Novo, the powerfully simple financial platform for small businesses, today announced the launch of connected payments for Novo Invoices, the company’s free invoicing application.
“It's 2023 and millions of small business owners still choose between two options: manually creating invoices in Microsoft Word, which doesn't help with tracking or receiving payments; or adding yet another service to their SMB tech stack and paying for an invoicing application that can be expensive and not even connected to their bank account,” said Michael Rangel, CEO of Novo. “At Novo, we set out to create a better solution — an invoicing application integrated directly into our customers’ checking accounts that’s easy-to-use and free of charge. Novo Invoices has been incredibly popular, and we’re thrilled to give business owners an even easier and faster way to get paid.”
Novo Invoices allows customers to create and send one-off or recurring invoices in seconds, free of charge. Since launching Novo Invoices in 2021, customers have used the tool to send more than $350 million in invoices. Starting today, Novo customers will now be able to integrate a range of new payment options directly into their invoices — including credit card, Apple Pay, Google Pay, and online ACH transfer. Additionally, Novo has launched a “pay with PayPal” capability as well as a Venmo payment option.
“Novo is always developing new ways to help our customers speed up their cash flow, from building our own tools and applications to forming partnerships with world-leading financial technology companies,” said Brad Paterson, EVP of Ecosystem at Novo. “The goal of connected payments is simple: Help our customers get paid as fast as possible. Now, when our customers send invoices, the invoice recipients will have multiple ways to pay the invoice as soon as they open it, ultimately helping small businesses get paid faster.”
Novo is launching connected payments for Novo Invoices at a time when the company is pursuing a number of initiatives to help small businesses improve their cash flow. 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.