American Express: Press Center

American Express Provides Increased Flexibility to Fuel Merchants By Extending U.S. EMV Fraud Liability Shift Date

Fri, 02 Dec 2016 00:00:00 -0500

American Express announced today that it plans to extend the effective date of its EMV Fraud Liability Shift for U.S. fuel merchants by three years, to October 2020. The extension will give U.S. fuel merchants increased flexibility in their fight against fraud by providing additional time to upgrade their automatic fuel dispenser systems to accept EMV chip cards. Starting October 2020, U.S. fuel merchants may be held liable for fraud chargebacks that result from payment transactions performed at automatic fuel dispensers if they have not enabled these devices to accept EMV chip cards.

“American Express is committed to helping merchants fight fraud and supporting their efforts to manage the costs of upgrading to EMV,” said Jaromir Divilek, Senior Vice President, Global Network Business, American Express. “U.S. fuel merchants face unique circumstances, including complexity of the hardware upgrade and the process involved in making the updates necessary to accept EMV chip cards at automatic fuel dispensers. We want to ensure these merchants have the time necessary to work through this process so they can upgrade their systems to accept EMV chip cards and enhance their security.”

American Express first announced its U.S. EMV roadmap in 2012. Since that time, the company has worked closely with its merchants, third-party processors, and other partners to ensure they have the tools and resources necessary to upgrade their point-of-sale systems so they can accept EMV chip cards. As of October, more than one third of the U.S. Card Present transactions on the American Express Global Network are chip card transactions occurring at EMV-enabled terminals. In addition, nearly all of our U.S. consumer, small business and corporate cards contain EMV chips.

American Express has also taken other steps to help U.S. merchants limit their fraud costs as they upgrade their POS systems. In June, the company announced changes to its EMV chargeback policy that are in effect until April 2018. Under those changes, U.S. merchants are not held liable for chargebacks for counterfeit fraud when a transaction is under $25. In addition, the company is limiting the number of counterfeit fraud chargebacks to a total of 10 per card account. The card issuer – not the merchant – bears the financial liability for any additional counterfeit fraud transactions that are disputed on a card account after 10 chargebacks. This limit does not prevent a Card Member from disputing additional fraudulent transactions.

American Express also offers merchant acquirers a self-certification program that allows them to perform the tests necessary to certify merchants’ POS devices for EMV acceptance. The program enables merchant acquirers to complete the required POS certifications within as little as a few hours. Today, the vast majority of U.S. POS certifications on the American Express Global Network are performed using the self-certification program. For more information about the self-certification program, merchant acquirers can visit: https://network.americanexpress.com/en/globalnetwork/certification/.

About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, foursquare.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, Accertify, corporate card, business travel and corporate responsibility.

Small Business Saturday® Results: 112 Million Consumers Shop and Dine Small on Small Business Saturday - More Than Ever Before

Mon, 28 Nov 2016 00:00:00 -0500

As Small Business Saturday wrapped up its seventh year on Saturday, November 26th, the outpouring of support for local businesses across the country hit record highs with 72% of U.S. consumers aware of the day. More shoppers reported visiting local independent businesses on Small Business Saturday this year than ever before, according to results from the Small Business Saturday Consumer Insights Survey, released today by the National Federation of Independent Business (NFIB) and American Express. This year, an estimated 112 million consumers reported shopping at small businesses on Small Business Saturday, marking a 13 percent increase from 2015.

Small Business Saturday saw record levels of support from communities and local organizations in 2016. More than 6,700 Neighborhood Champions from the Great Lakes to the Gulf Coast and from the Pacific Northwest to New England rallied local businesses and created events in their communities for Small Business Saturday — an increase of 63 percent over last year. Additionally, the estimated number of small business owners reached through the Neighborhood Champion program was 2.1 million.

More than 480 organizations joined the Small Business Saturday Coalition, a 13 percent increase over last year. The Coalition, a group created in 2011 to help amplify the Shop Small® message, is comprised of national, state and local associations that help coordinate activities for Small Business Saturday with consumers and small business owners.

Consumers came together to show their love for small businesses on Small Business Saturday. Among those who shopped on the day, 32% reported attending a community event, and 81% reported encouraging friends or family to shop or dine at small, independently-owned retailers and restaurants on the day as well, both on par with 2015.

Additionally, consumers and small businesses helped rally support for Small Business Saturday and their favorite small businesses on social media channels. So far this month, there were 135 million social media engagements in support of Small Business Saturday, up from 85 million in 2015¹.

“It’s exciting for us to see the record number of consumers who came out in support of independently-owned businesses on Small Business Saturday,” said Elizabeth Rutledge, EVP of Global Advertising and Media at American Express. “People across the country are aware of the benefits that small businesses can bring to the community, and the momentum that was started seven years ago with the first Small Business Saturday continues to build.”

At a time when an increasing number of consumers are opting to shop online – and are spreading their holiday shopping spending over a longer period of time than they did traditionally – many still prioritize visiting brick and mortar small businesses on Small Business Saturday. According to the survey, among U.S. consumers who went out and shopped in-store, total reported spending reached an estimated $15.4 billion at independent retailers and restaurants on the day, a decrease from the estimated $16.2 billion spent in 2015.

“Small businesses across the nation are often run by the friends, family, and neighbors that we know well, so supporting them is not only personal but critical to their success,” said NFIB CEO and President Juanita Duggan. “Partnering with American Express to promote the awareness and importance of shopping small is something we are very proud of, and look forward to continuing the success of Small Business Saturday.”

Although Small Business Saturday 2016 is now behind us, American Express’ commitment to local businesses remains steadfast. To keep support for small business strong through the rest of the holiday season, American Express is giving Card Members the opportunity to earn 2x rewards when they enroll an eligible American Express® Card at amex.co/shopsmalloffer and shop at qualifying small merchants both in-store and online now through December 31st². With the addition of 1.6 million merchant locations that started accepting American Express Cards over the past two years, Card Members now have even more places than ever to Shop Small³. When Card Members use an eligible Card to shop at qualifying small merchants they could earn 2X rewards in the form of what they already earn with their Card– from Membership Rewards® points to miles with Delta® to Cash Back and more. This offer is the latest way American Express is supporting the expanding network of small merchants who accept American Express Cards by giving Card Members yet another reason to Shop Small throughout the holiday season.

Elected Officials across the U.S. Show Their Support

President Obama issued a letter recognizing Small Business Saturday in 2016.
Elected officials in all 50 states and Washington, D.C. championed Small Business Saturday.
A total of 288 Federal Officials and Agencies showed support for Small Business Saturday through posts on Facebook and Twitter.
651 City proclamations in support of Small Business Saturday were issued by mayors and other elected officials in all 50 states and Washington, D.C.
The United States Senate unanimously passed a resolution designating November 26th, 2016, as Small Business Saturday.
Nine Public Service Announcements encouraging the public to “Shop Small” were recorded by government officials across the nation.

Communities and Supporters Contribute To Big Success in Year Seven
In addition to the growth of the Neighborhood Champion Program and the Small Business Saturday Coalition, corporations, consumers and businesses across the country rallied their communities around Small Business Saturday. For example:

In a substantial show of corporate support, nearly 100 companies, including FedEx, Uber, AT&T, Valpak and Ace Hardware signed up to become Corporate Supporters of the day and helped promote participation in Small Business Saturday. Corporate Supporters helped rally their combined millions of small business customers and consumers to take part in Small Business Saturday. Their efforts ranged from connecting their small business audience with assets to helping them get ready for Small Business Saturday and distributing Shop Small merchandise, to posting on social media and rallying their tens of thousands of employees to Shop Small.
Small business owners successfully used the Shop Small Studio more than 85,000 times for marketing materials and/or merchandise to help promote their businesses on Small Business Saturday.
From the first of November through the 26th, there were nearly 250,000 social media posts combined on Facebook, Instagram and Twitter using #ShopSmall, #SmallBizSat and/or #DineSmall, and more than 150,000 were posted on November 26th alone⁴. Posts included consumers showing their love for their favorite small businesses, business owners raising awareness for promotions and activities taking place on Small Business Saturday, as well as government officials and celebrities showing their support for the day and their favorite small businesses.

