New York City -- American Express announced it is launching American Express Merchant Financing, a program that provides qualified merchants with quick and simple access to cash for their business needs. The launch comes as small- and medium-sized businesses (SMBs) struggle with access to capital in today’s tight credit economy.
With the initiative, eligible merchants now have the opportunity to leverage their relationship with American Express to tap into a convenient and hassle-free source of capital, which is repaid automatically through settlement charges and accompanied by low fixed fees.
American Express Merchant Financing is specifically designed for SMBs that meet a basic set of criteria, including generation of $100,000 to $10,000,000 in American Express charge volume per year, a minimum two-year merchant tenure with American Express and no prior account delinquencies. The program offers two lending options — monthly and annual — for accessing capital.
Unlike traditional commercial lending vehicles, American Express Merchant Financing products provide cash within three business days of enrollment, include an automatic repayment process based on the merchant’s American Express Settlements and require no personal guarantee. Currently, the program is open to qualifying businesses in good standing with American Express.
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