting it at signing routine instead of awkward. Pair the template with a labeled Novo Reserve for that job so the deposit is earmarked inside your checking balance until the work starts.

ESTIMATE — [Your Painting Company LLC]
[Phone] | [Email] | [License #]

Prepared for: [Customer Name]
Property:     [Job Address]
Date:         [Date]
Estimate #:   [0001]
Valid for:    30 days from date above

SCOPE OF WORK
1. Surface prep: pressure wash, scrape, sand loose paint, spot-prime bare wood
2. Caulk gaps at trim, windows, and siding seams
3. Paint: two coats [Product / Sheen] on [surfaces]
4. Trim and doors: one coat [Product / Sheen]
5. Cleanup and haul-away of debris

MATERIALS
- Paint: [gallons] @ [$/gal] .......... $[amount]
- Primer, caulk, tape, drop cloths .... $[amount]
- Equipment rental (lift, sprayer) .... $[amount]
Materials subtotal .................... $[amount]

LABOR
- Crew of [#] x [days] ................ $[amount]

SUBTOTAL .............................. $[amount]
Sales tax ([rate]%) ................... $[amount]
TOTAL ................................. $[amount]

PAYMENT TERMS
- 30% deposit due at signing .......... $[amount]
- 40% due at [milestone, e.g., prep complete]
- 30% balance due on completion
- Accepted: check, ACH, or card (card processing fee may apply)

Customer signature: ______________________  Date: __________
Contractor signature: ____________________  Date: __________

Use this template as a starting point in your estimating software, spreadsheet, or accounting tool, and review tax rates and payment terms before sending it to customers.

Frequently asked questions

Can painters deposit customer checks by mobile?

Yes. Novo's mobile app supports check deposit from your phone. Endorse the check, snap the front and back, and submit. Mobile check deposit timing can vary by cutoff time, review, and account status.

Can painters deposit cash into a Novo account?

No. Novo does not accept cash deposits. If you regularly collect cash from customers or receive cash tips, Novo isn't the right primary account for that revenue. Painters who regularly collect cash may need a separate account at a bank or credit union that accepts cash deposits.

Can I pay my painting crew and 1099 subs through Novo?

Yes. Novo offers unlimited ACH transfers at no additional cost, so you can pay a weekly crew at no per-transaction cost. Paying subs by ACH from the business account also creates the clean payment record you need to file Form 1099-NEC for anyone you paid $600 or more during the year.

Is Novo FDIC-insured, and up to how much?

Yes. Novo deposits are FDIC-insured up to $250,000 per depositor through Novo's partner bank, Middlesex Federal Savings, FA.

Do I need an LLC to open a Novo account?

No. Sole proprietors can open a Novo account with an SSN and, if you operate under a trade name, a DBA certificate. LLCs and corporations use their EIN and formation documents. Most painting contractors form an LLC for the liability protection, but it's not required to bank with Novo.

Does Novo work with QuickBooks for job costing?

Yes. Novo connects to QuickBooks Online so transactions flow in automatically. You can tag transactions by job or customer inside QuickBooks for per-project profitability.

What happens in the slow winter months if my balance drops?

Nothing. There's no monthly fee and no minimum balance. An account with $12 in it in February costs the same as an account with $12,000 in it in July.