Seven in 10 Australian mid-sized businesses and half of small and medium-size businesses require funding this year to fuel their growth aspirations, yet most of them anticipate they will encounter challenges when trying to secure the necessary capital, according to research released by American Express.
In response, Amex is offering businesses a trade finance platform, AccessLine, which facilitates card payments to both domestic and international suppliers, regardless of whether the supplier accepts card transactions.
Amex says AccessLine extends cashflow for companies for up to 51 days, allowing them to pay suppliers without immediate financial pressures placed on their business.
Companies that use AccessLine earn Membership Rewards points for every dollar spent, which they can use towards their businesses for items such as office equipment and air miles. AccessLine also comes with comprehensive reporting features that are claimed to simplify bookkeeping, especially for companies dealing with suppliers in multiple currencies.
Amex says that with early use of AccessLine, companies have used the product to negotiate early-payment discounts with their suppliers, delivering savings for their own businesses.
“Cashflow management is a difficult balancing act,” Amex Vice President of Foreign Exchange International Payments Barry Fletcher said. “If the balance is only slightly off, it can make it almost impossible to direct funds towards new business initiatives.
“Through AccessLine, businesses can pay suppliers immediately, negotiate favourable payment terms, not have to worry about repayments for 51 days and get rewarded for every dollar they spend.”