American Express® Launches Digital, Cross-Border Payment Solution for U.S. Small Businesses
American Express® (NYSE: AXP), the leading Small Business Card issuer in the U.S.1, today announced American Express Global Pay - a new digital solution that enables U.S. businesses to securely2 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.
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Courtesy of American Express
"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:
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
ABOUT AMERICAN EXPRESS GLOBAL PAY
ABOUT AMERICAN EXPRESS
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Source: American Express Company
1 Nilson Report for non-American Express purchase volume in 2020; American Express based on internal data.
Terms and Conditions for the Membership Rewards® program apply. Visit membershiprewards.com/terms for more information. Participating partners and available rewards are subject to change without notice.
The value of Membership Rewards points varies according to how you choose to use them. To learn more, go to www.membershiprewards.com/pointsinfo.
4 American Express Global Payment Solutions Survey, June 2022.