American Express releases cross-border payments product for US businesses - August 03, 2022
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American Express releases cross-border payments product for US businesses

Wednesday, August 03, 2022

by American Express

American Express® (NYSE: AXP), the leading Small Business Card issuer in the U.S., today announced American Express Global Pay – a new digital solution that enables U.S. businesses to securely make domestic and international business-to-business (B2B) payments.

Through this new digital solution, business customers can send payments funded from their business bank account to their suppliers in more than 40 countries, across a range of currencies, using a simple, mobile-friendly platform. Eligible customers can also earn Membership Rewards® points on their foreign exchange payments.3 American Express Global Pay is currently available to eligible U.S. American Express Small Business Card Members.

“Businesses today start, grow and compete on a global scale”
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“Businesses today start, grow and compete on a global scale,” said Dean Henry, Executive Vice President of Global Commercial Services at American Express. “Our U.S. Small Business Card Members told us they want an international payment solution focused on simplicity, convenience and the chance to earn rewards - so we built American Express Global Pay to enable these businesses to easily and effectively manage their B2B payments globally on a secure platform, backed by the trusted service and unique benefits of American Express Membership.”

According to a June 2022 survey by American Express4, 64% of U.S. small and mid-sized business owners and financial decisionmakers said they expect their total spend with businesses outside of the U.S. to increase over the next six months, and cite access to a wider range (43%) of products and services and supply chain diversification (35%) as some of the top business benefits of cross-border B2B spending.

However, one-quarter (27%) cited complexity of the process as one of the top obstacles when making cross-border payments. When asked about the attributes that small and mid-sized business owners and financial decisionmakers are looking for in a cross-border payments solution, nearly half (48%) said transparent fees and rates, on par with a simple user experience (44%). American Express Global Pay addresses these needs by providing:

Integrated user experience: Access American Express Global Pay in the same place you manage your American Express Business Card account, including from your mobile device.
Simple and intuitive steps: Pay suppliers with ease and reduce the risk of common errors and delays with fields that dynamically update based on the country of your payment.5
World-class rewards: Eligible customers can earn 1 Membership Rewards® point for every $30 equivalent on their foreign exchange payments (maximum of 4,000 points per payment).3
Same business-day payments: Payments may be eligible for same business-day delivery through American Express Global Pay’s connection to faster payment systems, such as SEPA Instant Credit Transfer, which includes all of the European Union. American Express provides an estimated delivery date when you place an order.6
Transparent exchange rates: Before you send a payment, view and accept the applicable exchange rate.
Trusted dependability: Send payments with the powerful backing and servicing of American Express.
Streamlined application process: Apply online and get a response in minutes.7

To learn more about American Express Global Pay or to apply, visit www.americanexpress.com/globalpay. Additional countries and currencies will be added over time.

AMERICAN EXPRESS GLOBAL PAYMENT SOLUTIONS SURVEY METHODOLOGY
In partnership with a trusted third-party vendor, American Express (Amex) commissioned an online survey among n=315 U.S.-based small- and medium-sized business owners and financial decision makers who use/make business-to-business (B2B) cross-border solutions/payments, defined as those who have 1 to 250 employees. The survey was fielded between June 9- 16, 2022. The margin of error (MOE) for the total sample is +/- 6 percentage points.


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