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A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.
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November 15, 2018
On the wires
American Express Launches American Express GoTM , a New Virtual Payments Offering to Streamline and Simplify Business Expenses for the Changing Workforce
“American Express (NYSE:AXP) today announced the launch of American Express Go, a new digital solution to help mid-sized and large companies efficiently handle business expenses for temporary workers, recruits, and employees without Corporate Cards. American Express Go features a Virtual Card that can be used online or over the phone, and has the option for the virtual numbers to be printed on companion plastic Cards for in-person payments everywhere American Express is accepted.”
November 9, 2018
Top Post
China Gives American Express First Shot At Its Huge Payments Market
CNN
On the web
American Express Launches New Business Gold Card With Flexible Repayment Feature
Market Watch
“The Business Gold Card, which has an annual fee of $295, blends elements of both charge cards and credit cards. The card builds on other recent additions to American Express’ slate of products for small businesses, including the Amazon Business American Express Card launched in October. Like a traditional charge card, American Express will not pre-set spending limits for Business Gold Card members, but purchases under $100 must be paid in full by the end of each month.”
October 31, 2018
On the web
Amazon Debuts No-Fee AmEx Card to Lure Small-Business Spending
Bloomberg
“The two companies unveiled a new co-branded card for small businesses on Tuesday. Cardholders with an Amazon Prime membership will be able to choose between an interest-free loan for 90 days or 5 percent back on purchases made at Amazon.com, Amazon Business, Amazon Web Services and Whole Foods Market, the companies said in a statement. The no-fee metal card will also offer 2 percent back on purchases at U.S. restaurants and gas stations and on mobile-phone services.”
October 23, 2018
On the wires
Creating a Better Digital Checkout Experience
“To enable such a consistent and user-friendly experience, EMVCo on Oct. 19 released a draft version of the technical specification that outlines how card payments can be processed and data exchanged in an SRC transaction. As a member of EMVCo, American Express is participating in the development of these specifications and plans to adopt them to ensure our card members, merchants and bank partners can benefit from SRC solutions that are expected to go live by mid-2019.”
October 19, 2018
On the web
PayPal and American Express expand partnership, will allow use of points for PayPal purchases
TechCrunch
“PayPal this week announced an expanded relationship with American Express that will allow cardholders to use their Membership Rewards points when shopping from PayPal merchants, as well as more integrated experience within both PayPal and the Amex apps, among other things. The deal is similar to those PayPal earlier struck with Visa and MasterCard., and follows a series of partnerships it has made across the industry, including others with Apple, Google, Samsung, and, most recently, Walmart, designed to increase its PayPal’s visibility and adoption.”
October 15, 2018
On the web
Amex brings SME financing to UK with ezbob
Banking Technology
“American Express (Amex) has partnered with online financing platform ezbobto offer UK SMEs competitive access to finance. Through this partnership, eligible Amex business clients will receive a referral to apply for up to £300,000 in finance from ezbob at a fixed annual interest rate from 3%.”
On the wires
American Express Partners With Ethoca to Simplify Transaction Disputes for U.S. Merchants and Card Members
“With Ethoca Eliminator, American Express can help prevent disputes for U.S. merchants by providing more detailed transaction information in real-time to card members who call customer service because they do not recognize a charge on their account. The Ethoca Eliminator platform retrieves transaction information from merchants who are using the tool, enabling American Express’ Customer Care Professionals to relay the clarifying information to the card member while on the phone.”
October 11, 2018
On the wires
American Express Early Pay Offers Flexible, Cost-Effective Supplier Payment Options
“American Express (NYSE:AXP) is announcing the initial launch of Early Pay, a supply chain finance and dynamic discounting solution, as the newest addition to its suite of business financing options. Eligible large U.S. companies who buy goods and services from U.S.-based suppliers can leverage the solution as a way to increase cash flow, generate working capital, and make their supplier payment process more efficient. In turn, suppliers can access the easy-to-use digital platform to have their eligible invoices paid earlier than their original payment due date at a competitively-priced early payment discount.”
