American Express and GreenSky Team Up to Fuel Business Growth Through Enhanced Digital Payments and Financing Capabilities
The companies are working together in a number of ways, including to bring innovative point-of-sale lending technology to more merchants, enabling them to offer frictionless payment options to customers
NEW YORK & ATLANTA–(BUSINESS WIRE)–American Express (NYSE: AXP) and GreenSky, Inc. (NASDAQ: GSKY) today announced a strategic alliance to bring enhanced digital payments and financing capabilities to help merchants grow their businesses and give consumers greater flexibility in financing their purchases.
“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.”
The multi-faceted collaboration will enable eligible U.S. merchants within the American Express network and the customers they serve to access GreenSky’s proprietary point-of-sale financing solutions. Using GreenSky’s platform and technology, home improvement and elective healthcare merchants that accept American Express will be able to drive incremental sales by providing qualifying customers with options to finance large purchases in a paperless environment. Customers 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 will also have access to American Express vPayment, a virtual payments solution, in order to facilitate purchases via virtual account numbers delivered to approved customers.
In addition, the companies plan to pilot a digital direct loan option with a platform for eligible American Express® consumer Card Members to search for participating merchants within GreenSky’s network, and to finance their purchases at participating American Express 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.
“American Express is committed to backing businesses and their customers,” said Stephen J. Squeri, Chairman & CEO of American Express. “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.”
August 06, 2018 08:00 AM Eastern Daylight Time
YOU MAY ALSO LIKE
Chase Expands Cardless Access to 15,000 ATMs Nationwide
Customers can now use their mobile wallets to get cash on the go
August 01, 2018 11:30 AM
Apple Kicks Off Massive Digital Payments Promotion In San Francisco; Big Discounts With Apple Pay
Aug 3, 2018, 12:05pm