Novo launches ‘Novo Debit Card’ for small businesses

By Delisha Fernandes

Novo, a financial platform for small businesses, announced that it is launching a new Novo Debit Card for all 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 US businesses lose as much as 5% of their gross revenue to fraud, it’s crucial for small business owners to know when an unauthorised transaction is processed quickly. 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:

• Real-time fraud alerts: The company’s security monitoring continuously analyses small businesses’ debit card purchases, quickly detecting any suspicious transactions. When there is suspected fraudulent debit card activity, Novo immediately alerts the small business owner via text message, email, and push notifications.
• Activity notifications: small businesses can set their Novo app to receive activity push notifications of every purchase made with their debit card, allowing them to effortlessly track their expenses.
• In-app card freezes and delivery tracking: Novo’s new debit card enables several new and enhanced in-app controls for small business owners, including the ability to instantly freeze their card or set a travel notice. Customers will also be able to track the delivery of their card through the app.

The company’s new debit card is the latest in a series of capabilities introduced last year to help small business owners improve their cash flow. All new Novo customers will receive a new debit card immediately after signing up for a Novo account. Existing customers can request a new card directly through the Novo app.