American Express Debuts 'AcceptPay' for Small Businesses

American Express Business CardsAmerican Express wants to assist the 60 percent of small businesses that the credit card issuer found to have cash flow concerns, and it’s offering a new service, dubbed AcceptPay, an online invoicing and payment solution.
AcceptPay allows business owners to create, send and track invoices. Customers can pay the invoice through various methods, including major credit and debit cards, eChecks, cash or checks.
The resulting payments are deposited 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 for American Express OPEN, the card issuer’s small business division.
According to the AmEx semi-annual survey of small business owners, 60 percent of small business owners have cash flow concerns, with 20 percent say that paying bills on time is the most significant cash flow issue. In addition, 32 percent of small business owners are most likely to be more aggressive in collecting accounts receivable to improve cash flow – the most popular tactic of presented in the survey.
AmEx says AcceptPay has no set-up fees, and is priced at $20 a month. Business owners can also register for AcceptPay Lite, which is a free invoicing-only solution that provides the opportunity to test the product.
American Express recently launched a television commercial with actual business owners asking each other questions about how to better run their businesses. It highlights AcceptPay as a solution.
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