About the Survey
The Small Business Saturday Consumer Insights Survey was conducted among a nationally representative sample of 2,180 males and females 18 years of age or older. The sample was collected using an email invitation and an online survey. The study gathered self-reported data and does not reflect actual receipts or sales. It was conducted anonymously on November 27, 2016. The survey has an overall margin of error of +/- 2.1%, at the 95% level of confidence.

About Small Business Saturday
November 26th marks the seventh annual Small Business Saturday, a day dedicated to supporting the local businesses that can help create jobs, boost the economy and preserve neighborhoods around the country. Small Business Saturday was created by American Express in 2010 in response to small business owners’ most pressing need: more customers. Learn more and connect with us on ShopSmall.com, instagram.com/shopsmall, facebook.com/SmallBusinessSaturday, twitter.com/shopsmall.

About NFIB
NFIB is the nation’s leading small business association, with offices in Washington, D.C., and all 50 states. Founded in 1943 as a nonprofit, nonpartisan organization, NFIB gives small and independent business owners a voice in shaping the public policy issues that affect their business. NFIB’s powerful network of grassroots activists sends their views directly to state and federal lawmakers through our unique member-only ballot, thus playing a critical role in supporting America’s free enterprise system. NFIB’s mission is to promote and protect the right of our members to own, operate and grow their businesses. More information about NFIB is available online at www.NFIB.com/newsroom.

1 Social media engagements are defined as any proactive action taken by a social media user related to the Small Business Saturday or Shop Small related social media content and conversations on Facebook, Twitter, Instagram, YouTube, including but not limited to, likes, shares, comments, video views, etc.

2 Card Members will not earn 2X rewards on any bonus they may already enjoy with their Card, such as when they spend on certain types of purchases or at certain merchants. Prepaid and Corporate Cards, American Express Cards issued by other financial institutions, The Plum Card® and certain other Cards are not eligible. Reward caps and other terms apply.

3 Based on internal comparison of American Express small merchant locations in December 2013 to American Express small merchant locations in December 2015.

4 This includes the hashtags #ShopSmall, #SmallBizSat, #SmallBusinessSaturday, #ShopSmallBusinessSaturday, #ShopSmallForAll, and #ShopSmallSaturday.

Majority of U.S. Small and Middle Market Retailers Expect Strong Sales this Holiday Season, According to the American Express Holiday Growth Pulse

Thu, 10 Nov 2016 00:00:00 -0500

As businesses gear up for the holiday season, they are optimistic about sales and predict growth for the next quarter and into 2017, according to the American Express Holiday Growth Pulse, a survey of 1,502 small and middle market businesses across a variety of industries. Specifically in the retail industry, nearly six in ten (59%) small business retailers think holiday sales will be stronger compared to last year, and 34% think they will be roughly the same as last year. Small business retailers (companies with fewer than 100 employees and annual revenues of $250,000 or greater) are not alone in their positive outlook – 81% of middle market retailers (companies with $10 million to $1 billion in annual revenues) also feel sales will be stronger than last year.

Retailers See Growth Potential in 2017 as Contingent on Successful 2016 Holiday Season
Small Business Saturday often marks the start of the busy holiday shopping season for small retailers, and holiday sales are a significant indicator of future growth for many of these businesses. Nearly six in ten (59%) small business retailers see their potential for growth in 2017 as being contingent on a successful holiday season. Middle market retailers feel even stronger about the importance of the holidays, with 89% saying their potential for growth in 2017 will be contingent on a successful 2016 holiday season. To ensure they can meet demand, the majority of middle market retailers (77%) plan to hire additional staff for the holidays, while less than one third (31%) of small business retailers plan to add staff.

“Retailers are optimistic about the upcoming holiday season and the impact it will have on their growth in 2017,” said Susan Sobbott, President of Global Commercial Payments at American Express. “As small and middle market retailers gear up for this critical season, many are offering promotions to draw customers in, and hire additional staff to ensure quality customer service during the busy season.”

Retailers Feel the Pressure to Discount; Use Social Media to Stand Out
Given the importance of the holiday season, small and middle market retailers are putting a great deal of effort into making sure they see strong results. As retailers of any size look for ways to succeed, many feel they will need to offer sales and promotions. Sixty-four percent of small business retailers, and 88% of middle market retailers, think they will need to be more aggressive in sales and promotions in order to stand out. As a way to raise their company’s profile, 89% of small business retailers will utilize social media this holiday season; of those, the greatest number are using Facebook (81%).

More than two-thirds of small business retailers (67%) say their company will be offering holiday discounts this year. Among those offering holiday discounts:

58% will start offering holiday discounts the same time as last year
42% will start offering holiday discounts earlier

Small Businesses Plan to Spend More on Gifts and Parties, Middle Market Companies to Give Larger Bonuses
As small businesses across a variety of industries anticipate a successful holiday season, they plan to spend more than last year to thank current customers with gifts and reward employees with more generous holiday parties. More than seven in ten (71%) small businesses will spend money on holiday gifts for clients or customers this year. On average they will spend a total of $6,700; an increase of $1,330 over 2015. Almost nine in ten (87%) middle market companies also plan to give holiday gifts for clients and customers.

In terms of small business’ plans for staff this holiday season, more than two-thirds (69%) plan to host a holiday party or get together. For those hosting a holiday party, the average amount they expect to spend is $3,000; which is a $900 increase over last year.

Additionally, more than three-quarters of small business owners (80%), and 87% of middle market companies across industries are planning to give their employees bonuses this year. When it comes to the type of bonus they will receive, 54% of small business owners indicate that their employees can expect something equivalent to “a small stocking stuffer” (less than 5% of annual salary), 22% expect to give a gift “too large to fit in the stocking” (5 to 15% of salary) and only 4% will give staff the “gift of their dreams” (more than 15% of their salary). However, 20% say their employees should expect “a lump of coal” (no bonus at all). Middle market employees can expect slightly larger bonuses – 14% will be getting the holiday gift of their dreams (more than 15% of salary), 37% will be getting a gift too large to fit in the stocking (5-15% of salary), and 37% will get a small stocking stuffer (less than 5% of salary).

Despite Expectations for Growth, Holiday Season Is Not Carefree
In the near term, growth overall is the top priority for small and middle market companies across industries. Roughly three quarters (74%) of small businesses and more than nine in ten (91%) middle market companies identify growth as their top priority. As they consider expansion, 59% of small businesses expect their business to grow over the next quarter - with half who say their company will be ‘making gains’ (50%) and nearly one in ten who say their company will be ‘expanding by leaps and bounds’ (9%).

Despite their positive outlook and focus on growth, there are causes for concern during the holiday season:

Employee productivity (41%) and data security (38%) will be greater concerns during the holidays than during any other time of the year for small businesses from various industries.
For middle market companies across industries, employee productivity is the greatest cause for concern around the holidays (24%) and 78% agree that employee productivity will be a greater concern at their company during the holidays than during any other time of the year. Additionally, 76% agree that data security will be a greater concern during the holidays than during any other time of the year.

Survey Methodology
The American Express Holiday Growth Pulse is based on a nationally representative sample of 1,000 U.S. small business owners/managers, defined for the purposes of this survey as companies with fewer than 100 employees and annual revenues of $250,000 or greater, and 502 middle market companies, defined for the purposes of this survey as companies ranging in size from $10 million to $1 billion in annual revenues. The anonymous survey was conducted online among financial decision makers, owners and managers October 4-16, 2016. The survey has a margin of error of +/- 3.1% at the 95% level of confidence for the small business sample of 1000 and a margin of error of +/- 4.4% at the 95% level of confidence for the sample of 502 middle market companies. Sub-samples of small business and middle market retailers have higher error rates.

About American Express Global Commercial Payments
Through its Global Commercial Payments division, American Express offers a suite of payment and lending products that help businesses and organizations of all sizes gain financial savings, control and efficiency. Global Commercial Payments provides solutions for travel and everyday business spending, cross border payments, global currency solutions, and business financing.

