Summary:
- American Express has launched 'American Express Go' a virtual card solution targeted at mid-sized to large companies;
- The solution allows workers to pay for good and services without administering corporate cards or going through reimbursement procedures
- It uses specific-use, temporary account numbers with pre-authorised spend and timeframe limits through American Express vPayment, a virtual payment solution.
The solution uses a specific-use, temporary account number with pre-authorised spend and timeframe limits to allow workers to pay for good and services without administering corporate cards or going through reimbursement procedures. The cards can be used can be used online, over the phone or in person if printed on companion plastic cards for in-person payments everywhere American Express is accepted.
American Express Go, currently available only in the US, also offers a simple, intuitive mobile experience for freelancers and project-based workers to make business purchases with company funds, thereby removing the need for a reimbursement process. The solution also increases control and visibility for companies when it comes to purchases made by their extended workforce, whether it's project supplies, business dinners, or travel expenses.
Increasingly, many mid-sized and large companies are operating with a more dynamic and fluid workforce employing freelancers and using contractors, all of whom have to wait several weeks to be reimbursed for business and travel purchases,"
"American Express Go was created to alleviate customer pain points faced by companies and their changing workforce by combining the control and flexibility of Virtual Cards with the convenience of a physical Card that can be swiped on the go," says Gint Balodis, vice president, global B2B products, American Express Global Commercial Services.
The new payment solution can be added to an existing American Express Corporate payments programme and will allow account managers the ability to quickly generate Virtual Cards. This, says American Express, will allow any business to reduce the back-office hassle of reviewing expense forms and making payments.
The new offering is powered by American Express vPayment, a virtual payments solution that enables business clients to create specific-use virtual account numbers (VANs) with pre-authorised spend controls and enhanced data capture.