American Express Enhances Early Pay Supply Chain Solution for Large Companies
November 16 2020 - 9:00AM
Business Wire
Early Pay solution has new digital payment features to help
businesses save time, money and maximize their cash flow
Today, American Express (NYSE:AXP) announced enhancements to
Early Pay in the U.S., the company’s supply chain payment solution
to give large companies1 - and their suppliers - the ability to pay
and get paid when they want through an easy-to-use digital
platform. Initially launched in 2018, American Express’ Early Pay
solution has evolved to provide important benefits to both buyers
and suppliers. It helps buyers have greater control of their
accounts payable process for their B2B payments, generate extra
cash from early payment discounts and finance their payments should
they need the working capital. Early Pay provides suppliers the
ability to help optimize their cash flow by accepting early payment
offers from their buyers, in exchange for a discount. The
enhancements to Early Pay are the latest example of American
Express’ ongoing investment in best-in-class, digital business
financing and B2B payment solutions.
“As we continue to focus on enabling digital payments beyond our
traditional Corporate Cards, we are investing in solutions to
improve the buyer and supplier experience and help solve common B2B
payment-related pain points,” said Daniel Brachfeld, Vice
President/General Manager, Supply Chain Solutions at American
Express. “Right now, businesses are more focused on digital
transformation than ever before, with 84% of U.S. business decision
makers saying they feel positive about transitioning to a digital
payments system2. The latest evolution of Early Pay provides a
supply chain solution that will give businesses more flexibility to
help manage their payments and cash flow easily and efficiently.
This comes at a time when businesses are seeking a simple digital
solution among a rapidly evolving and fragmented supplier payments
landscape.”
For Buyers: Optimizing Supplier Payments
According to a recent study, the adoption of automation and
early payment discount functionality could enable businesses to
realize an estimated $8.84 billion in un-captured savings from
discounts. The enhanced Early Pay solution provides a number of
benefits for buyers, including the ability to:
- Optimize cash flow by capturing invoice discounts through early
payments funded and made by either American Express or the
buyer.
- Turn potential cash discounts from early payments into savings
and working capital.
- Reach and engage new suppliers through American Express’ fast
and simple digital implementation process.
For Suppliers: Enhanced Supplier Experience
According to The B2B Payments Innovation Readiness Report3,
nearly 15 percent of B2B receivables are late – a problem that can
worsen if the supplier does not follow up in time. When a buyer is
late to pay, it can put suppliers in a stranglehold, making cash
flow their biggest challenge. Now suppliers will be able to:
- Choose to accept discounts on all invoices, or on an invoice by
invoice basis, to automatically get paid early through the American
Express Early Pay digital platform.
- Rely on a fast and easy onboarding, payment and reconciliation
process.
Early Pay will continue to evolve with additional features and
benefits rolling out in 2021.
To learn more about Early Pay, watch an informational video
here: https://www.youtube.com/watch?v=e3_jdOXr6H4 and contact an
American Express Account Manager.
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: charge and credit cards, business credit cards, travel
services, gift cards, prepaid cards, merchant services, Accertify,
InAuth, corporate card, business travel, and corporate
responsibility.
1 Large companies who establish an American Express Corporate
Purchasing Card account 2 According to the recent American Express
One AP Survey 3 The B2B Payments Innovation Readiness Report, a
PYMNTS and American Express Collaboration (September 2020)
Location: U.S.
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version on businesswire.com: https://www.businesswire.com/news/home/20201116005086/en/
American Express Felicia Mowll Felicia.A.Mowll@aexp.com
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