To learn more about Global Commercial Payments visit business.americanexpress.com.

To learn more about American Express OPEN, which provides products and services for small businesses and entrepreneurs in the United States, visit www.OPEN.com.

From Daybreak ’til Midnight: Shop, Dance, Ride & Dine this Small Business Saturday®

Tue, 01 Nov 2016 00:00:00 -0400

American Express today announced several events and offerings to support the seventh annual Small Business Saturday, which takes place on the Saturday after Thanksgiving, November 26. Founded by American Express in 2010, Small Business Saturday encourages Americans to shop at local independent businesses across the country, from neighborhood retail stores and restaurants to service businesses like drycleaners and nail salons. To show their love for small merchants, American Express is also giving Card Members the opportunity to earn 2x rewards when they enroll an eligible American Express Card and Shop Small on Small Business Saturday and through December 31.

Every year, consumers who Shop Small make a significant impact on their local economies. According to the 2015 Small Business Saturday Consumer Insights Survey, approximately 95 million Americans shopped on Small Business Saturday last year, spending an estimated $16.2 billion at independent retailers and restaurants, up 14 percent from 2014¹.

“It's exciting to see how Small Business Saturday has evolved over the years. When all of us rally to support the small businesses that make our neighborhoods unique, the impact is truly inspiring,” said Elizabeth Rutledge, executive vice president, Global Advertising and Brand Management at American Express. “This year, we want all kinds of small businesses to get involved -- from fitness studios, to cafés, to retail stores and restaurants -- so we’ve created even more ways for Americans to participate on Small Business Saturday, whether you're a night owl or morning person.”

How to Shop, Dance, Ride & Dine
American Express is teaming up with a new list of organizations to make this year’s Small Business Saturday memorable for everyone. Events and offerings include:

Dance + Yoga Sesh with Daybreaker: Daybreaker, the early morning dance movement spreading around the world, is teaming up with American Express on Small Business Saturday to create an unforgettable kick-off experience to celebrate the small businesses that empower and enrich the communities they serve. The parties will take place in New York City, San Francisco and Chicago, where attendees can wake up to an invigorating workout and dance party with music, DJs, performers and yoga/fitness, as well as food and beverages from local businesses.
Free Rides to Shop Small in NYC with UberPOOL: To help shoppers get together and Shop Small on Small Business Saturday, American Express and Uber are offering a free UberPOOL ride (up to $20) to American Express Card Members in all five boroughs when the promo code SMALLBIZSAT is entered into the Uber app. And through the end of the year, first time UberPOOL riders in NYC can enter the promo code SHOPSMALL2016 to get their first UberPOOL ride free (up to $20). Visit the Shop Small map for ideas on where to go and ride together to Shop Small.
Dine Small with The Infatuation: The Infatuation, an influential online platform focused on helping people find the best restaurants in their area, will host an event at an independent restaurant in four cities: New York City, Los Angeles, Washington, D.C., and San Diego. Restaurants will create exclusive Small Business Saturday menu items to celebrate the day and encourage consumers to continue visiting local restaurants long after the weekend. Restaurant-goers will be encouraged to share their experiences on social media.
Local Celebrations with Neighborhood Champions: More than 4,000 small business owners, individuals and community organizations have already pledged to be this year’s Neighborhood Champions, committing to host events and activities to rally their communities on Small Business Saturday. Shoppers can support their local Neighborhood Champions and independent businesses by attending these events together with other Shop Small enthusiasts. More information about these activities can be found at www.shopsmall.com.

American Express Card Members Receive Offer to Shop Small and Earn Big
New this year, American Express is giving Card Members the opportunity to earn 2x rewards when they enroll an eligible American Express Card at http://www.amex.co/shopsmalloffer and shop at qualifying small merchants both in-store and online now through December 31. With the addition of 1.6 million merchant locations that have started accepting American Express Cards over the past two years, Card Members now have even more places than ever before to Shop Small². When Card Members use an eligible Card to shop at qualifying small merchants they can earn 2X rewards – from Membership Rewards® points to miles with Delta® to Cash Back and more. This offer is the latest way American Express is supporting the expanding network of small merchants who accept American Express Cards by giving Card Members yet another reason to Shop Small throughout the holiday season.

Show Your Love for Small Businesses on Social Media
Last year, millions of consumers showed their love for independent businesses on Small Business Saturday. This year is no different. American Express is asking consumers to join in on making the day bigger than ever for small businesses by sharing their experiences on social media. Anyone can join the conversation and spread the Shop Small message to their family, friends and online followers by using the hashtags #ShopSmall, #SmallBizSat and #DineSmall.

About Small Business Saturday
November 26th is the seventh annual Small Business Saturday. Dedicated to supporting local businesses that create jobs, boost the economy, and preserve neighborhoods around the country, Small Business Saturday was created by American Express in 2010 in response to small business owners’ most pressing need: getting more customers. Learn more at and connect with us on ShopSmall.com, instagram.com/shopsmall, facebook.com/SmallBusinessSaturday, twitter.com/shopsmall.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

¹Small Business Saturday Consumer Insights Survey by National Federation of Independent Business (NFIB) and American Express. (November 30, 2015, November 30, 2014). Based on consumer self-reported data and does not reflect actual receipts or sales.

²Based on internal comparison of American Express small merchant locations in December 2013 to American Express small merchant locations in December 2015.

Consumers Willing to Take Additional Security Steps to Prevent Online Fraud as E-Commerce Grows, Finds New American Express Survey

Thu, 20 Oct 2016 00:00:00 -0400

As e-commerce continues to expand, online payment security is a top concern for merchants¹ and consumers², according to a new report from American Express. The 2016 American Express Digital Payments Security Survey found that 70% of U.S. merchants are experiencing an increase in sales through online and mobile channels over the previous year.

The report, which surveyed 1,021 U.S. consumers and 401 merchants, reveals that as ecommerce grows, payment security remains top of mind for both. Nearly half (48%) of consumers who shopped online in the past year have experienced payment fraud, representing nearly 80 million online consumers. Four in 10 consumers (40%) view online shopping as having more risk than an in-store purchase (28%). In addition, 42% of shoppers say that they have abandoned an online purchase due to payment security concerns. This increases to 48% for Gen X and 50% for Millennials, suggesting that while younger consumers are considered early adopters of new technology, they also place a high priority on the security of their information.

Meanwhile, 60% of merchants report that they have experienced fraudulent online sales, and 25% say their level of fraud with online sales has increased this year. Participating merchants reported on average 31% of their online sales transactions in the past year were abandoned by their customers before a sale was completed.

The good news is that consumers indicate they are willing to take specific steps to enhance the security of their information when making an online purchase, presenting an opportunity for merchants to capture more online sales and increase trust among their customers.

Nearly eight-in-10 online consumers (78%) are willing to enter a security code (CVV) for their credit card but only 57% of merchants require the use of a CVV code for online customer transactions.
While 70% of online consumers are prepared to use security questions (e.g. ‘What was the make and model of your first car?’), 43% of merchants have this prompt available on their websites.
More than two-thirds of online consumers (68%) are willing to create a one-time password but only 37% of merchants require a separate one-time password for additional security.
63% of online consumers are open to creating a customer profile on the merchant’s website in order to complete a purchase, but less than half of merchants (46%) provide this option online.
For consumers to trust an online merchant, 84% want easy-to-find customer service contact information and 78% want visible security cues on the merchant’s site. Yet, only 50% of merchants say they provide easy access to customer service reps on their websites and 52% report taking the step of using data encryption on their website.

Consumers also can do more to keep their personal information secure online. Less than half (44%) use a different password for every online account; 30% change their passwords once or twice a year; and 17% never change their banking or payment passwords. American Express recommends Card Members create different passwords across all banking, email and social media accounts and consider updating all passwords every six to 12 months.

