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ith Novo Boost, you can opt in to receive payments to your Novo account two to four days early, fee-free. Take advantage of the increased freedom and flexibility of accessing your hard-earned money faster. 

Setup takes just a few minutes. Follow the steps below to connect your Novo account to Stripe, or, if you already have your Stripe integration set up, skip to the second section. 

Connect my Novo Account to Stripe:

  1. Navigate to the Apps section of your Novo app.
  2. Click on the icon for Stripe.
  3. Press Connect Stripe Integration.
  4. Select the Stripe account that you want to connect.
  5. Press Connect.

Not only can you see your Stripe payout information straight from your Novo dashboard, but you can also receive payouts two to four days early. Follow these steps to opt in:

Opt in to receive faster payments with Novo Boost:

  1. On the pop-up that appears after connecting your Stripe account, click Yes, opt in to Novo Boost
  2. Press Go to Stripe to set up Payouts.
  3. Verify or change your account information to your Novo account and routing numbers. 
  4. Navigate back to Novo and press I’ve already set up my payouts on Stripe.

Frequently Asked Questions

What are the benefits of receiving payments early? 

Novo Boost reduces your cash flow friction, enabling you to access your money faster when you need it. When you receive money from your Stripe account into your Novo account with Novo Boost, you have the freedom to reinvest in your business or pay yourself and others much sooner.

Can I receive Novo Boost payments without a Stripe account?

As of now, you must have an active Stripe account integrated with your Novo account to receive Novo Boost payments through the open beta. If you don’t have a Stripe account, sign up with Novo and receive $20,000 in fee-free processing - plus access to betas and events. 

If you haven’t yet connected your Novo account to your Stripe account, head to the Apps section of your dashboard or app. When you click on Stripe, a link will appear for you to fill out the form and submit it to Stripe to activate your perk 

If you’ve already integrated Stripe into your Novo app, continue to your Apps section and select Stripe. Press the small i next to the Stripe title to see the full information card and get access to your perks.

What is the difference between Novo Boost and other instant payment options? 

Most other instant payment options will charge you a fee per transaction, costing you anywhere from 1-2% of the transaction amount. This adds up over time and can cost you significantly in the long run. On the other hand, Novo Boost payments are always free. 

Which payments qualify for Novo Boost?

In order to qualify for the Novo Boost open beta, a payout must be automatic, rather than manual. 

Can I connect multiple Stripe accounts to Novo?

As of now, Novo only allows one Stripe connection per Novo account. If you have multiple accounts, we recommend connecting the account that receives the largest payouts so that you can receive the most money in your Novo account as quickly as possible. 

What happens if my Stripe account gets disconnected?

If your Stripe account disconnects from your Novo account, simply follow the steps above to reconnect the two. 

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 18, 2022
 in 
Banking 101
 category