Retail Dive: American Express Launches B2B Cross-Border Payment Solution for US Small Businesses
As technology permeates every process of the business, the way retailers receive and make payments has changed significantly over the last few years. SMBs are looking into new business opportunities, including going international and diversifying suppliers and customers. For that reason, they might face bigger problems than their scale and are in need of a cross-border payment solution that is simple and available at their fingertips.
Based on a survey conducted by American Express, 64% of US small and mid-sized retailers predict a rise in spending with businesses outside of the US. Noticing that demand, American Express introduces American Express Global Pay which allows US businesses to securely make domestic and international B2B transactions, across countries and currencies directly from their smartphones.
What business owners care most about when it comes to choosing a payment solution include transparency in fees and rates (48%) and simple user experience (44%). Over one quarter stated that the complexity of the cross-border payment process will hold them back from making the decision. These are the criteria that American Express Global Pay keep their mind when designing this product:
“Our US 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,” said Dean Henry, Executive Vice President of Global Commercial Services at American Express.
American Express Global Pay is perfect for busy business owners as they can easily access the service in the same place they manage their American Express Business Card account, directly from a mobile device. The solution follows simple steps and avoids any friction in the payment process by the dynamic updates based on the country of payment. The ultimate goal of American Express is to empower SMBs to expand and go global.
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