American Express, Intuit partner on short-term financing

MOUNTAIN VIEW, Calif. – American Express is partnering with Intuit Inc. to offer small-business customers short-term financing to help “the cash-flow crunch.”
The financing is available to qualified QuickBooks Online small-business customers, who are also American Express OPEN card members. It is designed to provide easy access to short-term financing to help make vendor payments, according to a press release.
According to a U.S. Small Business Administration report, insufficient or delayed financing is the “second-most common reason for businesses to fail.”
“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 at 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.”
The new offer allows small-business owners to receive a loan in less than a minute, which can start at $1,000 and go as large as $750,000, with fees of 0.5 percent for a 30-day loan to 1.5 percent for a 90-day loan.
For full details, see the announcement here.

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