Amazon’s new credit card targets small business
Amazon has a new deal for small business customers.
By entering a multi-year partnership with American Express, Amazon is introducing a new co-branded Amazon credit card for small businesses in the United States. This is the online giant’s first credit card for the small business segment.
The card will enable smaller companies to buy goods and services across Amazon. The partnership also includes an enhanced data solution that gives these companies greater insight into their purchasing activity, as well as a continued global card acceptance relationship.
“We selected American Express as our partner for the upcoming small business credit card because of our shared commitment to helping small businesses grow,” said Max Bardon, VP at Amazon.
Small and medium sized businesses (SMBs) are becoming increasingly important to Amazon. In 2017, more than 300,000 U.S.-based SMBs joined the Amazon Marketplace — a network comprised of companies that operate in every state in the U.S., and more than 130 countries around the world. More than 140,000 of these small and medium-sized companies surpassed $100,000 in sales on Amazon in 2017, according to the online giant.
The program augments services that American Express features through Amazon Business, Amazon’s B2B e-commerce marketplace and purchasing solution. This integration provides businesses with line-item detail on their Amazon transactions, enabling more efficient monitoring, control, and reconciliation of Amazon Business purchase transactions made with American Express Corporate Cards or Corporate Purchasing Cards in the U.S. It also allows customers to run more advanced analytics.
Amazon’s newest partnership with American Express comes on the heels of the Supreme Court’s decision to throw out a government lawsuit that accused American Express of deterring competition by prohibiting merchants from steering customers to cards with lower fees. In the 5-to-4 ruling, the court said that the credit card company’s rules regarding its services for merchants do not violate federal antitrust law.
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