Once your invoice is paid, the funds will be processed based on the payment method used. Novo supports several payment methods, each with its own payout timeline:
- ACH Transfers (Automated Clearing House): ACH payments typically take 2-5 business days to clear and be deposited into your account.
- Wire Transfers: Domestic wire transfers usually process within 1 business day, while international wire transfers may take 2-3 business days.
- Debit/Credit Card Payments (via Stripe and Square): Novo offers card payment processing through both Stripe and Square:
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- Stripe: When a customer pays using a debit or credit card (Visa, Mastercard, American Express, or Discover), Stripe processes the transaction securely. Funds are typically transferred to your Novo account in 2-7 business days, depending on your Stripe account settings and business type.
- Square: If a customer pays through Square, the funds are usually settled within 1-2 business days. The balance can then be transferred to your Novo account automatically.
- Stripe: When a customer pays using a debit or credit card (Visa, Mastercard, American Express, or Discover), Stripe processes the transaction securely. Funds are typically transferred to your Novo account in 2-7 business days, depending on your Stripe account settings and business type.
For both Stripe and Square, you’ll receive notifications via email or your Novo dashboard when the payment is processed and the funds are available.
-Checks: If paid by check, funds will be available 2-5 business days after you deposit the check and it clears.
-PayPal: Once a customer pays via PayPal, the funds are transferred to your PayPal account instantly. You can withdraw the funds to your Novo account, which typically takes 1-3 business days. Novo supports PayPal but does not support Venmo payments directly through the PayPal integration.
-Venmo: Novo does not offer Venmo as a direct payment method through its invoicing system, even though Venmo is owned by PayPal. If a customer pays you through Venmo, you would need to transfer the funds manually to your Novo account, which typically takes 1-3 business days. Venmo payments are not automatically linked to Novo via PayPal.
Once the funds are cleared for any payment method, they will be available in your Novo account. You’ll receive an update via email or on your Novo dashboard when the payment has been successfully processed.