“Payment fraud can impact a merchant’s bottom line,” said Mike Matan, Vice President, Industry Engagement, Product and Marketing for American Express’ Global Network Business. “Fighting fraud for our Card Members and merchants is an ongoing priority at American Express. We offer a number of services and features to help Card Members monitor their account information and help prevent fraud at the point of sale, including one-click alerts to confirm charges via text, email and our mobile app. Our investments in technology and advanced analytics have also enabled American Express to achieve the lowest fraud rates in the industry.”

American Express works with merchants to fight online fraud on multiple fronts, including:

SafeKey^®: To further enable U.S. merchants to reduce online fraud, American Express recently expanded availability of SafeKey, an authentication tool that adds an extra layer of security when a participating American Express Card Member shops online. Leveraging the global industry standard, 3-D Secure®, SafeKey detects and reduces online fraud by validating the Card Member’s identity through various methods, including risk-based authentication and dynamic one-time passcodes.
Enhanced Authorization: American Express’ Enhanced Authorization service uses additional information submitted by online merchants, such as email addresses, phone numbers, and shipping addresses, to detect fraud when a Card Member transaction is submitted for authorization. The service can help online merchants reduce operating expenses stemming from chargebacks and capture more online sales.
Accertify: A subsidiary of American Express, Accertify provides fraud-management and chargeback solutions to online merchants that help them detect and prevent fraud across all payment card networks. Many of Accertify’s clients have quickly achieved significant gains in the efficiency, accuracy and productivity of their fraud-prevention efforts, resulting in reductions in their fraud losses and customer complaints related to fraud.

Survey Methodology
The 2016 American Express Digital Payments Security Survey was conducted among U.S. consumers and merchants that offer online/mobile payment options to their customers. The anonymous survey was conducted online September 6-13, 2016.

Unless otherwise noted, responses among consumers represent those who have made an online purchase three or more times in the past 12 months based on self-report. The sample size of n=718 has a margin of error of +/- 3.7 at the 95% confidence level. The consumer portion of the study is based on an overall sample of 1,021 respondents weighted to be representative of the U.S. census based upon gender, age, education, race and region.

The merchant portion of the study is based on a sample of 401 merchants in the U.S. Respondents have responsibility for making decisions regarding customer payment options, IT/data security, or online sales strategy and planning. The business sample has a margin of error of +/- 4.9 at the 95% confidence level.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

(1)Merchants refer to those businesses who accept payments on a traditional website, mobile website or mobile application.
(2)Consumers refer to those who have shopped online three or more times in the past year

American Express Launches “Amex for Developers” Portal

Mon, 17 Oct 2016 00:00:00 -0400

American Express today announced the launch of Amex for Developers, a new portal providing a single point of access to company APIs and developer resources in such categories as payment services, customized experiences, data intelligence and fraud prevention. The portal is launching with an initial set of products; ongoing releases are expected to include additional products in new categories.

“American Express has long used APIs to enable selected merchant partners to grow their businesses by engaging their customers who are Card Members in innovative ways,” said Marc Gordon, Executive Vice President and Chief Information Officer. “With the launch of Amex for Developers, we are expanding access to our APIs to additional partners, creating new opportunities for business growth, both for our partners and for American Express.”

Created for developers, the portal contains a robust set of tools and resources, plus supports an end-to-end, self-service workflow, so software engineers can rapidly create, innovate and test new concepts. The portal includes a “sandbox” environment that has been architected to give developers the freedom to quickly begin testing and experimenting with American Express capabilities, without access to actual Card Member or merchant data. In addition to processing payments on its network, American Express manages both the acquiring relationship with merchants and the card-issuing side of the business, creating a “closed loop.” The portal has been designed to give developers access, through its APIs and other products, to capabilities that power billions of transactions around the globe and support innovation at each stage of the digital commerce journey, in a way that is consistent with American Express' longstanding commitment to privacy and safeguarding Card Member information.

“Amex for Developers provides the opportunity for software engineers around the world to innovate with American Express,” noted Sathish Muthukrishnan, Vice President, Enterprise API Engineering & Digital Partnerships. “This will enable more developers to apply their creativity to our APIs and other products, which already have been leveraged by such partners as Facebook, Twitter, Uber and Best Buy.”

The new Amex for Developers portal is available at https://developer.americanexpress.com.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

American Express and Intuit Help Small Businesses Tackle Cash Flow Crunch

Thu, 13 Oct 2016 00:00:00 -0400

Intuit Inc. (Nasdaq: INTU) and American Express today announced a partnership that will give qualified QuickBooks Online small business customers who are also American Express OPEN^® Business Card Members access to short-term, low-cost financing from American Express to pay vendors and ease the cash flow crunch. This unique partnership will make American Express OPEN Working Capital Terms the payables financing solution for QuickBooks Online customers.

A report by the Small Business Administration found that insufficient or delayed financing is the second most-common reason for businesses to fail¹. By combining automated accounting processes with increased access to quick financing and payment options, this integration will provide small businesses with timely funding to help pay their vendors, help them stay competitive and reduce accounting headaches.

“We’ve heard time and again from small business customers that cash flow is a key area of concern when it comes to managing day-to-day business expenses,” said E-Bai Koo, executive vice president, global product management, American Express Global Commercial Payments. “By embedding our Working Capital Terms’ digital loans directly into QuickBooks, we make financing available to our customers when and where they need it most to pay vendors, simplifying the payments process and reducing time spent reconciling accounts.”

“We’re thrilled to partner with American Express to give QuickBooks Online customers who are also American Express OPEN Card Members access to affordable loans to pay off bills and make purchases with a few clicks and approval in as little as sixty seconds right from QuickBooks Online,” said Karen Peacock, senior vice president of small business at Intuit. “We believe this is a game changer in support of small businesses – providing financing to bridge the gap between money in and out, and ultimately helping to grow their business.”

Additional Product Details
American Express OPEN Working Capital Terms with QuickBooks lets small businesses:

Request a desired loan amount and term: Working Capital Terms can approve a loan in as little as sixty seconds for qualified existing small business Card Members. Loan requests can start at $1,000 and can be as high as $750,000 with fees of 0.5 percent for a 30-day loan to 1.5 percent for a 90-day loan.²
Streamline vendor management: Make and track vendor payments more easily by consolidating payment and accounting transactions in one place. By requesting funds to pay vendors directly in QuickBooks, small businesses can conveniently track and reconcile their payments.
Seamlessly reconcile accounts: Upon payment, American Express will seamlessly integrate data with QuickBooks to automatically reconcile accounting ledgers throughout each phase – eliminating steps for small business owners and providing up-to-date cash flow insights for the business.

Intuit and American Express launched the Connect to QuickBooks^® app in November 2015. The app lets American Express OPEN Card Members automatically import their Card transactions into QuickBooks so accounting is seamlessly done. Today, Connect to QuickBooks, available through the intuit.com App Center, is the top third-party app in the QuickBooks ecosystem.

Intuit and American Express also announced ReceiptMatch^SM, a feature available with American Express OPEN Cards to help streamline expense management³ by allowing Card Members to add receipts, tags and notes to transactions either via desktop or mobile device. Using the ReceiptMatch Mobile App and Connect to QuickBooks, Card Members can manage their Business Card expenses by tagging transactions with existing QuickBooks categories⁴.

American Express OPEN Working Capital Terms with QuickBooks is another example of Intuit’s commitment to helping small businesses manage their cash-flow with its QuickBooks Financing offering, which provides access to a full spectrum of credit solutions.

Availability
American Express OPEN Working Capital Terms with QuickBooks will be available in limited release for select small business customers starting in early 2017.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

About Intuit Inc.
Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals.

Its flagship products and services include QuickBooks® and TurboTax®, which make it easier to manage small businesses and tax preparation and filing. Mint provides a fresh, easy and intelligent way for people to manage their money, while Intuit's ProConnect brand portfolio includes ProConnect Online, ProSeries® and Lacerte®, the company's leading tax preparation offerings for professional accountants.

Founded in 1983, Intuit had revenue of $4.7 billion in its fiscal year 2016. The company has approximately 7,900 employees with major offices in the United States, Canada, the United Kingdom, India, Australia and other locations. More information can be found at www.intuit.com.

