American Express & GreenSky Collaborating To Help Vendors Expand Via Digital Payments
Dow 30 component American Express Company (AXP), and its subsidiaries provide customers and businesses globally with charge and credit payment card products and travel-related services. They look to enrich the lives of their customers and build business success.
American Express has announced its alliance with GreenSky, Inc. as part of a strategy to bring enhanced digital payments and financing capabilities to help vendors expand their businesses and allow consumers more flexibility in the way they choose to finance their purchases.
With the collaboration of the two companies, U.S. merchants within the American Express network and their customers will be able to access GreenSky’s point-of-sale financing solutions. Home improvement and elective healthcare merchants who accept American Express can increase their sales by offering qualifying customers with more options to finance larger purchases. Customers will be able to apply for installment loan financing using GreenSky’s mobile app, online or over the phone and will be able to receive a decision typically within 60 seconds.
Together, the companies plan to captain a digital direct loan option that will be a platform for eligible American Express consumer card members to allow them to search for merchants participating within the GreenSky network and to also finance their purchases at participating American Express merchants of their choice within or outside the GreenSky merchant network. Initially, the direct to consumer loans would be offered in five cities in the U.S. in the home improvement category.
David Zalik, CEO and Chairman of GreenSky stated, “We’re excited to work with American Express, a global leader in the payments industry that is known for its commitment to providing exceptional value to its customers. We’ve long admired American Express and all that the brand stands for. 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.”
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