Saturday, 24 June 2023
by Earn Media
Novo, the powerfully simple® financial platform for small businesses, today announced that it is launching a new Novo Debit Card for all of its small business customers, which enables a range of new capabilities for transaction monitoring, fraud alerts, and in-app controls.
“Small business owners use their debit cards to pay multiple expenses daily, and are often too busy to monitor all of their transaction activity carefully,” said Michael Rangel, CEO and co-founder of Novo. “When you consider that U.S. businesses lose as much as 5% of their gross revenue to fraud, it’s crucial for small business owners to quickly know when an unauthorized transaction is processed. Novo’s new debit card allows our more than 200,000 small business customers to effortlessly monitor fraud, and control their card activity directly through the Novo app.”
Novo’s small business debit card capabilities include:
Novo’s new debit card is the latest in a series of capabilities the company has introduced over the last year to help small business owners improve their cash flow. In February 2023, Novo announced enhancements to Novo Invoices to help small business owners receive payments faster.
In 2022, Novo launched Novo Boost for giving small businesses and the self-employed same-day access to payments received through Stripe, and Express ACH for processing same-day ACH payments. With Novo Boost plus Express ACH, the typical week-long process of moving money from an e-commerce platform to a business checking account, and then using these funds to pay yourself or a vendor, can now happen in one day.
All new Novo customers will receive a new Novo debit card immediately after signing up for a Novo account. Existing Novo customers can request a new Novo card directly through the Novo app.
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