s a sole proprietor, running your business can be incredibly rewarding, although it also comes with its challenges. Cash flow management should not be one, but for many business owners, it can quickly become an ongoing source of stress or even a factor that impedes how quickly they can grow and scale their business.
Novo Boost is now available. It's a faster payment feature integrated with your Stripe account, 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 affords you the flexibility to spend money where and 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 what matters: growing your business.
What is Novo Boost?
Novo Boost is fast, secure, and completely 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 ideal faster payment solution for sole proprietors?
With so many responsibilities and tasks to juggle as a sole proprietor, your last concern should be about your cash flow and whether you can pay all your business expenses on time. That is, if you have the right system in place.
Many small businesses rely on strategies and tactics to get paid faster, which either involve going through multiple hoops or inconveniencing their customers. For example, asking for or requiring payment deposits upfront, incentivizing early payments, or sending payment reminders are all valid and effective ways to increase the velocity of your cash flow and receive faster payments in your business checking account. However, with human error, the tactics listed above may not be reliable one hundred percent of the time. On top of this, it can sometimes take days for the money you earn to go from your payment platform to your business bank account.
This is where Novo Boost can help, reducing the time between the transfer of cash from your Stripe account to your Novo account by 2 to 4 days. Faster, reliable access to your business funds allows you to focus less on administrative tasks (or wondering when you have money available) and more on growing and expanding your business effectively. This in turn can help give you a leg up over the competition and enable you to propel your business forward. Position yourself for success and support the long-term growth of your business with Novo Boost.
How do I Set up Novo Boost payouts for Sole Proprietors?
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 firstname.lastname@example.org.
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.