QuickBooks Financing is licensed as Intuit Financing Inc.

¹ Source: Small Business Administration: Managing Your Business Credit

²Fees subject to change. Loan amount is subject to individual Card Member eligibility.

³ ReceiptMatch^SM and Connect to QuickBooks^® are two separate business tools available with Business Cards from American Express OPEN that were created to work together. You must enroll in ReceiptMatch and in Connect to QuickBooks separately from your American Express online account. Connect to QuickBooks works with QuickBooks Online. For details and enrollment in ReceiptMatch, go to www.open.com/receiptmatch. Any QuickBooks Online screen shots ©Intuit Inc. All rights reserved. Intuit, the Intuit logo, QuickBooks, and the QB logo are registered trademarks of Intuit Inc.

⁴ The ReceiptMatch^SM Mobile App is only available with Business Cards from American Express OPEN. The ReceiptMatch Mobile App is only available on iTunes and Google Play. Apple, the Apple logo, iPhone and Mac are trademarks of Apple, Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Play is a trademark of Google Inc.

Back for the 12s: American Express and the Seattle Seahawks Return for Second Season of “All for the 12s” Experiences in 2016

Wed, 12 Oct 2016 00:00:00 -0400

American Express and the Seattle Seahawks today announced a multi-year extension of their partnership, which will continue to bring together Card Members and Seattle businesses to offer exclusive experiences for Seahawks fans – also known as the "12s" – throughout the football season. The 2016 Seahawks season will mark the second year of delivering fan-driven events and benefits for Card Members and the Seattle community.

"We’ve seen first-hand the amazing passion this city has for the Seahawks, from the fans to the storefronts, the Seattle community is united in supporting their beloved team,” said Gunther Bright, EVP and GM of Merchant Services U.S., American Express. “Just as the Seattle community is devoted to their team, we are devoted to the Seattle-area Card Members and merchants who rely on American Express every day. We’re honored and excited to bring back a second season of experiences for the 12s, with returning fan-favorites and new experiences for fans to enjoy, fueled by the service and access that only American Express can provide.”

“Last season American Express did a phenomenal job of creating great activations and events, including Section 12 and Hawks Island for Seahawks fans on Blue Friday and on gameday,” said Amy Sprangers, Seahawks Vice President of Corporate Partnerships and Suites. “We are honored to extend our partnership with American Express, a partner who will continue to bring incredible experiences to our fans.”

The Seahawks regular season will feature a full lineup of activities for American Express Card Members and merchants, including the return of Hawks Island on the Puget Sound, the Section 12 pre-game experience outside CenturyLink Field before home games, a new community tour featuring the American Express Fan Van and merchant tool kits that give local businesses more ways to show support for their team.

To kick off the second season of the partnership, on August 27, American Express hosted “Dinner on the 50,” an exclusive dinner experience for a few hundred Card Members, who were treated to a four-course meal on the 50-yard line of CenturyLink Field. The event featured intimate panel discussions with current Seahawks players Earl Thomas, Bobby Wagner and Tyler Lockett, as well as other fan activities.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

About Seattle Seahawks
The Seattle Seahawks joined the National Football League (NFL) in 1976 as an expansion team. The Seahawks have won nine division titles and three conference championships. They are the only team to have played in both the American Football Conference (AFC) and the National Football Conference (NFC) championship games. They have appeared in three Super Bowls, (Super Bowl XL, Super Bowl XLVIII and Super Bowl XLIX). The Seahawks defeated the Denver Broncos, 43-8, in Super Bowl XLVIII to win their first title. The team plays at CenturyLink Field in downtown Seattle and is owned by local businessman, investor, and philanthropist Paul Allen.

International Markets Provide Growing Source of Revenue for Small and Mid-sized Companies, According to American Express Grow Global Survey

Thu, 29 Sep 2016 00:00:00 -0400

Revenues are on the rise for small and mid-sized U.S. companies that sell goods and services internationally, according to the 2016 American Express Grow Global Survey. In the survey of companies selling outside the U.S., 80% say revenues are greater compared to one year ago, and on average one quarter (26%) of their revenue growth can be linked to international sales alone. Additionally, as companies forecast future revenues, they are optimistic about exporting. Over the next five years, more than three-quarters (76%) anticipate their revenue from global sales to increase by about 30% on average.

While an overwhelming majority of surveyed companies (90%) agree that international markets offer significant growth opportunities, growth does not come without challenges. The most significant concerns for those selling outside the U.S. include the ability to build relationships with foreign partners (75%) followed closely by the ability to comply with local and international law, trade regulations, and transportation and shipping costs (each, 73%).

Businesses recognize they need help navigating challenges that arise when doing international business, some of which include cultural differences/different business practices (65%), political instability (64%), language barriers (59%) and a general lack of knowledge about the markets in which they operate (57%).

American Express created the Grow Global program in 2015 to help ease business owners’ concerns, and provide valuable resources and networking opportunities for U.S. small and medium-sized businesses that currently export as well as those who are considering exporting.

“Our research shows that despite potential challenges, many companies still see international business as an important growth opportunity,” said Ed Marsh, Export Advisor to American Express. “Through our Grow Global program, we know that getting started can often be the hardest part, but when businesses get on the path to global sales, they realize exporting has organizational benefits beyond just revenue growth.”

The Path to International Sales; Intentional vs. Accidental Exporters
According to the survey, most small and mid-size businesses entered foreign markets intentionally as part of a strategic business decision (78%), and many of them (63%) feel informed about how to conduct international business. However, while most intentional exporters feel informed about conducting business globally, almost four in ten (37%) indicated they have insufficient market knowledge on exporting, meaning they could benefit from the ability to tap into knowledgeable resources.

In contrast, as many as one in five small and mid-sized businesses (21%) began exporting accidentally when an opportunity fell into their lap. Comparing these accidental exporters to their more intentional counterparts:

44% say they are very informed about how to conduct international business (vs. 69% in the intentional exporters group)
44% say they are familiar with the markets where they sell (vs. 51% who export intentionally)
29% say they are familiar with the culture where they do business (vs. 44% in the intentional exporters group)

To obtain knowledge about the international markets where they do business, companies overall are most likely to rely on their network (71%) or the websites and marketing material of potential trade partners and customers (64%). Significantly fewer rely on data from market research reports (54%), news publications (47%), advisory firms (40%) or government programs (33%).

North America is the Focus of Future Investment
Of small and mid-sized U.S. companies that currently sell internationally, sales efforts are mostly concentrated in Mexico or Canada (43%) and Europe (29%), with much fewer selling in Asia (17%). Mexico and Canada are the first choices (34%) as regions with the most potential for exporting sales over the next five years, followed by Asia (24%) – particularly China, Japan and Korea. This suggests that while exporters are more likely to see the regions where they are already exporting and regions nearest to home as possessing the greatest growth potential, Asia may experience increased sales efforts in the next five years.

Nearly two-thirds of surveyed businesses (63%) have sought financing in order to invest in entering and growing business in these regions. Eight in ten (82%) say they have used a variety of working capital and receivables financing tools to supplement commercial finance products for growth in these markets.

The Impact of Global Economic and Political Environment on Plans for Trade
Despite the changing global economic and political environment over the last six months, few companies say they are being cautious about their future plans for international trade (30%). In fact, nearly four in ten (39%) plan to increase their efforts to pursue sales internationally in the next six months, and roughly one-third (31%) say changing global economics have had little impact on their future plans.

However, the upcoming U.S. presidential election is one factor that may have more of an impact on plans for international trade. Seven-in-ten (70%) say the impact of the election will be at least ‘somewhat significant’.

To learn more about the American Express Grow Global program, visit www.americanexpressgrowglobal.com. The next Grow Global event will be in Long Beach, California on October 27th.

