American Express launches digital, cross-border payment solution for US small businesses

By Edlyn Cardoza

American Express, a Small Business Card issuer in the U.S., announced American Express Global Pay. This new digital solution 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. American Express Global Pay is available to eligible U.S. American Express Small Business Card Members.

“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 Express, 64% of U.S. small and mid-sized business owners and financial decision-makers said they expect their total spending with businesses outside of the U.S. to increase over the next six months and cite access to a broader 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 the 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 decision-makers want in a cross-border payments solution, nearly half (48%) said transparent fees and rates are 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 easily and reduce the risk of common errors and delays with fields that dynamically update based on the country of your payment.
• 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).
• 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. The card issuer provides an estimated delivery date when you place an order.
• Transparent exchange rates: Before you send a payment, view and accept the applicable exchange rate.
• Trusted dependability: Send payments with the robust backing and servicing of the Company.
• Streamlined application process: Apply online and get a response in minutes.