IAMI, August 2, 2022 — Novo, the powerfully simple financial platform for small businesses, today announced that the company has launched Express ACH, a service that will allow all of Novo’s small business customers to process same-day ACH payments.
“At Novo, we’re focused on giving small businesses an incredibly fast and simple solution for managing their cash flow,” said Novo CEO Michael Rangel. “ACH transfers are one of the most common ways we see small businesses make payments, but these transfers can take as many as four calendar days. For a small business, this means needing to have cash on hand by the 26th of the month if you want to pay someone by the 30th. With Express ACH, all of our customers can now process same-day ACH payments for themselves, their employees, and their vendors.”
In Novo’s beta tests of Express ACH, the company helped small business owners process millions of dollars in same-day ACH payments. Starting today, Express ACH is immediately available to all existing Novo customers, and any small business or freelancer who signs up for a Novo account.
Express ACH is the latest in a series of Novo features for helping small businesses speed up their cash flow. In May, the company launched Novo Boost, making it the only financial platform that gives small businesses and freelancers same-day access to payments received through Stripe. With Novo Boost, small businesses have already received more than $30 million in revenue faster.
Added Tyler McIntyre, Co-founder and CTO of Novo, “With Express ACH plus Novo Boost, 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. That has really impacted the lives of our small business owners who sometimes need to pay their bills faster.”
Novo is launching Express ACH during a time of rapid expansion for the company. Recently named one of the 2022 Forbes Fintech 50, Novo has surpassed $9 billion in lifetime small business transactions. Over the last year, the company has also added more than 100,000 new small business customers.
Novo Platform, Inc. (“Novo”) is the powerfully simple checking account and financial technology platform built for small businesses. To learn more, visit www.novo.co. Novo Boost and early availability of funds are governed by the program terms and conditions outlined here.
Novo is a fintech, and not a bank. Novo acts as a service provider to Middlesex Federal Savings, F.A., and the deposit and banking products obtained through the Novo platform are provided by Middlesex Federal Savings, F.A.
Middlesex Federal Savings, F.A. is a federal savings bank and an FDIC-insured depository institution (FDIC Certificate 28368). Deposits made at Middlesex Federal Savings, F.A. through the Novo platform receive FDIC insurance protection on a pass-through basis up to the applicable legal limit. When determining the amount of your deposits covered by FDIC insurance, please note all deposits you make through the Novo platform will be aggregated with all deposit accounts of the same ownership and/or vesting held at Middlesex Federal Savings, F.A. and Middlesex Federal Savings, F.A. brands. Additional information regarding FDIC insurance coverage is available at www.fdic.gov.