Survey Methodology
The 2016 American Express Grow Global Survey is based on a sample of 500 U.S. companies, ranging in size from $250,000 to less than $1 billion in annual revenues, who report a portion of their company’s annual revenue is currently derived from the sale of goods or services outside of the United States. The anonymous survey was conducted online among decision makers in the areas of business development, sales strategy or marketing by Teneo Strategy August 11-19, 2016. The poll has a margin of error of +/- 4.4% at the 95% level of confidence for the overall sample.

To learn more about Global Commercial Payments visit business.americanexpress.com

To learn more about American Express OPEN, which provides products and services for small businesses and entrepreneurs in the United States, visit www.OPEN.com

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

Middle Market Firms Surging in Leading Industry Sectors

Thu, 08 Sep 2016 00:00:00 -0400

The growth of U.S. middle market firms (companies between $10 million and $1 billion in revenues) is outpacing the national average, with an 87% increase in number of firms, a 103% surge in employment, and a 100% rise in revenue since 2011, according to the latest Middle Market Power Index: A Detailed Look at Top Industries from American Express (NYSE: AXP) and Dun & Bradstreet (NYSE: DNB).

An industry sector analysis of this middle market growth can help uncover larger economic trends, which have implications for workforce development and economic investments. Within the sectors that include most middle market firms – manufacturing (18%), wholesale trade (17%), and business services (11%) – several industry subcategories are fueling the growth in number of firms since 2011:

Business services – Legal services (284%)
Manufacturing – Industrial, commercial, or computer equipment (163%)
Wholesale trade – Durable products (160%)

The previous Middle Market Power Index: Fueling the Nation’s Economic Growth found that middle market companies are powering the U.S. economy – as much as 53% of the net new jobs over the past five years have come from middle market companies. The latest report found that the subcategories experiencing the strongest employment growth are generally also undergoing the strongest revenue growth. Two areas in particular, legal services and durable products, have led their industries in all three measures, indicating these are becoming more prominent in the American economy.

“Middle market firms are leading business growth in the United States, outpacing both small and large-sized firms,” said Jeff Stibel, vice chairman of Dun & Bradstreet. “More specifically, the service industry continues to lead middle market growth in terms of revenue, employment and number of firms, reflecting the larger trend in the U.S. moving from a manufacturing-based to a service-driven economy.”

Generational Differences among Middle Market Firms
As our economy becomes more service and technology focused, it stands to reason that the younger firms entering the middle market are not going to be producing the same products or services as companies that were founded over 50 years ago.

Manufacturing is one industry where this generational difference is particularly strong. While it remains a foundational sector regardless of firm age, the types of products being manufactured differ between younger and older middle market firms. Middle market firms that have been in business for 50 years or more are much more likely than their youngest counterparts (those in business less than 10 years) to be making fabricated metal products – 17% vs. 10%. The youngest middle market manufacturing firms are instead much more likely than those in business 50 years or more to manufacture either electronic equipment or components (11% vs. 5%) or chemical products (12% vs. 5%). The shift in types of products being manufactured suggests how demand for certain goods has changed over time.

Although manufacturing is the most prevalent middle market industry, business services is seeing significant gains as well. Middle market firms that have been in business 10 years or less are more likely to be in business services (15%) compared to those that have been in business 50 years or more (5%). Within business services, the subcategory of legal services has been driving growth in number of firms, employment, and revenues and is dominated by middle market firms that have been in business 50 years or more. These older firms represent 25% of middle market legal services companies, compared to 2% of middle market legal services firms that have been in business less than 10 years. This can be an indicator that, while legal services have led growth in this sector, it takes much longer for firms in this industry to scale.

“Middle market companies are not only driving the national economy in terms of revenue and employment growth, but the most transformative middle market industries are shaping the overall direction of our economy,” said Brendan Walsh, Executive Vice President, U.S., American Express Global Commercial Payments. “The success of younger manufacturing companies in the middle market is a key indicator of how technology is influencing and guiding the future of the industry, while the growth of business services as a focus for younger middle market companies reflects the strengthening knowledge economy.”

To read the full Middle Market Power Index report, please visit http://about.americanexpress.com/news/docs/2016x/2016-09-06-Amex-DNB-MMPI.PDF.

American Express and Dun & Bradstreet will release subsequent Middle Market Power Index reports, which will explore other areas of opportunity unique to middle market firms.

Study Methodology
This report is based on an analysis of all of the U.S. firms in Dun & Bradstreet’s commercial databases between March 2011 and March 2016: (1) a virtual census of all of the commercially active businesses in the United States (defined as firms that have obtained a D-U-N-S^® Number and that sell and receive goods and services and utilize credit transactions in their business); (2) their credit scoring archive database, which collects and models business commercial activity and business financial strength. All subsidiary and business establishment data are combined; only enterprise-level data (top of the business family tree, or Ultimate D-U-N-S^® Number firms) are reported. Additionally, public sector entities are excluded.

About Dun & Bradstreet
Dun & Bradstreet (NYSE: DNB) grows the most valuable relationships in business. By uncovering truth and meaning from data, we connect customers with the prospects, suppliers, clients and partners that matter most, and have since 1841. Nearly ninety percent of the Fortune 500, and companies of every size around the world, rely on our data, insights and analytics. For more about Dun & Bradstreet, visit DNB.com.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

Companies Worldwide are Optimistic about Future Trade Activity with the U.S., According to New Research from the Economist Intelligence Unit and American Express

Tue, 16 Aug 2016 00:00:00 -0400

Global companies are positive about plans for future trade activity with the U.S., according to new research conducted by the Economist Intelligence Unit on behalf of American Express. The research found that two-thirds of survey respondents (66%) anticipate that their company’s trade with the U.S. will increase over the next five years and more than four-in-ten (43%) expect an increase of more than 10%.

The research, entitled Terms of Trade: Understanding Trade Dynamics in the U.S., is a survey of 531 executives at companies worldwide examining global trading relationships, looking at how companies trade, the challenges they face and how they expect international trade with the U.S. to change based on recent trends.

While opportunities for trade abound, international trade is not without difficulties. Companies trading with the U.S. face a number of challenges to navigate. Exchange-rate volatility presents the largest issue for companies, with more than four-in-ten respondents (41%) citing this as a concern. Nearly one-third of respondents cite transport costs and delays, trade-related infrastructure and making payments as their top challenges (32%, each).

The survey catalogued payment-related challenges to international trade, including: currency fluctuation (61%), which caused the greatest challenge, process inefficiencies and limited payment visibility (each, 52%), bank fees (51%), and limited or no terms (50%) and banking hours (50%).

“Optimism about the outlook for global trade presents opportunities for U.S. businesses looking to export internationally,” said Guillermo Brenes, Vice President of Global Currency Solutions at American Express. “The survey shows that a number of the challenges to international trade are within the span of a company’s control, so there are practical ways in which companies can improve upon their own trade experience.”

Quality of U.S. Trade-related Infrastructure Ranks High
Survey respondents gave high marks on the overall quality of trade-related infrastructure in the U.S. Over two-thirds of survey respondents (69%) rate the U.S. infrastructure as “very good” or “excellent,” and only 2% consider it to be “poor.” The trade-related infrastructure companies rely on most includes:

Digital communication technology (42%)
Port facilities (31%)
Road network (26%)
Cold transport and storage facilities (25%)
Warehousing (26%)
Rail network (16%)
Air links (13%)
Other specialized transport and storage (7%)

Survey methodology:
The findings are based on an executive survey of 531 companies that trade with the US, conducted by The EIU in March and April 2016, as well as desk research and interviews with experts.

The survey sample is global, spanning Asia-Pacific (49%), Europe (22%), North America (19%) and South America (9%). Nearly half of those surveyed are C-level executives, and another 40% hold senior executive positions (SVP, VP, director, head of business unit, head of department). The firms in the survey are split almost evenly between those with an annual revenue of US$250m-500m and those with US$500m-1bn in annual revenue. Of the 23 sectors covered, the best-represented are financial services, manufacturing, consumer goods and services, IT and retail.

