Novo, the financial platform for small businesses, recently 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.”
Novo CEO Michael Rangel said:
“At Novo, we’re focused on giving small businesses an incredibly fast and simple solution for managing their cash flow. 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.”
As noted in the update, 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.”
Tyler McIntyre, Co-founder and CTO of Novo, said:
“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.”
As mentioned in the announcement, Novo Platform, Inc. is “the powerfully simple checking account and financial technology platform built for small businesses.”