AMEX Teams Up with QuickBooks to Provide SME Financing

American Express recently announced a partnership with Intuit Inc. The team-up will allow qualified small business customers who are also American Express (AMEX) Open Business Card Members, to access low-cost SME lending to pay their vendors and reduce cash-flow crunch. The move followed a report by Small Business Administration that found delayed SME lending as the second most common reason that causes many start-ups to fail.

Cash flow is a critical area of concern to manage the daily operations of a small business. By combining the QuickBooks Online accounting processes from Intuit Inc. and quick access to funding from AMEX, small businesses can pay their vendors in time and stay competitive. According to E-Bai Koo, executive vice president for global product management in AMEX, by embedding AMEX Working Capital Terms directly in QuickBooks Online, small business clients can be able to simplify payments, pay vendors in time, and reduce the time spent to reconcile the accounts.

Karen Peacock, the Intuit Inc. senior vice president of small business, believes that the partnership with AMEX will help their clients make purchases with a few clicks and access affordable loans to pay off their bills. According to Ms. Peacock, the move is a game changer to support small businesses and is the driver to grow their business.

The product details available to the small businesses allow them to:

Streamline vendor management

Small business owners will have the ability to make and track vendor payments more efficiently using QuickBooks Online provided by Intuit Inc.

Request the desired loan amount and term

The current Working Capital Terms can allow the small business owners to get their loans approved in as little as one minute for AMEX Card Members. Small business owners can access loans from $1,000 to $750,000 payable with 0.5% interest for 30 days and 1.5% for a loan of 90 days.

Data integration

Small business owners will benefit from the planned data integration by AMEX to Intuit accounting software to ensure the small business owners can reconcile their ledgers throughout each phase. The objective is to provide the clients with up-to-date cash flow insights for the businesses and eliminate unnecessary steps for the small business owners.

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