American Express recently announced enhancements to Early Pay in the U.S., the company’s supply chain payment solution to give large companies and their suppliers the ability to pay and get paid when they want through a digital platform. Initially launched in 2018, American Express’ Early Pay solution has evolved to provide benefits to both buyers and suppliers. It helps buyers have 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 optimize their cash flow by accepting early payment offers from their buyers in exchange for a discount.
“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 and 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 system]. 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.”
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.
Suppliers will also 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.
About American Express
American Express Co. engages in the provision of charge and credit card products, and travel-related services. It operates through the following segments: Global Consumer Services Group, Global Commercial Services, Global Merchant and Network Services and Corporate & Other. The Global Consumer Services Group segment issues a wide range of proprietary consumer cards globally. The Global Commercial Services segment provides proprietary corporate and small business cards, payment and expense management services, and commercial financing products. The Global Merchant and Network Services segment operates a global payments network that processes and settles card transactions, acquires merchants, and provides multi-channel marketing programs and capabilities, services, and data analytics. The Corporate & Other segment covers corporate functions and certain other businesses and operations. The company was founded by Henry Wells, William G. Fargo and John Warren Butterfield on March 28, 1850 and is headquartered in New York, NY.
