American Express today (Feb 5) has launched the Flexible Payment Option (FPO), a feature designed to offer businesses greater ability to manage and control their cashflow needs with an instant line of credit.
FPO is available for new American Express Business Platinum and Gold Card members, providing them the option to repay their statement balance in full or pay a portion over time, with interest. Business Card members also continue to get up to 54 calendar days interest free until their payment is due – so cash can stay in their account for longer, keeping cashflow more flexible.
As FPO is an embedded feature on the Cards, new Card members can manage their payments in their online account or via the Amex app, choosing to pay their balance in full; pay only the minimum due; or pay any amount in between. Interest won’t be charged if Cardmembers always pay the total balance on their account in full, by the payment due date shown on their statement.
Cashflow and flexible financing options are priorities for UK SMEs, according to an American Express survey conducted last year. Almost a third of respondents (31%) said cashflow management is a key focus for their business; and over a quarter (26%) said that repayment flexibility is highly important when considering business financing solutions.
Ruchi Sharma, Vice President, UK Commercial at American Express, said, “We know that cashflow is vital for small businesses and that’s why we’re excited to launch the Flexible Payment Option feature, which will provide business owners the financial flexibility they need to thrive.
"By providing an instant line of credit when needed, small business owners don’t have to use personal savings, take out a separate loan or miss out on the next business opportunity when it arises.”
Alongside the new FPO feature, Amex Business Platinum and Gold Cards come with no pre-set spending limit. This means that the Card's spending power – the amount a business can spend – is dynamic and adjusts to specific business needs.
In addition to enjoying flexible spending and cashflow features on their Cards, Amex Business Cardmembers can also earn Membership Rewards points on everyday business spend, which can be redeemed on travel, experiences or purchases – that may help support their life outside, as well as inside, work.