American Express Unveils Cross-Border Payments Tool for Businesses – Finovate

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  • American Express is launching American Express Global Pay, a cross-border payments tool for U.S. small businesses.
  • Businesses can use American Express Global Pay to pay suppliers in more than 40 countries and in 12 currencies.
  • American Express did not disclose exact fees, but said that it will display the fees when the business is creating the payment.

American Express is helping small businesses keep up with global competition with its launch of American Express Global Pay, a new cross-border payments tool for small businesses based in the U.S.

American Express Global Pay allows U.S. businesses to make domestic and international B2B payments to suppliers in more than 40 countries and in 12 currencies using the mobile-optimized website. Eligible customers can earn one Membership Rewards point for every $30 in equivalent foreign exchange payments.

“Businesses today start, grow and compete on a global scale,” said American Express Executive Vice President of Global Commercial Services Dean Henry. “Our U.S. Small Business Card Members told us they want an international payment solution focused on simplicity, convenience and the chance to earn rewards – so we built American Express Global Pay to enable these businesses to easily and effectively manage their B2B payments globally on a secure platform, backed by the trusted service and unique benefits of American Express Membership.”

Available to eligible U.S. American Express Small Business Card Members, American Express Global Pay enables users to access the cross-border tool in the same location they manage their American Express Business account and offers same-day delivery of funds in select countries.

While American Express has not disclosed exact fees, the company said that it will display the fees when the business is creating the payment. “In addition to these fees, we also make money from the purchase and sale of foreign currency,” American Express said. “Recipient banks or intermediary banks may charge their own fees, which can reduce the amount delivered to your recipient.”

Go to Publisher: Finovate
Author: Julie Muhn (@julieschicktanz)