B2B Payments

Amazon Chooses Amex For Small Business Credit Card

American Express (Amex) and Amazon have teamed up to release a new commercial card product designed for small businesses (SMBs) buying on the Amazon platform.

Announced today (Tuesday, June 26), the co-branded card for SMBs in the U.S. is the latest initiative in a multiyear partnership for American Express and Amazon, the firms said. The card solution will include integrated spend management features, enabling small firms to gain insight into purchasing activity.

According to Glenda McNeal, president, enterprise strategic partnerships at American Express, the co-branded card is part of Amex’s efforts to support growth for SMBs as they increasingly turn to Amazon to make purchases.

“We’re delighted to expand our partnership with Amazon by offering a new co-branded small business card, and by also harnessing the collective insights and expertise of our companies to deliver tangible value to our mutual customers who use Amazon’s services,” McNeal stated.

“Offering the best of both brands, the co-branded small business credit card program will combine the buying power, convenience and value small businesses have come to know and love from Amazon, backed by the world-class service, benefits access and security of American Express,” added Amazon Vice President Max Bardon in another statement.

The collaboration with American Express is Amazon’s first step into small business commercial cards.

Last month, unnamed sources told reporters at Fortune that Amazon would be working with JPMorgan Chase to offer small business credit card solutions. Amazon and Chase have an existing relationship to offer consumer card solutions.

In addition to the small business credit card, American Express and Amazon collaborated in an earlier initiative to enhance small businesses’ access to spend data when making purchases on Amazon Business, Amazon’s B2B eCommerce unit. That solution provides businesses making purchases on Amazon Business with their American Express commercial cards with line-item information on their buys for greater visibility into spend practices and more efficient reconciliation.

Amazon and American Express did not reveal when the small business credit card product will officially launch.

——————————–

Latest Insights:

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The September 2019 AML/KYC Tracker Report provides an in-depth examination of current efforts to stop money laundering, fight fraud and improve customer identity authentication in the financial services space.

TRENDING RIGHT NOW

To Top