Are you a freelancer looking for the best invoicing software as a freelancer? This article will cover the top 6 options, so you can make the best choice.
As the shift to online interactions continues to grow, online business checking accounts are becoming a more and more popular option.
Novo and BlueVine are two such online business checking accounts, which come with a range of features, from a line of credit to software integrations.
In this article, Novo vs BlueVine is going to be compared, so you can see which one best suits your business.
While BlueVine and Novo offer a range of useful services, there are other providers to consider for businesses wanting an international reach.
|Wise is one such international provider, offering its users an online multi-currency business account. With a Wise Business account, you can hold and manage over 50+ currencies, and send to more than 70+ countries with the mid-market exchange rate.|
|Availability||Available in the US ¹||Available in the US ²|
|Standout feature(s)||Offers a business checking account with the option for personalized invoices, 15+ integrations, as well as discounts on partner services||Offers a business checking account with a rate of interest. Business loans are available with a revolving credit scheme, as well as invoice factoring|
|Fees||Insufficient/uncollected funds fee of $27 USD ³||Expedited debit card replacement fee of §30 per shipment Cash deposit fee of $4.95 USD Outgoing wire fee of $15 USD Out of network ATM fee of $2.50 USD Bill pay with credit card fee of 2.9% per transaction ⁴|
|APY||No interest rate offered ⁵||1.5% on balances up to and including $100,000 ⁶|
|Security||FDIC insured ⁷||FDIC insured ⁸|
|Card||Business debit Mastercard offered ⁹||Business debit Mastercard offered ¹⁰|
|Mobile app||App available for both Apple and Android ¹¹ ¹²||App available for both Apple and Android ¹³ ¹⁴|
Both Novo and BlueVine are great options for small businesses looking for business checking accounts with minimal fees.
If you're looking for a business checking account to earn interest with, while being able to take out a line of credit, then a BlueVine business banking account would be your best option.
On the other hand, if you’re looking for a business checking account that offers special discounts and perks for a range of partner services and your business is not looking to take out a line of credit, then Novo would be the better option.
Let’s now dive into BlueVine vs Novo.
BlueVine business banking is an online banking platform that has partnered with Coastal Community Bank, Member FDIC, to offer a business checking account, as well as a line of credit.
Users can earn interest on their savings, and loan applications can be approved relatively quickly. Here’s an overview of the pros and cons of BlueVine.
|Pros of BlueVine||Cons of BlueVine|
Novo business checking is an online banking platform that provides you with a business checking account.
Novo itself is not a bank - rather, it partners with Middlesex Federal Savings, F.A., to provide its banking services. Here’s an overview of the pros and cons of Novo.
|Pros of Novo||Cons of Novo|
|If you're thinking about expanding your business globally, or looking for a solution to pay employees and contractors outside of the US - Wise Business is for you. Manage your multi-currency cash flow, international payments and subscriptions while saving - time on admin and money up to 19x compared to PayPal.|
Let’s now compare the features of Novo vs BlueVine.
At the current time of writing, Novo doesn’t offer any business loans. It does, however, plan to expand their credit services in the future. ¹⁵
This is an area where a BlueVine business checking account has the clear advantage, with their “Flex” credit scheme for business loans.
A Novo business checking account allows you to create and send an unlimited amount of personalized invoices, which you can manage from your Move Money tab. ¹⁶
The currently accepted methods for Novo invoicing payments are:
- ACH transfer
- Paypal ¹⁷
If a Novo invoicing payment is paid via Stripe, then the funds will be directly deposited into your Stripe account.¹⁸
Novo currently doesn’t offer any interest on their checking accounts. This is an area that they wish to develop in the future. Here BlueVine takes the lead with their 1.5% rate of interest. ⁵
Novo business banking currently supports 15+ integrations, with partners such as Stripe, Wise and Shopify. ¹⁹
Your Novo checking account also integrates with Xero and Quickbooks, allowing you to seamlessly integrate accounting software with your account. This is of special benefit if your business already uses these softwares.
Novo itself doesn’t offer the option of sending international or domestic wire transfers.
As a Novo customer, you’re entitled to a range of perks from partner companies.
For example, you can get up to $20,000 in fee-free card processing when using Stripe, and $150 in Snapchat Ad credits. Similarly, Quicksbooks offer Novo users a 40% discount on the first 6 months of any account package, while Booking.com offers users 6% cashback on all trips in which a Novo debit card was used to pay. ²⁰
In addition, Novo offers its customers their very own Novo apps. There are currently three types of Novo apps:
- Novo Features
- Novo integrations
- External Apps
Access to these apps is completely free of charge, though you may incur a fee when using advanced features within the apps. ²¹
BlueVine’s Flex Credit scheme is what is known as “revolving credit”.
