ou might have heard. Azlo, a leader in small business banking announced last week that they will be closing down operations in the upcoming months. Unfortunately, Azlo has not given clear direction on when exactly they will cease operations completely. With all of this going on, we want to make your decision when choosing the best Azlo alternative for small businesses as simple as possible.
In the meantime, Azlo has released a list of recommended alternatives that their customers should consider when looking for a new business banking solution.
Novo offers a business checking account catering to freelancers, startup founders, and small business owners. Its features include:
1. No monthly or hidden fees 2. Envelope budgeting (Reserves), invoicing, and accounting integrations 3. Unlimited ACH and checks 4. No minimum balance requirements 5. Free transfers, mailed checks, and incoming wires
We're excited to be one of the handful of small business checking options on the list, and we feel like there are a few key items about Novo that Azlo left out. Most notably:
1. Our Native Integration with Stripe
Novo is the only business banking platform member of Stripe's Partner Program, and the ONLY member of Azlo's list with a direct connection and in-app integration with Stripe payments. You can see all of your business's Stripe balances right in your Novo app, and you can also issue invoices via Stripe and get paid right into your Novo account. Coming soon: Novo will be launching Instant Payouts with Stripe, allowing you to get your Stripe payouts in your account up to two days faster. If you sign up for Stripe through your Novo account, you get $20,000 in fee-free processing at no extra cost. Learn more about Novo + Stripe.
2. Our Connections With Thousands of Business Tools
Because we are a technology-driven company, we've built Novo to seamlessly connect to thousands of tools that business owners use day in and day out. Tools like QuickBooks, Shopify, Xero, Square, and Wise, formerly TransferWise, just to name a few.
3. Our Azlo Switch Kit
Like I said before, we want to make a tough decision even easier on you. We built a switch kit tool for businesses switching from Azlo to Novo that creates a personalized program for you to follow to migrate your checking account, subscriptions, and other recurring payments to Novo. You can check out an example of the tool here.
4. Novo Invoicing & Reserves
When we heard about Azlo's impending shutdown, we accelerated our launch of Novo Reserves and Invoicing. Novo Reserves are an excellent alternative to Azlo's Envelopes feature. You can set aside funds for an upcoming purchase or for end-of-year taxes. We also launched invoicing, which has allowed Azlo transplants to enjoy some of the same invoicing functionality that they had at Azlo. The feature enables Novo customers to receive payments via ACH or debit/credit card if they are Stripe customers.
5. Our Limited Referral Program For Azlo Customers
When we heard that Azlo was closing up shop, we knew that would leave the tens of thousands of small businesses that use Azlo without that trusted resource. That's why we launched our Novo-Azlo Referral Program which gets both of you paid $25 when you refer Azlo customers to Novo. We wanted to put some money back in your accounts to ease some of the stress of choosing a new business checking account. Novo is trusted by tens of thousands of small business and was named one of the five best business checking accounts by Money.com. If you're interested in learning more about how Novo is the best alternative business checking account for Azlo customers, you can check out our page here. If you've made up your mind and want to apply for a Novo account, you can apply by clicking below. [maxbutton id="1" ]
We hope we've made the decision to choose the best alternative to Azlo for your small business banking needs!
You can see the original list yourself here.