AmEx-accepting merchants gain new financing options

New York-based American Express Co. has joined forces with GreenSky Inc., a platform provider focused on enabling frictionless promotional payment options to consumers. The aim of their strategic alliance is to bring enhanced digital payments and financing capabilities to help merchants grow their businesses and give consumers greater flexibility in financing their purchases, the partners stated.

The collaboration will enable eligible U.S. merchants within the AmEx network and their customers to access Atlanta-based GreenSky's proprietary POS financing solutions. Using GreenSky's platform and technology, home improvement and elective healthcare merchants that accept AmEx will be able to drive incremental sales by providing qualifying customers with options to finance large purchases in a paperless environment, the companies said.

"American Express is committed to backing businesses and their customers," said AmEx Chairman and CEO Stephen J. Squeri. "Our partnership with GreenSky, a fast-growing and innovative fintech company, will grant more merchants access to leading payment technology and financing solutions to enhance their customer experience and close more sales."

Meeting evolving customer needs

David Zalik, CEO and chairman of GreenSky, stated his company is excited to work with AmEx, a global leader in the payments industry that is known for providing exceptional value to its customers. "We've long admired American Express and all that the brand stands for," he said "Combining our industry-leading technology platform with the security and backing of American Express will allow us to continue innovating to meet evolving customer needs."

Customers can apply for installment loan financing via GreenSky's mobile app, online or over the phone, and typically receive a decision and transact within 60 seconds, GreenSky reported, adding that it will also have access to American Express vPayment, a virtual payments solution, to facilitate purchases via virtual account numbers delivered to approved customers.

In addition, the companies noted they plan to pilot a digital direct-loan option with a platform for eligible AmEx consumer card members to search for participating merchants within GreenSky's network, and to finance their purchases at participating AmEx-accepting merchants of their choosing within or outside of GreenSky's merchant network. The direct-to-consumer loans would initially be offered in the home improvement category in five U.S. cities, they added noting that further details will be provided as the solutions become available.

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