American Express has officially launched American Express Go, a virtual payments solution to streamline business expenses. Express Go offers Virtual Card numbers for in-person transactions. The program is designed to be a digital solution for medium to large companies that need a more efficient way to handle business expenses for employees and temporary workers who do not have Corporate Cards.
With American Express Go, workers receive a Virtual Card that can be used over the phone or online. Companies also have the option to have a virtual number printed on a companion card for in-person payments through a credit card machine where American Express is accepted. American Express Go is compatible with existing Amex Corporate solutions.
American Express Go fills an important need by addressing the changing dynamic of business spending. A growing number of companies are hiring contractors and freelancers who may need to wait weeks for reimbursement for travel and business expenses. The new system offers flexibility and convenience to best manage a changing workforce. Business owners and managers no longer need to review expense forms or issue checks while providing access to company credit to a large group of new people.
The Virtual Card solution is powered by American Express VPayment, a virtual payment solution launched in 2017 that gives every transaction a unique account number. VPayment users can set pre-authorized payment amounts, transaction details, and date ranges to control spending.
Express Go is available in the U.S. only and can be added to an existing Amex program to allow companies to quickly issue Virtual Cards that can be used with the Amex Go app or with a companion plastic card. Charges can be tracked and reconciled with cost centers, accounting codes, and names.
Amex has been increasingly targeting small and medium-sized businesses with not only corporate payment solutions but also credit card processing. American Express is in a unique position because it’s a closed network, unlike Visa and Mastercard, which means Amex issues cards and gives merchants ways to accept the cards rather than allowing anyone to issue their cards. Because American Express tends to have much higher payment processing fees