This scheme is more flexible as it allows you to take out new additional loans as you repay outstanding funds, rather than being restricted to a one-time loan.
To be eligible for a BlueVine line of credit, you’ll need to:
- Have a personal credit score of at least 600+
- Be a corporation or LLC
- Earn at least $10,000 per month in business revenue
- Have been in operation for a minimum of 6 months ²
Additionally, BlueVine business checking unfortunately cannot provide a line of credit to businesses operating in Nevada or North and South Dakota, due to regulatory restrictions.
Once you’ve taken out a BlueVine small business loan, the funds should appear in your account anywhere between a few hours for wire transfers and up to a maximum of 3 business days for ACH transfers.
BlueVine will automatically debit the payments from your account either weekly or monthly over a 6 to 12 month period.
As BlueVine calculates repayments using simple interest, the earlier you repay, the more you save.
Similarly, with automatic repayments, you won’t need to worry about forgetting repayment dates as long as you have enough funds in your account. ²
With BlueVine, you’ll have the chance to earn up to 1.5% interest on balances up to and including $100,000 USD – which is 50 times higher than the national average. ⁶
To do so, you need to meet only one of two monthly eligibility requirements:
Either, spend $500 USD per month with your BlueVine Business Debit Mastercard
Or, receive $2,500 USD in customer payments in your BlueVine checking account via, mobile check deposit, wire transfer, ACH payment, or simply from your payment processing provider ⁶
At the time of writing, BlueVine currently only offers an integration with Quickbooks.²²
Aside from this, there are no other software integrations for BlueVine users. This is where Novo, with its 15+ integrations, has a clear advantage.
|💡 Did you know? You can also add your Wise Business account to Xero and QuickBooks for bank feeds.|
BlueVine offers its users the option of invoice factoring FundThrough.²³
Invoice factoring is the process by which you can sell your invoices to BlueVine, rather than waiting for your customers to pay them. BlueVine will pay your invoices, minus a fee, giving you cash quickly.
Here’s an overview of Novo vs BlueVine fees.
|Novo bank fees||BlueVine fees|
|Fee type (trans. via card, etc.)|
For the most part, Novo is free of fees. There is only one instance where you’ll have to pay Novo bank fees:
- An insufficient funds and uncollected funds returned fee of $27 USD ³
Additionally, although it’s not a fee, Novo requires a minimum deposit of $50 in your Novo business account in order to access all of the available features.²⁴
Aside from this, there are no opening fees, no monthly fees and no transaction fees, making Novo pricing small-business friendly.
That being said, it should be noted that integrations offered by Novo may charge their own fees. ²⁵ ²⁶
An attractive feature of BlueVine is its lack of fees. This is even more of an advantage for small business owners looking to save money on account fees.
With BlueVine, there are no NSF charges, no ACH payment fees, no monthly fees, and no minimum balance requirements or deposits. Additionally, BlueVine users won’t be charged any ATM fees at the 37,000+ locations in the MoneyPass ATM network.²⁷
There are only four cases in which you’ll be required to pay BlueVine fees:
- Expedited debit card replacement fee of §30 per shipment (express shipping)
- Cash deposit fee of $4.95 USD
- Outgoing wire fee of $15 USD
- Out of network ATM fee of $2.50 USD
- Bill pay with credit card fee of 2.9% per transaction ⁴
Aside from that, BlueVine is fee-free.
Novo currently is available only to business owners residing within the US. The business must also be registered in the US, and applicants require a US address, social security number and phone number in order to be eligible. ¹
They do, however, note that this is something that they may change as they continue to develop and grow.
BlueVine is currently only available in the 50 states of the US and cannot initiate or accept international wires. ²
|Send and receive payments in 70+ countries and 54 currencies with Wise Business. Wise will safeguard your money so you don't have to worry about security either.|
Let’s now compare the security features of Novo vs BlueVine.
Novo business banking is partnered with Middlesex federal savings, an FDIC insured bank. This means that your funds are insured to the FDIC standard of $250,000 USD per depositor.
The additional benefit of this partnership is that your funds remain accessible regardless of any operational disruptions affecting Novo.
This means that in the event that Novo was acquired, for example, you can still access your funds as they are held with Middlesex federal savings. ⁷
On top of this, Novo uses bank-level encryption to protect your financial details.²⁸
BlueVine is a financial technology company that has partnered with Coastal Community Bank, Member FDIC, to offer banking services. This means your money is insured to the FDIC standard of $250,000 per depositor.⁸
Both BlueVine and Novo offer mobile apps.