About The Economist Intelligence Unit
The Economist Intelligence Unit is the world leader in global business intelligence. It is the business-to-business arm of The Economist Group, which publishes The Economist newspaper. The Economist Intelligence Unit helps executives make better decisions by providing timely, reliable and impartial analysis on worldwide market trends and business strategies. More information can be found at www.eiu.com or www.twitter.com/theeiu.

To learn more about Global Commercial Payments visit business.americanexpress.com.

About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress,foursquare.com/americanexpress, linkedin.com/company/american-express,twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards,prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

American Express Brings #AmexAccess to First-Ever Panorama Music Festival in New York City as Official Payment Partner

Thu, 21 Jul 2016 00:00:00 -0400

American Express will bring Card Members #AmexAccess this weekend as part of the inaugural Panorama Music Festival making its debut July 22-24 in New York City’s Randall’s Island Park. Through its partnership as the official payment partner of the New York City festival, American Express will provide unique experiences both in the Panorama app, as well as onsite in its two-level American Express Experience tent. All festival-goers will also be able to use credit cards at all merchants on the festival grounds.

“We are focused on creating and delivering unparalleled experiences in unique and unforgettable ways,” said Walter Frye, Vice President of Global Experiential Marketing and Entertainment Partnerships for American Express. “With Panorama, we wanted to combine our assets – our scale, digital technology and passionate community of Amex music lovers – to deliver an elevated and differentiated experience for our Card Members. This partnership represents our continued efforts to deliver unique benefits to Card Members in an innovative way by combining our Card Member’s love of music and digital technology.”

Onsite at Panorama
Amex is expanding its on-site presence at the music festival with its American Express Experience, where all guests are welcome. On the first floor there is a unique 360⁰ photo op where guests are invited to light up NYC and a DIY sunglass station where people can assemble customized sunglasses. Festival-goers are encouraged to post to Snapchat using the American Express Panorama Snapchat geo-filters that will be available throughout the festival weekend. Card Members and a guest are invited to relax and recharge with exclusive access to the Card Member club, located on the second level of the American Express Experience. Second floor amenities include a dedicated bar to purchase drinks* mobile charging and complimentary wifi.

#AmexAccess in-app at Panorama
For exclusive rewards and offers for Panorama, Card Members will be able to enroll their American Express U.S. Consumer or OPEN Small Business Credit or Charge Card in the iOS Panorama App via the #AmexAccess in-app integration. Card Members will be able to use their americanexpress.com User ID and Password to log-in and connect with the official iOS Panorama app to receive a spend $10, get $10 back offer, redeemable when they use their enrolled American Express® Card at participating onsite merchants throughout the festival. Not all Cards are eligible, for offer details and terms, click here.

By enrolling in the #AmexAccess program in-app, Card Members will also be eligible to receive additional rewards onsite.

The American Express integration in the Panorama mobile app experience is available on the iOS platform only and not on the Panorama app for Android.

*Must be at least 21 years of age to consume alcoholic beverages. Please drink responsibly

About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success.

Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, foursquare.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

About PANORAMA
PANORAMA is a music, art and technology festival produced by Goldenvoice. The event, which will be held at Randall’s Island Park, located in New York City July 22-24, 2016. Over the course of 3-days, over 64 artists will take the stage including headlining performances from Arcade Fire (Friday), Kendrick Lamar (Saturday), and LCD Soundsystem (Sunday) surrounded by an interactive, experiential tech installation known as, THE LAB. PANORAMA will celebrate New York City’s position as both a capital of entertainment and hub of innovation. For the complete line-up and festival offerings log on to, http://www.panorama.nyc/

Small Businesses and Middle Market Companies Agree Growth is the Top Priority, Says American Express Business Growth Pulse

Thu, 14 Jul 2016 00:00:00 -0400

Small businesses and middle market companies in the U.S. are in growth mode, according to the American Express Business Growth Pulse. The survey found that ninety-two percent of middle market firms ($10M -$1B in revenues) and eighty percent of small businesses (with less than 100 employees and at least $250,000 in revenue) say growth is the top priority for their firms. A greater number of middle market companies anticipate their businesses to grow in the next quarter, with more than one-in-five of these firms (22% vs. 7% of small businesses) saying they expect their companies will be “expanding by leaps and bounds.”

However, the road to growth is not free from obstacles. Challenges exist regardless of business size and vary accordingly. Although the biggest hurdle to growth is acquiring new customers for small businesses (22%), middle market companies’ biggest challenges encompass issues that are outside their control, including managing the rising costs of doing business and increasing competition (each, 14%).

“Although small businesses and middle market companies are both focusing on growth, they are taking different paths to expansion,” said Susan Sobbott, president, American Express Global Commercial Payments. “Small enterprises will look to grow by acquiring new customers while middle market companies will look to expand by both acquiring new customers as well as making infrastructure and equipment investments in their business.”

While acquiring new customers presents a challenge to growth for many, small businesses view this action as their primary path to growth (39%). Middle market companies however are saying that both acquiring new customers and increasing investments in infrastructure and equipment would most help them grow (each, 15%).

Cash Flow Proves a Challenge; Middle Market Concerns Linked to Growth
Cash flow issues present another obstacle as businesses manage their day-to-day operations and strive for long term growth. Cash flow concerns are higher among middle market companies (65%) than small businesses (49%), with one-in-five middle market companies (20%) saying they are ‘very concerned’ (versus 8% of small businesses).

Middle Market Companies:

Over the last quarter, nearly half of middle market companies (46%) say they experienced a cash flow crunch and nearly three-in-ten (28%) attribute their cash flow issues to investments in the business.
Looking ahead, nearly four-in-ten (39%) middle market companies expect the ability to invest in long-term growth to be their greatest cash flow concern next quarter.

Small Businesses:

Small business cash flow concerns are more likely to be related to day-to-day management of the business rather than plans for growth.
Looking back several months, more than one-quarter of small businesses (27%) say they experienced a cash flow crunch. They attribute their cash flow issues in the previous quarter to an unexpected decrease in sales (28%).
Further, small businesses (25%) expect collecting accounts receivable to be the biggest cash flow worry next quarter.

When they experience a cash shortage, the primary method middle market businesses (23%) will use to obtain funds is to take out a business line of credit. Small businesses will dip into cash reserves (23%).

Long Term Growth Drives Financing Hunt; Middle Market Most Likely to Seek Financing
Growth is the main driver behind business’s quest for financing. According to the survey, the main reason small and middle market businesses would consider securing additional financing for their companies is in order to pursue a long term growth plan (31%). The top three reasons to seek additional financing vary by size of the business:

Small businesses say they would consider seeking additional financing in order to:

Pursue a long term growth plan (26%)
Get through short-term seasonal swings/business downturns (20%)
Take advantage of a short term growth opportunity (19%)

Middle market firms’ reasons for considering additional financing include being able to:

Pursue a long term growth plan (41%)
Take advantage of a short term growth opportunity (33%)
Invest in marketing, advertising or PR (33%)
Hire new employees (33%)
Offer a new line of products or services (33%)
Make capital investments the company has been putting off (32%)

Significantly more middle market companies (60%) compared to small businesses (25%) anticipate the need to pursue financing in the next 12 months.

When evaluating different business financing options, the most important decision-making factor for small businesses (74%) is the rates/fees charged. Middle market businesses say the most important decision-making factor when evaluating business financing options is ensuring that their data is protected against security breaches (61%), followed closely by full disclosure of loan details and rates/fees (60%).

Survey Methodology
The American Express Business Growth Pulse is the first in a series of surveys examining topics related to business growth for both small businesses and middle market companies. The study is based on a nationally representative sample of 1,000 U.S. small business owners/managers, defined for the purposes of this survey as companies with fewer than 100 employees and annual revenues of $250,000 or greater, and 501 middle market companies, defined for the purposes of this survey as companies ranging in size from $10 million to $1 billion in annual revenues. The anonymous survey was conducted online among financial decision makers, owners and managers by Teneo Strategy May 18-27, 2016. The poll has a margin of error of +/- 2.6% at the 95% level of confidence for the total combined sample of 1501, a margin of error of +/- 3.1% at the 95% level of confidence for the small business sample of 1000 and a margin of error of +/- 4.4% at the 95% level of confidence for the sample of 501 middle market companies.

