Novo Vs Lili For Business Checking 2023: A Tale of Two Titans

As a small business owner in 2023, I get it — finding the right banking solution is like finding a needle in a haystack. But fear not, for today we’re diving into the nitty-gritty of Novo and Lili, two fee-free champions of business checking accounts.

The Opening Act: Novo’s Speed vs. Lili’s Tax Wizardry

Novo is the Usain Bolt of fund access and software integration. Need your money, like, yesterday? Novo’s got your back. Lili, on the other hand, is your digital tax fairy godmother, waving her wand over your accounting woes.

Novo: The Pros and Cons

Pros:

• Rapid access to funds, making cash flow a breeze
• Seamless integration with popular software like QuickBooks, Shopify, and PayPal
• Comprehensive ATM access, so you’re never far from your money
• Fee-free business checking account — no minimum deposit, ACH, ATM, or transaction fees
• Robust invoicing tools and payment options that simplify your billing process

Cons:

• Business checking account does not earn interest — it’s a place for your money to chill, but not grow

Lili: The Pros and Cons

Pros:

• Digital tax preparation assistance that’s like having an accountant in your pocket
• Built-in accounting and tax planning tools, making bookkeeping less of a chore
• Access to a 2.0% APY savings account with Lili Pro or Premium plans
• Free business checking account with no monthly maintenance fees

Cons:

• Charges $4.95 per cash deposit at designated Green Dot retail locations — a bit of a downer when you’re running to deposit cash
• Limited invoicing capabilities for its paid subscription plans
• Fewer integration options compared to Novo, which might leave you wanting more

My Personal Lili Concerns:

1. Cash Deposit Fee: One sunny day, I found myself with a wad of cash that needed depositing. Off to a Green Dot location I went, only to be slapped with a $4.95 fee. It felt like paying a cover charge to enter my own bank account. Not the best start to my day, I must say.
2. Invoices: As someone who sends a plethora of invoices, Lili’s invoicing features left me wanting. I once spent an entire afternoon trying to customize an invoice to my liking, only to end up with something that looked like it was crafted by a kindergartener. Novo’s invoicing, on the other hand, is like a well-tailored suit — it just fits.
3. Integrations: I’m a sucker for seamless integrations. My business runs on a complex web of tools and apps, and Lili just couldn’t keep up. I vividly remember a frustrating evening spent trying to sync Lili with my accounting software, feeling like I was trying to fit a square peg into a round hole.

The Fee Face-Off

Novo is the Gandalf of fees, firmly declaring, “None shall pass!” No minimum deposit, ACH, ATM, or transaction fees. Lili, while also a fee-free warrior, charges $4.95 per cash deposit at Green Dot locations. In this duel, Novo emerges with its sword held high.

Deep Dive: The Hidden Costs

While both banks tout their fee-free nature, it’s essential to read the fine print. Novo’s transparency is a breath of fresh air in an industry where hidden fees are the norm. Lili, while mostly transparent, does have that pesky cash deposit fee, which can add up if you’re a cash-heavy business.

The Digital Duel: Mobile Banking Experience

In the digital age, a bank’s mobile experience is like its handshake — it needs to be strong and reliable. Both Novo and Lili offer sleek, secure, and intuitive mobile banking options. But when it comes to transaction limits and mobile check deposits, it’s a photo finish.

Spotlight: Security and Peace of Mind

In today’s world, security is paramount. Both Novo and Lili employ top-notch security measures, including two-factor authentication and encryption. They understand that a bank isn’t just a place to store money; it’s a fortress that needs to be impenetrable.

The Support Showdown

Both Novo and Lili are like that friend who always answers your calls — they offer email and phone support that’s timely and effective. Lili even throws in weekend email support, for those Saturday banking blues. But in the wild west of customer support, Novo’s quick-draw responses are the stuff of legend.

Behind the Scenes: The Human Element

What sets Novo apart is the human touch. Their support team isn’t just knowledgeable; they’re empathetic. They understand that behind every support ticket is a stressed-out business owner, and they approach each case with a mix of expertise and genuine care.

Integration Rodeo: Business Tools and Apps

Novo is the king of the integration jungle, playing nice with QuickBooks, Xero, Stripe, Square, PayPal, Wise, and Shopify. Lili, while offering a solid lineup including QuickBooks and FreshBooks, doesn’t quite match Novo’s extensive integration options.

The Nuts and Bolts: Streamlining Operations

Integration isn’t just a fancy tech word; it’s the backbone of efficient operations. Novo’s extensive integration options mean that you can connect your financial data seamlessly with your sales, marketing, and operations, creating a well-oiled machine that runs smoothly and efficiently.

The Final Bow: Conclusion

After this epic showdown, it’s clear that both Novo and Lili are strong contenders for the small business owner’s heart in 2023. But Novo, with its comprehensive ATM access, fee savings, and superior invoicing and bookkeeping tool integration, takes the crown.

Lili, with its digital tax prep assistance and built-in accounting tools, is no slouch either. But as they say, ‘Don’t put all your eggs in one basket.’ Or in this case, one bank. Choose wisely, my entrepreneurial friends.