Amex exec Anna Marrs sees the company increasing its presence in small business finance
American Express continues to expand its offerings to small business customers as it looks to build behind its core credit card business to compete with banks and other financial firms.
The company (AXP) has launched a new dashboard called American Express Business Blueprint, designed to help small business customers save time on transactions and gain greater insight into their cash flow.
“Managing cash flow is a major challenge for small businesses,” said Anna Mars, group president of Global Business Services and Credit and Fraud Risk at American Express.
The service helps Amex customers access their business card accounts to make payments as well as view and redeem loyalty points.
It also offers digital financial products like cash flow insights, small business loans, and a straightforward and easy way to acquire and manage business cards, the company said.
Also read: Amex’s M&A chief sees more targets looking for funding as he scouts deals
According to an American Express survey of 1,100 small businesses, 82% of respondents said a cash flow management center would save them time running their business.
Amex has been ramping up efforts to win more business from smaller players, including its 2020 acquisition of lending platform Kabbage.
It also launched a business checking account program about a year ago.
Also read: Kabbage offers small business credit lines in second product launch after Amex acquisition
AmEx calls the product a “digital one-stop shop for small business financial needs, whether it’s managing cash flow, making payments, collecting payments or accessing working capital.”
Also read: Amex stock has best day of 2020 after earnings show strong holiday quarter spending
(End) Dow Jones Newswires
01-31-23 1245 Eastern Time
Copyright (c) 2023 Dow Jones & Company, Inc.