To learn more about Global Commercial Payments visit business.americanexpress.com

To learn more about American Express OPEN, which provides products and services for small businesses and entrepreneurs in the United States, visit www.OPEN.com.

American Express Launches Quick Chip Service to Provide a More Seamless Process for EMV Chip Card Transactions at Point of Sale

Wed, 15 Jun 2016 00:00:00 -0400

American Express today announced the availability of Amex Quick Chip, a technology that enables merchants to provide a more seamless experience at the point of sale for Card Members when they pay with their EMV chip cards. Amex Quick Chip is available to merchant processors, which may deploy the service to interested U.S. merchants through a software update to the merchants’ EMV-enabled payment terminals. This provides another option for merchants in industries where having a fast check-out process is especially important.

EMV technology reduces the risk of fraud stemming from counterfeit payment cards by storing information on a microprocessor chip embedded in a card. Card Members dip or insert their EMV cards into a merchant’s payment terminal instead of swiping their cards. With Amex Quick Chip, Card Members can dip their Card during the check-out process and remove it before the transaction is completed. This can reduce the time Card Members must keep their Cards inserted in the terminal, providing an experience similar to swiping a magnetic stripe card and enabling merchants to streamline the checkout experience. Importantly, Amex Quick Chip continues to offer the same protection against counterfeit cards that traditional chip card technology does.

“Reducing friction for Card Members and merchants is a key priority for American Express,” said Mike Matan, Vice President, Global Network Business, American Express. “Amex Quick Chip provides merchants operating in industries where fast checkout speed is critical with an option for ensuring Card Members can quickly and efficiently pay for purchases with their EMV chip cards.”

Amex Quick Chip is compatible with the technical standards used in Quick Chip services offered by other payment networks, enabling processors and their merchants to easily implement these solutions across all card brands that they accept.

Amex Quick Chip is currently available to processors, merchants and vendors in the U.S. Interested parties may download the Amex Quick Chip Technical Manual at www.amexglobalnetwork.com/amexquickchip to review implementation requirements for the service. Merchants that want to upgrade to Amex Quick Chip should contact their point-of-sale provider.

Key links to products, services and corporate responsibility information: charge and credit cards, business credit cards, Plenti rewards program, travel services, gift cards, prepaid cards, merchant services, corporate card, business travel and corporate responsibility.

Middle Market Companies Are Fueling Economic Growth, According to New Research from American Express and Dun & Bradstreet

Wed, 01 Jun 2016 00:00:00 -0400

Despite comprising only 1% of the total number of commercially active firms¹ in the country, middle market companies have led national job growth over the past five years, employing nearly 53 million workers – more than double the number employed by this segment in 2011. Middle market firms are also contributing $9.3 trillion to the U.S. economy, according to the Middle Market Power Index from American Express (NYSE: AXP) and Dun & Bradstreet (NYSE: DNB).

Using Dun & Bradstreet's proprietary database of commercially active U.S. firms, the latest report in the Middle Market Power Index series analyzes the characteristics and economic impact of middle market enterprises—defined as businesses generating between $10 million and $1 billion in revenues—focusing on growth trends over the past five years.

According to the report, while the total number of all commercially active firms declined between 2011 and 2016, the number of middle market firms nearly doubled, with an increase of 87%. Middle market firms generate just over one in four dollars (26%) of U.S. business revenues and employ more than one in four workers (27%) in the private sector. Since 2011, middle market companies have outpaced both smaller businesses (less than $10 million in revenues) and the largest companies (more than $1 billion in revenues) in both employment and revenue growth.

"Over the last five years, middle market companies have led the way in economic growth," said Brendan Walsh, Executive Vice President, U.S., American Express Global Commercial Payments. "This report highlights the often overlooked economic might of these companies, which contribute over $9.3 trillion to the U.S. economy and are growing faster than any other sector."

"Middle market firms continue to have an outsized influence on the U.S. economy," said Jeff Stibel, Vice Chairman of Dun & Bradstreet. "These firms have led the charge hiring Americans and now employ nearly 53 million people. The middle market plays a pivotal role in our rapidly changing economy."

Middle Market Geographic Concentration
Middle market companies are headquartered across the country. However, the ten states in which middle market firms comprise a greater than average share of companies include: Illinois (1.5%), Wisconsin (1.5%), Michigan (1.3%), New Jersey (1.3%), Indiana (1.2%), Kansas (1.2%), Massachusetts (1.2%), North Dakota (1.2%), New York (1.2%) and Ohio (1.2%).

In addition to these ten states, higher than average percentages of middle market firms are also found in Washington, D.C. (2.1%), Puerto Rico (5.8%), and the U.S. Virgin Islands (3.6%).

While there's been an 87% increase in the number of middle market firms nationally over the past five years, four states saw the number of middle market enterprises more than double during that timeframe:

Ohio (+106%)
Texas (+106%)
Michigan (+103%)
Indiana (+102%)

According to the report, there are seven states in which middle market companies are under-represented compared to the national average:

Florida (0.5%)
Colorado (0.6%)
Louisiana (0.6%)
Montana (0.6%)
Arizona (0.7%)
New Mexico (0.7%)
Oregon (0.7%)

Middle Market Firms Owned by Women and Minorities
Roughly 6% of all commercially active firms are majority women-owned, compared with 7% of middle market firms that have majority women -ownership. Looking at minority ownership across all commercially active firms, only 2% are minority-owned, compared with 5% among middle market firms. Thus, in terms of gender and ethnic diversity, firms that are women-owned are just as likely to be found in the middle market as in other business size groups, and minority business owners are more likely than average to be found in the middle market (revenues of $10 million to $1 billion).

Potential for Further Growth in the Middle Market
Among the 18.9 million firms with less than $10 million in annual revenue, there are roughly one million that generate revenues between $1 million and $9.9 million, signifying the greatest potential to approach the middle market. These firms make up 5% of the population of commercially active small businesses, generate $2.8 million in revenues and employ 28 workers on average. These small businesses that have reached $1 million or more in revenue are more likely to be women- or minority-owned (10% and 6%, respectively) and also more likely retail trade or construction businesses than any other business size group.

Industry Trends among the Middle Market
Middle market firms span all industries, but are more likely to be found in the manufacturing sector (18% vs. 3% overall), followed closely by wholesale trade (17% vs. 4% overall). Twelve percent of middle market firms are found in retail trade, compared to 11% of all commercially active businesses in the country. Within the services sector, both educational services and health services are home to 6% of middle market firms, respectively. Altogether, nearly 60% of middle market firms are found in these five industries.

Click here to read the full Middle Market Power Index.

American Express and Dun & Bradstreet will release subsequent Middle Market Power Index reports, which will explore other areas of opportunity unique to middle market firms.

Study Methodology
This report is based on an analysis of all of the U.S. firms in Dun & Bradstreet's commercial databases of over 19 million (19,096,462) businesses between March 2011 and March 2016: (1) a virtual census of all of the commercially active businesses in the United States (defined as firms that have obtained a D-U-N-S® Number and that sell and receive goods and services and utilize credit transactions in their business); (2) their credit scoring archive database, which collects and models business commercial activity and business financial strength. All subsidiary and business establishment data are combined; only enterprise-level data (top of the business family tree, or Ultimate D-U-N-S® Number firms) are reported. Additionally, public sector entities are excluded.

Among the 19 million commercially active U.S. businesses in 2016, 182,578 firms have between $10 million and $999 million in revenue and are thus defined as middle market enterprises. Additionally, 17.9 million commercially active firms in the D&B database have less than $1 million in revenues, and in this analysis are referred to as small firms; just under 1 million (964,600) have between $1 million and $9.9 million in revenues, and are referred to as “nearing the middle market;” and 3,025 firms generate $1 billion or more in revenues.

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¹Commercially active firms are defined as businesses that have obtained a D-U-N-S® number, and that sell and receive goods and services and utilize credit transactions in their business.