![]() ![]() ![]() One of Mercury’s most unique features is that it provides read and write API access. This means that you can make unlimited free ATM transactions at any network of your choice. Meanwhile, Novo helps you save by providing unlimited ATM reimbursements. Its credit card also earns 1.50% unlimited cash back. Mercury Treasury places your cash into mutual funds and other investment products, letting you earn competitive APY.Īdditionally, Mercury gives you a $300 cash back bonus if you spend $2,000 on your debit or credit card within the first 90 days of account opening. If your Mercury checking account balance exceeds $250,000, you can qualify for Mercury Treasury. Mercury doesn’t serve sole proprietorships or trusts, whereas Novo serves sole proprietorships, limited liability companies (LLCs), corporations, general partnerships, and non-profit organizations. Neither account has an opening deposit requirement. Mercury vs Novo Business Checking Account Overview However, Novo users can still deposit cash by purchasing money orders and depositing them through the app. Neither account allows direct cash deposits. Meanwhile, Mercury offers free domestic and international wire transfers. Novo doesn’t support domestic wire transfers and processes international wire transfers through the online money transfer company Wise. Neither charges monthly maintenance fees nor imposes transaction limits. Mercury vs Novo Business Checking Accountīoth Mercury and Novo only offer one type of checking account. Read our First Internet Bank business checking review to learn more about the provider’s business checking and banking products. The digital-only bank First Internet Bank offers lines of credit, term loans, SBA loans, and real estate financing. Mercury only offers venture debt, which is only available to startups that have raised venture capital within one year of applying for a loan. You need a wider selection of lending products: Novo does not offer any lending products.Our Bank of America business checking review can help you determine whether the account is right for you. A better alternative for affordable cash deposits is Bank of America, which allows up to $7,500 worth of free cash deposits within a single statement cycle. You make cash deposits frequently: Mercury does not support cash deposits, while Novo only allows cash deposits through money orders.Learn more through our review of Bluevine business checking. Bluevine lets accounts earn interest at a rate of 2.00% on qualifying balances of $100,000 or less if you meet its activity requirements. You want to earn interest on checking balances: Neither Mercury nor Novo offers interest-drawing checking accounts.Mercury vs Novo Business Checking Quick Comparison (FDIC)-insured through a supporting bank partnership (Evolve Bank & Trust for Mercury and Middlesex Federal Savings for Novo). *Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. Novo* is best for businesses needing rapid access to Stripe payments and fee-free ATM usage.Mercury* is best for incorporated startups and tech companies wanting to customize their banking experience through API and access venture debt and investor networks.Here’s a summary of what each provider is best for: With the Novo Boost feature, funds earned from Stripe are released into your bank account within hours instead of days. Meanwhile, Novo’s biggest selling points include rapid access to Stripe funds, unlimited ATM rebates, and unlimited free invoicing. Accounts with high balances can also place cash in Mercury’s high annual percentage yield (APY) treasury account. It offers a wide range of startup services, such as venture debt, access to investor networks, and read-and-write application programming interface (API) access. Mercury is a particularly strong choice for tech startups. Additionally, both integrate seamlessly with a wide range of popular business software, including Shopify, Stripe, and PayPal. They’re digital-exclusive banking solutions with no monthly maintenance fees and transaction fees and limits. If you’re looking to open a business bank account, Mercury and Novo are excellent options. ![]()
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