American Express enhanced its Early Pay system along with the digital payment feature as they want to give the large business the supreme control on the operating of B2B payments.
Daniel Brachfeld, the vice president for the supply chain solutions of American Express, said that they aim to focus on enabling digital payments beyond the traditional corporate cards. That’s why they are investing in the solution to improve the experience of the buyers and suppliers with the common pain points related to B2B.
He further added that the latest evolution of Early Pay would provide a supply chain solution to the businesses for more flexibility with easy and effective cash flow during the payments. This comes when businesses seek a simple digital solution among the fast-evolving payment landscape of the suppliers.
To the buyers and suppliers, this Early Pay system is going to help with the automated transitions for the early payments. Moreover, it will help the buyers generate extra cash using these early payment discounts along with finance payments to benefit them with more working capital. Early Pay will allow the suppliers to optimize more cash flow in exchange for early payments with more discounts.
As per American Express, this early payment with the payment automation will allow the buyers to realize around $.84 billion in savings through the discounts. Therefore, the buyer cash flow can be optimized by the early payments with the funds of American Express.
For the suppliers, this early payment is going to help in reducing the risk regarding the late payments, which squeezes the cash flow. Dan Puleri, the vice president of the B2B supplier strategy and the enablement of the American Express, said that the invoicing and the payments are automation ready.
During September, the company unveiled its Pay Over Time Option for the small and medium-sized business along with its Gold, Platinum, and green cards. His is to help the business customers to manage the cash flow during crucial times.
Brett Sussman, the vice president of the global commercial card leading at American Express, said that “While American Express is known for our no pre-set spending limit, pay-in-full charge card model with our iconic Green, Gold and Platinum Cards, we’ve long heard from our card members who are small business owners that increased payment flexibility is important to them.”