By Steve Gelsi
American Express executive Anna Marrs sees the company increasing its presence in small business finance
American Express Co. continues to widen its product offerings to small business customers as it looks to grow behind its core credit card business to compete with banks and other financial firms.
The company (AXP) has unveiled a new dashboard called American Express Business Blueprint aimed to help small business customers save time on transactions and gain more insights into their cash flow.
“Managing cash flow is a major challenge for small businesses,” said Anna Marrs, group president of global commercial services and credit and fraud risk at American Express.
The service helps American Express customers access their business card accounts to make payments and view and redeem membership-rewards points.
It also provides cash-flow insights, digital-financial products such as small-business loans and a direct and easy way to reach and manage business cards, the company said.
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According to a poll of 1,100 small businesses by American Express, 82% ofrespondents said a cash-flow management hub would save them time to run their business.
American Express has been ramping up efforts to win more business from smaller companies, including its 2020 acquisition of lending platform Kabbage.
It launched a business checking account program about a year ago as well.
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American Express called the product a “digital one-stop shop for small businesses’ financial needs, whether to manage their cash flow, make payments, get paid, or access working capital.”
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