Novo announces Novo Payroll for small businesses

This launch is set to enable small businesses to manage their finances from a single platform. Traditional small business payroll solutions consist of standalone applications with high fees, cash-on-hand requirements, and heavy integrations between payroll and business bank accounts. In collaboration with Check, Novo built a payroll solution that simplifies and speeds up the process of paying small business employees.

Novo has announced Novo Payroll, a payroll solution that is fully integrated into Novo’s platform of small business banking, budgeting, and working capital solutions.

According to the official announcement, Novo leveraged Check’s embedded payroll API to build Novo Payroll. With coverage in all 50 states, Novo Payroll aims to simplify the entire payroll process, from calculating wages to facilitating direct deposits and managing tax withholdings. This provides businesses with a comprehensive payroll solution that reduces administrative burdens as well as ensures accuracy and compliance with regulatory standards.

Key features of Novo Payroll

Flat-rate pricing: Novo offers all of its essential features — including state and tax filings, end-of-year reports, and more — at USD 35 per month plus a small fee per worker.
Working capital for payroll: small businesses who may need additional funds for a payroll cycle can apply for Novo Funding, a fast and flexible way to access working capital that’s available exclusively to Novo customers.
Next day payments: recipients can opt-in to receive their paychecks the day after payroll is processed at no additional charge. Instead of needing the necessary payroll funds days in advance, small business owners simply need to have funds available on the day of payroll processing.
Built-in accounting and budgeting tools: since Novo Payroll is fully embedded into the Novo platform, customers can set aside funds for payroll, taxes, savings, and more using Novo Reserves.
Single- and multi-state payroll: Novo Payroll automates state tax filings for small businesses that have employees in a single state, as well as in multiple states.
Human-powered customer service: Novo Payroll customers have access to a range of resources to assist with payroll questions, including the option to call a Novo Payroll expert.

About Novo

Novo Platform is a financial platform for small businesses. In September 2023, the fintech announced a range of new capabilities for Novo Invoices, the company’s free invoicing application. The press release stated that the Novo Invoices had been fully redesigned, offering a newer and modern user interface that intends to enhance the tool’s overall experience. In August 2023, Novo announced Novo Funding, offering small businesses a fast and flexible way to access working capital. The company also secured a USD 125 million facility from Victory Park Capital, which was used to provide working capital through Novo Funding.