American Express has enhanced its Early Pay system with digital payment features aimed at giving large businesses greater control over their ability to make and receive B2B payments, the company announced Monday (Nov. 16).
“As we continue to focus on enabling digital payments beyond our traditional Corporate Cards, we are investing in solutions to improve the buyer and supplier experience and help solve common B2B payment-related pain points,” said Daniel Brachfeld, vice president for supply chain solutions at American Express.
“The latest evolution of Early Pay provides a supply chain solution that will give businesses more flexibility to help manage their payments and cash flow easily and efficiently. This comes at a time when businesses are seeking a simple digital solution among a rapidly evolving and fragmented supplier payments landscape,” Brachfeld added.
The Early Pay system allows buyers and suppliers to automate their transactions and allow for early payments to realize greater efficiencies. For buyers, the system allows them to generate extra cash through early payment discounts and finance payments if they need more working capital. Early Pay allows suppliers to optimize cash flow by encouraging early payments in exchange for discounts.
American Express said a study showed that early payment and payment automation could allow buyers to realize nearly $8.84 billion in savings via discounts.
Through Early Pay, buyer cash flow can be optimized by early payments funded by American Express or buyers. For suppliers, early payments help reduce the risk of late payments, which can squeeze cash flow.
In an interview with PYMNTS in August, Dan Puleri, vice president of B2B supplier strategy and enablement at American Express, said invoicing and payments are ready for increased automation.
The enhanced Easy Pay system is just the latest move by American Express to improve business payments for customers.
In September, the company unveiled its Pay Over Time option for small and medium-sized businesses (SMBs) using its Green, Gold or Platinum cards. The program is aimed at helping business customers manage their cash flow during uncertain times.
“While American Express is known for our no pre-set spending limit, pay-in-full charge card model with our iconic Green, Gold and Platinum Cards, we’ve long heard from our card members who are small business owners that increased payment flexibility is important to them,” said Brett Sussman, vice president of global commercial card lending at American Express, in September.
“Pay Over Time is another step in our broader strategy to provide business owners the flexible solutions they need to easily and efficiently manage payments and cash flow, through varying operating environments,” Sussman added.
"payment" - Google News
November 17, 2020 at 01:50AM
https://ift.tt/2UzjWN2
American Express Enhances Early Pay To Ease B2B Supply Chain Payments - pymnts.com
"payment" - Google News
https://ift.tt/3bV4HFe
https://ift.tt/2VYfp89
Bagikan Berita Ini
0 Response to "American Express Enhances Early Pay To Ease B2B Supply Chain Payments - pymnts.com"
Post a Comment