Amex Launches Online Invoicing and Payment Solution for Small Businesses
American Express Open, the small business division of Amex, has launched AcceptPay, an online invoicing and payment solution that can help business owners improve cash flow at a time when customers are taking a longer time to pay.
According to the American Express Open Small Business Monitor, a semi-annual survey of business owners, 60% of small business owners have cash flow concerns, with 20% of business owners reporting that the ability to pay bills on time is the most significant cash flow issue. In addition, 32% of small business owners are most likely to be more aggressive in collecting accounts receivable in order to improve cash flow – the most popular tactic of those offered in the survey.
AcceptPay allows business owners to create, send and track invoices all in one place. Customers can pay the invoice through a variety of methods, including major credit and debit cards, echeques, cash, or cheque. Resulting payments are deposited directly into the business owner’s bank account.
“At a time when every dollar counts, business owners need tools and resources to help them better manage their firms’ finances, and that is why we created this innovative payment collection solution that can help them get paid faster,” said Mary Ann Fitzmaurice Reilly, senior vice president, American Express Open.
American Express Open partnered with PaySimple, a provider of software-as-a-service (SaaS) on-demand electronic payment solutions for small businesses, to design AcceptPay. Open and PaySimple worked with business owners to create product features and integrated feedback from product test groups.