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s the owner of an LLC or limited liability company, it’s vital to ensure that your business’s cash flow is efficient and smooth. Unfortunately, this isn’t always the case. Not receiving the money your business earns fast enough can become a challenge or even a significant source of stress. With enough friction, cash flow can even impede the rate your business grows and scales.

Novo Boost, a faster payment solution, is now available to all Novo customers. This feature enables you to avoid significant delays between when your business has earned money and when the funds arrive in your checking account. With Novo Boost, you can receive payments from your customers without worrying about how long they’ll take to arrive in your business checking account. 

Receiving your funds on time provides you with the increased flexibility to spend money for your business when you need to. Whether enabling you to reinvest in yourself or keep up with recurring business expenses such as quarterly taxes, payroll, or bills, Novo Boost can help alleviate the stress you have about your business finances, enabling you to focus on growing your business.

What is Novo Boost? 

Novo Boost is fast, secure, and free. With Novo Boost, you can receive funds to your business bank account between 2 and 4 business days earlier than a regular transfer. Anyone with both a Stripe account and a Novo account can utilize this functionality. Simply connect your two accounts and opt into Novo Boost via your Novo app. 

A major benefit of Novo Boost is that it's free. Most other “instant payment” options charge a fee for every transaction, anywhere from 1-2 percent of the transaction amount. While 1-2 percent may not seem like much at first, this can cost you significantly in the long run. On the other hand, Novo Boost payments are always free.

Novo Boost is the ideal faster payment solution for LLCs

It’s no secret that your LLC can benefit from faster payments in myriad ways. If, for example, you have a supplier, making prompt payments can help avoid incurring interest and late fees or delays in receiving your inventory. Not only that, but faster payments can help improve the relationship between your business and your suppliers. When suppliers know that you can reliably pay them on time, they are more likely to offer better terms and discounts, significantly benefitting your business long-term. 

Significantly and reliably reducing the time delay between when you earn your money and when it finally arrives in your business checking account, Novo Boost can help alleviate some of the burdens of managing your business cash flow. You have more freedom in planning your budgets and keeping operations running smoothly. Faster payments with Novo Boost can also help your LLC maintain capital reserves and avoid liquidity issues or costly penalties for late or failed payment schedules. With access to faster payouts, your business can also benefit from greater flexibility in accessing capital and managing investments. Overall, your business can stand to gain a great deal by utilizing faster payments to optimize cash flow, which can support its continued growth and success.

How do I Set up Novo Boost payouts for LLCs?

To be eligible to set up Novo Boost, you must first have a Stripe account connected to your Novo business checking account. Set up your Stripe account by navigating to the Apps section of your Novo app (this works on both desktop and mobile). Then, click on the icon for Stripe and press “Connect Stripe Integration”. After selecting the Stripe account you would like to connect, press “Connect”. 

To opt in to receive faster payouts from Stripe into your Novo account, you should see a pop-up that appears, immediately after connecting your Stripe account. Click “Yes, opt in to Novo Boost”. Then click on “Go to Stripe to set up Payouts”. After verifying or updating your Novo account information, navigate back to your Novo app and select “I’ve already set up my payouts on Stripe. 

With that, you should be all set. You can direct any questions to support@novo.co

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.

Updated 
May 28, 2022
 in 
Banking 101
 category