american express has launched an integration focused on small and medium-sized enterprises american express global business travel.
The partnership, announced on Monday (March 4), will allow businesses to issue virtual cards to their employees through American Express Global Business Travel's (Amex GBT) Neo1 spend management platform.
The integration will support automated expense management by merging expense systems, procurement platforms, online travel booking tools, and virtual card issuance capabilities into one ecosystem, the company said in a news release provided to PYMNTS. Stated.
“Manual employee expense management processes are time-consuming, costly, and prone to human error for businesses. This problem is exacerbated for small and medium-sized businesses with limited resources,” the release said. is stated.
Digital payment methods such as virtual cards can help alleviate these issues by automating expense management, including employee spending management, and giving employers the option to set specific spending controls and permissions. Masu.
“We are seeing that businesses of all sizes face increasing complexity in managing growth, spend and productivity,” he said. fiona hastings, Neo1, Vice President of Amex GBT. “Growing businesses simply don't have time for cumbersome expense reports, disjointed budgeting processes, and the time it takes to change reservations and support frequently confused travelers.”
A study by PYMNTS Intelligence found a strong correlation between companies and industries enjoying high operational efficiency and the use of virtual cards.
“Virtual cards are Business efficiency PYMNTS wrote last year, as research data shows a strong correlation between companies using this solution and higher operational efficiency in the industry.
In research, almost 1 in 3 people Approximately 5% of these North American mid-market companies plan to adopt virtual cards in the next year, with approximately 5% aiming to use these cards as their primary working capital solution.
Additionally, additional research shows that as digital payments become more prevalent, employees increasingly have higher expectations for their business. Reimbursement of expenses Get there faster without waiting to receive and deposit a paper check. This illustrates another advantage of virtual cards, offering an easy-to-implement solution with no refunds required.
“In today's operational environment, be reactive It puts companies at a disadvantage. Fortunately, virtual cards are changing the game for businesses by allowing them to proactively and easily manage their spending. ” Dan HanksVice President of Global Product Development i2csaid in an interview with PYMNTS.