Novo has a mobile app for both Android and IOS. ¹¹ ¹²
Via the Novo app, you can pay bills, accept ACH transfers, manage your Novo card, link existing accounts, deposit checks, in addition to many other useful business functions.
The BlueVine app is available for both Android and Apple users. ¹³ ¹⁴
Both Novo and BlueVine offer their customers business debit cards.
Novo offers its users a Novo business debit Mastercard. ⁹ Previously, Novo offered only virtual cards - but now they also have a physical debit Mastercard too.
Virtual Novo cards need to first be activated, either using the Novo app or website.²⁹
Novo doesn’t allow for multiple debit cards for one user. That means if you need another debit card you’ll have to add an additional user to your account, who themselves will have full account access.³⁰
Once you’ve opened your BlueVine checking account, you’ll be sent your very own BlueVine business debit Mastercard within 7-10 business days.
Only one card is available per business and therefore there is no option to add additional users or order cards for sub-accounts. ¹⁰ Once you’ve received your BlueVine card, you can complete the steps to activate your card.
Withdrawals within the MoneyPass ATM network are free when using your BlueVine card, while out of network withdrawals are subject to a fee of $2.50 USD – in addition to third-party ATM withdrawal fees.
Currently, BlueVine does not offer its users a BlueVine credit card.
But, they do offer their customers, unique Bill Pay with credit card feature.³¹ This allows you to pay business bills via credit card while the actual payment is made with an ACH transfer or a physical check.
This opens up a market of vendors to your business who normally wouldn’t accept credit card payments, while also allowing you to reap the benefits associated with credit card payments.
Novo bank reviews have emphasised its lack of fees, customer service and useful integrations as its standout features.
Here is a handful of some Novo customer reviews:
“Excellent customer service and the best banking app around”
“Literally the best bank for all your business banking needs. The app is seamlessly curated to the modern needs of an entrepreneur and everything is just so clean, thorough and concise. The perks/rewards system is super cool and that's not even half of it [...] Do not have second thoughts about joining Novo. This bank is going places”
“I love everything about this bank! Excellent and helpful customer service with ease of use. I highly recommend banking with Novo, thank you!”³²
That being said, some Novo banks reviews suggest that the use of a live customer support phone line for sorting out user issues would make it even better.
BlueVine bank reviews have a Trustpilot average score rating of 4.4 out of 5, with 82% of users rating it as “Excellent”.
BlueVine reviews praise its professional customer service team, regarding its helpfulness and responsiveness, as well as BlueVine’s speed in approving loans.
Here are just a few BlueVine business checking reviews:
“BlueVine is great, very responsive and helpful throughout the whole process!”
“I think this is one of the best experiences I’ve ever had dealing with a business line of credit. My loan manager was absolutely great to work with. When they said I could be funded in one day I thought it was a sales gimmick. They literally had me approved and funded within six hours. I can’t say enough good things about this company. The terms were the best I’ve ever received for business financing. I highly recommend Blue Vine.”
“Great online bank, very responsive. Appreciate their constant communication, emails etc. They post mobile checks to my account pretty fast! Getting a great savings rate too”³³
All this being said, some users have noted that disputes can take a long time (up to 90 days) to be handled, and would like to see some improvement in this area.
Novo and BlueVine both have a lot to offer. But if your business wants a strong foothold in international markets, then a Wise Business account can help.
Save up to 19x more compared to Paypal when sending money abroad.
Take advantage of local account details - from IBANs and Routing Numbers, to Sort Codes - to simplify receiving international payments.
Take control of your international cash flow and manage more than 50+ currencies, all in the one place, from your Wise Business multi-currency account.
- Novo - FAQ
- BlueVine - FAQ
- Novo - Fees
- BlueVine - Fees
- Novo - Does Novo offer savings accounts?
- BlueVine - FAQ
- Novo - Security
- BlueVine - Home page
- Novo - Card provider
- BlueVine - Debit card
- App Store - Novo
- Google Play - Novo
- App Store - BlueVine
- Google Play - BlueVine
- Novo - Does Novo offer loans?
- Novo - Invoicing
- Novo - Accept payments through Novo invoicing
- Novo - What happens when my invoice is paid
- Novo - Apps
- Novo - Perks
- Novo - Novo apps
- BlueVine - Connect QuickBooks
- BlueVine - Invoice factoring
- Novo - Account opening fees
- Novo - Monthly service charge
- Novo - Transfer fees
- MoneyPass - Surcharge-Free ATMs
- Novo - Security
- Novo - Virtual card
- Novo - Multiple Novo debit cards
- BlueVine - Benefits of paying business bills with a credit card
- Trustpilot - Novo
- Trustpilot - BlueVine
All sources checked 10 May 2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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