In November 2020, American Express announced Early Pay enhancements in the United States. Such an update would allow large companies and their suppliers to make and receive payments more easily through a digital platform.
Early Pay was first launched in 2018 by the company. It gave buyers access to greater control over their accounts payable process in terms of business-to-business (B2B) payments. Early Pay also contributed to the generation of extra cash from early discounts on payments. Payments were also financed when working capital was required.
According to the announcement, the recent Early Pay enhancements represented the company’s investment in both digital business financing and high-quality 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,” Daniel Brachfeld, the vice president and general manager of supply chain solutions at American Express, said in a statement.
Brachfeld added that especially now, businesses were highly focused on digital transformation. Approximately 84% of American business decision makers noted that they felt positive about the transition to a digital payments system. Thanks to the evolution of Early Pay, businesses could more easily and efficiently manage their cash flows and payments.
“This comes at a time when businesses are seeking a simple digital solution among a rapidly evolving and fragmented supplier payments landscape,” he explained. Early Pay would continue to evolve with more features as well. Benefits would begin rolling out in 2021.
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