October 4, 2018
On the web
American Express Elevates the Gold Standard in Premium Rewards with The New American Express® Gold Card
“American Express Company (NYSE:AXP) today announced a newly refreshed version of its popular Premier Rewards Gold Card, which will now be called the “American Express Gold Card.” Designed for consumers who live life on the go, the Gold Card offers Card Members rich rewards in the areas they care about and spend in the most – food and travel.”
August 10, 2018
On the web
Credit card companies to trim merchant fees, but retailers group ‘underwhelmed’
Financial Post
“Ottawa has reached voluntary, five-year deals with Visa, Mastercard and American Express that the feds expect will help small and medium-sized companies save a total of $250 million per year, says a government source familiar with today’s announcement. Starting in 2020, Visa and Mastercard will reduce the fees they collect from businesses to an average annual effective rate of 1.4 per cent — down from 1.5 per cent — and narrow the gap between the highest and lowest rates they charge retailers. “
August 6, 2018
On the wires
American Express and GreenSky Team Up to Fuel Business Growth Through Enhanced Digital Payments and Financing Capabilities
“The multi-faceted collaboration will enable eligible U.S. merchants within the American Express network and the customers they serve to access GreenSky’s proprietary point-of-sale financing solutions. Using GreenSky’s platform and technology, home improvement and elective healthcare merchants that accept American Express will be able to drive incremental sales by providing qualifying customers with options to finance large purchases in a paperless environment. “
July 30, 2018
On the web
American Express Gave Small Businesses One Rate, Then Secretly Raised It (paywall)
The Wall Street Journal
“AmEx’s foreign-exchange international payments department routinely increased conversion rates without notifying customers in a bid to boost revenue and employee commissions, the people said. The practice, widespread within the forex department, was occurring until early this year and dates back to at least 2004, the people said. The practice targeted mostly small and midsize businesses, the people said, a group of customers that accounts for about a quarter of the company’s credit-card revenue. AmEx, one of the largest small-business card issuers in the U.S., earlier this year said it hoped to become the leading payments and working-capital provider for small and middle-market companies.”
June 26, 2018
On the wires
American Express To Launch New Amazon Cobrand Card To Enhance How Small Businesses Buy
Business Wire
“American Express today announced plans to launch a new cobranded Amazon credit card for small businesses in the U.S. The new cobranded card will enhance the way small businesses buy goods and services across Amazon, and is part of a larger multi-year partnership. This partnership also includes an enhanced data solution that gives businesses in the U.S. greater insight into their purchasing activity, as well as a continued global card acceptance relationship.”
June 14, 2018
On the web
American Express Introduces New Cashback Credit Card To Appeal To Millennials
Market Watch
“On Thursday, the company released the American Express Cash Magnet card. It has no annual fee and pays unlimited 1.5% cashback. There is no cap on the amount of cashback cardholders can earn. And cardholders earn the cash on all types of purchases, not just ones in certain categories like groceries or restaurant meals. AmEx created the Magnet card partly in response to customer demand for cards with perks that are easy to understand, said Liz Bergman, the vice president of proprietary lending product management at American Express.”
April 6, 2018
On the web
Amex Pay Mobile Payments Solution Launched in India: How to Use
NDTV
“To register for Amex Pay, log into your American Express account on the Amex Mobile app on Android or iOS. Next, select Register with Amex Pay, provide the required permissions, and enter the One Time Password (OTP) to complete the verification. To make QR-based payments, click on Pay with Bharat QR, scan the relevant code, enter and confirm the amount, and enter the card’s PIN to complete the transaction.”
March 16, 2018
On the web
American Express Patent Filing Touts Blockchain for Faster Payments
Coindesk
“Global payment giant American Express may be looking into using blockchain to boost the speed of transactions. In a patent application released by the U.S. Patent and Trademark Office on Thursday, the credit card company’s travel arm – the American Express Travel Related Services Company – describes using the tech to facilitate payments between two parties by using transaction requests as a proxy.”
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