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hether rideshare driving is your full-time job or a side hustle, and whether you drive for Uber, Lyft, or both, certain challenges both on and off the roads can quickly become sources of stress. Encountering bad drivers, sitting in traffic, or dealing with unruly or demanding passengers may be unavoidable. But on the other hand, receiving your hard-earned money in order to keep up with the daily expenses of rideshare driving is now something that you can fix.

In fact, you can decrease the time spent waiting for payments to arrive in your business checking account in just a few clicks. With Novo Boost, a faster payment feature integrated with your Stripe account, your payments will arrive in your checking account before you have time to worry about how long they’ll take. 

Receiving your funds faster enables you to spend money where and when you need to. Whether you’re looking to keep up with recurring expenses on the job or you’d just like to pay yourself sooner, Novo Boost for rideshare drivers can help reduce the stress you may have about your finances.

What is Novo Boost? 

Novo Boost is fast, secure, and free. 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.

Why is Novo Boost the perfect faster payment solution for rideshare drivers?

As a rideshare driver, you’re well aware of the fact that you’re responsible for expenses such as gas, car insurance, car cleaning, and any extras you provide your riders like gum, water, chargers, or snacks. And even though the rider is responsible for the full cost of tolls which are then added to the final total for their ride, you as the driver make these payments directly. While some of these expenses recur on a monthly basis or less, depending on how often and where you drive, you may have to make at least one of these payments each day. This can add up quickly (especially with skyrocketing gas prices). 

As you work hard to earn a living or supplement your income, the last thing you should worry about is whether or not the money you’ve just made will arrive in your business checking account on time. And the last thing you should have to do is dip into your personal savings when the pace of your cash flow isn’t keeping up with your business expenses.

This is where Novo Boost can help. It reliably reduces the time it takes for money to move from your Stripe account to your Novo account by 2 to 4 days. With reliable access to the money you’ve made as a rideshare driver, you don’t have to wonder so often about when the money you’ve earned is actually available. This in turn can help give you better peace of mind as you complete rides.

How do I Set up Novo Boost for Rideshare Drivers?

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 31, 2022
 in 
Banking 101
 category