American Express® Launches Digital, Cross-Border Payment Solution for U.S. Small Businesses
02 August 2022 - 11:00PM
Business Wire
American Express Global Pay™ offers a
mobile-friendly, self-service payments platform, offering benefits
such as Membership Rewards® points and same business day delivery
on some payments, along with the trusted backing of American
Express
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:
- 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.
ABOUT AMERICAN EXPRESS GLOBAL PAY American Express Global
Pay is a money transmission service provided by American Express
Travel Related Services Company, Inc. (American Express). This
service is not available to consumers and is currently available
only for American Express Business Card customers. Your business
must submit an application, which is subject to review and approval
by American Express. When you are creating a payment, we display
the fees that we will charge you. We also make money from the
purchase and sale of foreign exchange. Recipient banks or
intermediary banks may charge their own fees, which can reduce the
amount delivered to your recipient. For a list of our money service
business licenses and information about addressing complaints and
other disclosures, visit
www.americanexpress.com/us/state-licensing.html. The American
Express Global Pay service is a separate service from your American
Express Business Card and has different features and terms. If you
cancel your American Express Business Card (or if American Express
cancels your Card), we will close your American Express Global Pay
account. This means that you will not be able to make any more
payments using American Express Global Pay. Please click here for
Frequently Asked Questions.
ABOUT AMERICAN EXPRESS American Express is a globally
integrated payments company, providing customers with access to
products, insights and experiences that enrich lives and build
business success. Learn more at americanexpress.com and connect
with us on facebook.com/americanexpress,
instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
Key links to products, services and corporate responsibility
information: personal cards, business cards, travel services, gift
cards, prepaid cards, merchant services, Accertify, Kabbage, Resy,
corporate card, business travel, diversity and inclusion, corporate
responsibility and Environmental, Social, and Governance
reports.
Source: American Express Company Location: US
1 Nilson Report for non-American Express purchase volume in
2020; American Express based on internal data. 2 American Express
Global Pay incorporates encryption, both for stored data (such as
account information) and for payments created and transmitted in
real-time. The American Express Global Pay platform is deployed
within American Express’ state of the art data center that features
advanced online and offline security and monitoring against
internet attacks. American Express Global Pay implements American
Express standards relating to information integrity, transaction
security and information security. 3 American Express awards one
(1) Membership Rewards point for every USD $30 equivalent of
foreign exchange payments that the customer sends using American
Express Global Pay. The maximum award per payment is 4,000
Membership Rewards points. Other terms apply.
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. 5
Payments are subject to various reviews and delays can happen for a
number of reasons. The recipient bank has its own policies on when
to make funds available to the recipient of the payment. 6 Same
business day payments not available for all customers/payments.
When a customer creates a payment using American Express Global
Pay, American Express provides an estimated delivery date, which
takes into account factors such as the size of the payment, the
time of day and relevant holidays. American Express does not
guarantee the delivery date. Payments are subject to various
reviews and delays can happen for a number of reasons. The
recipient bank has its own policies on when to make funds available
to the recipient of the payment. 7 If a manual review is required,
it will take longer to provide you a decision.
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version on businesswire.com: https://www.businesswire.com/news/home/20220802005709/en/
MEDIA AMERICAN EXPRESS Melissa Filipek
melissa.j.filipek@aexp.com
M BOOTH Anya Krenicki AnyaK@mbooth.com
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