Relay vs. Novo Business Banking: Which is Better?

Gone are the days when small business owners had to settle for clunky, one-size-fits-all banking solutions. This is the era of digital banking, where contenders vie to serve the banking needs of small business owners. Among the more prominent players are Relay and Novo, two proven powerhouse institutions catering to the demands of digital-first businesses. 

If you’re in the market for a digital banking solution, it’s worth comparing Relay vs. Novo to better understand what you can expect for rates, terms, programs and more. Ultimately, understanding what both banking platforms offer is the key to choosing the best one for your small business’ success. 

Meet the Contenders: Relay vs. Novo

Choosing the right business banking platform starts with understanding each contender’s foundational principles and offerings. Relay and Novo are two prominent players in the digital banking space, each bringing unique strengths and features to the table. Let’s take a closer look at the fundamentals of what sets these two banks apart:

• Relay: Relay was founded to simplify financial management for small businesses. Its founders recognized the complexities of managing multiple financial accounts and the need for real-time visibility into cash flow. So, they developed a platform that integrates seamlessly with various financial tools. Relay’s core philosophy revolves around providing transparency, control, and efficiency for small business owners. 
• Novo: Established in 2016 by a team of tech and finance veterans, Novo is revolutionizing the banking experience for freelancers, entrepreneurs, and small business owners. Novo was built on the belief that traditional banking services were too cumbersome and not tailored to the needs of modern businesses. As a result, Novo’s platform emphasizes a mobile-first approach.

Relay and Novo bring significant value to the table with their unique strengths aimed at enhancing the digital banking experience for small businesses. Relay excels in providing comprehensive financial management tools and multi-user access, making it ideal for companies with collaborative financial needs. Conversely, Novo shines with its mobile-first approach and extensive integrations, catering those who require flexibility and connectivity.

Head-to-Head Comparison of Relay vs. Novo

To determine which bank offers the optimal experience for small businesses, we need to compare Relay and Novo side-by-side. We’ll evaluate the key features, rates, perks, and programs each bank offers to help you make an informed decision.

Features

Choosing the best business banking solution requires a clear understanding of each provider’s features. This section examines Relay vs. Novo in terms of ATM access, cash deposit options, invoicing capabilities, international payments, software integrations and customer support. to help you get a clear picture of what you can expect from both banking platforms. 

Winner: Relay

Relay offers more cash flow management features, including multiple checking accounts and supported cash deposits. This kind of support can be vital for many small businesses. The ability to deposit cash at Allpoint ATMs provides added convenience for businesses handling significant cash transactions. Additionally, Relay’s multi-user access feature enhances collaboration and financial oversight within teams.

Rates

Understanding the costs associated with business bank accounts is crucial for effective financial management. This section details the monthly fees, annual percentage yields (APY), same-day ACH fees, overdraft fees, and outgoing wire fees for Relay vs. Novo. It’s a strong starting point for understanding what you can expect to pay for using the platform. 

Winner: Relay

Relay’s competitive fee structure and free same-day ACH transfers make it a cost-effective choice for small businesses. The absence of monthly fees and overdraft fees helps businesses manage their finances without worrying about unexpected charges. Plus, the low cost of outgoing wires is an added advantage for businesses requiring frequent wire transfers.

Perks

Maximizing benefits is an essential aspect of business banking. This section breaks down the perks offered by Relay and Novo, such as cash-back rewards, promotional deals, and sub-account availability. Consider these options as you look to distinguish one provider from another. 

Winner: Tie. Relay and Novo offer valuable perks, including discounts on business software and a generous number of sub-accounts. These perks provide significant value for small businesses looking to streamline their operations and manage budgets effectively. 

Comparison of Programs

Small businesses often need more than just essential banking services; access to financing and additional security are also necessary. This section compares the financing options and FDIC insurance coverage provided by Relay and Novo. Keep these variables in mind as you evaluate your options. 

Winner: Novo

Novo takes the lead in this category thanks to its merchant cash advances, providing additional financial support for small businesses. This feature can be particularly beneficial for companies needing quick capital access for growth or operational support.

Reviews

Customer experiences and reputations are critical factors in choosing a banking partner. This section evaluates Relay vs. Novo based on customer reviews, mobile app ratings, and Better Business Bureau (BBB) ratings. Just remember to take any reviews (good or bad) with a grain of salt!

Winner: Relay

Relay’s higher BBB rating and strong customer reviews make it a reliable choice for small business banking. The positive mobile app ratings indicate a user-friendly experience, which is crucial for business owners managing finances on the go. Relay’s commitment to customer satisfaction is evident through its high ratings and positive feedback.

Head-to-Head Winner: Relay

In the Relay vs. Novo comparison, Relay is the clear frontrunner. Its features, like multiple checking accounts, complimentary cash deposits at Allpoint ATMs, and sophisticated multi-user access, are essential for streamlined financial management and team collaboration. Relay’s competitive fee structure further solidifies its edge by offering businesses substantial savings. These advantages, coupled with glowing customer testimonials, establish Relay as the premier choice for small businesses searching for a dependable and efficient digital banking platform.

Still Not Satisfied? Try North One

If you’re still undecided about Relay vs. Novo, North One offers the best of both worlds. 

Unlike Novo, North One offers unlimited sub-accounts, called Envelopes, which allow businesses to allocate funds for specific purposes such as taxes, payroll, or savings for significant expenses. This feature helps in better budgeting and financial planning, providing a significant advantage for businesses looking to manage their finances more effectively. Additionally, North One integrates with many popular business tools, including QuickBooks, Shopify, and Stripe, offering seamless financial management from a single platform. This level of integration surpasses what Novo offers, making North One a more versatile and comprehensive choice for businesses.

North One excels with extensive mobile banking capabilities and robust customer support options compared to Relay. The North One mobile app supports various functionalities, such as sending and receiving payments via ACH or wire, paying bills, and making mobile check deposits. Furthermore, North One offers live chat, email, and scheduled phone support, ensuring businesses have access to assistance when needed. Relay’s lack of support for international wires and limited customer service availability make it less ideal for businesses that require a broader range of services and more immediate support. 

North One’s comprehensive feature set and strong customer support infrastructure make it a superior alternative to Novo and Relay for small businesses seeking a reliable digital banking solution.

You Deserve the Best in Digital Business Banking

Relay and Novo offer unique advantages that can help position you for peace of mind regarding finances. Relay excels with features like multiple checking accounts and comprehensive cash management, while Novo stands out with its mobile-first approach and extensive integrations. And, if neither Relay nor Novo seems to fully meet your needs, North One provides an excellent alternative with its robust budgeting tools, extensive customer support, and versatile integrations. 

The best choice depends on your specific business requirements and financial management priorities, but with any of these options, you’re well-equipped to manage your business finances efficiently and effectively. Stack up your options and, ultimately, bank with confidence.