FinTech: American Express Launches Global Pay For U.S. Small Businesses

August 3, 2022 | FinTech, News

It’s a new digital solution that enables U.S. businesses to securely make domestic and international business-to-business (B2B) payments.

A new digital money transmission solution from American Express (NYSE: AXP) will make life easier for small US businesses grappling with payments to vendors at home and abroad. American Express Global Pay will enable these firms to send payments funded from their business bank account to their suppliers in more than 40 countries, across a range of currencies, via an easy-to-use, mobile-friendly platform. (Businesswire)

American Express Global Pay

Eligible U.S. American Express Small Business Card members can now avail of Global Pay and even earn Membership Rewards® points on their foreign exchange payments.

Businesses may apply for the facility and get approved in a few minutes.

They can then remit payments from wherever they are using their Small Business Card, even from a mobile device, and earn 1 Membership Rewards® point for every $30 equivalent on their foreign exchange payments (maximum of 4,000 points per payment).

Transaction fees and exchange rates would be displayed at the time of initiating the transaction.

According to a June 2022 survey by the bank, about 48% of businesses said they would like to see transparent fees and rates, while 44% of firms craved a simple user experience.

“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.”

Related Story: Payments Software Provider Global Payments To Acquire EVO Payments For $4B

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