American Express (AmEx) has formed a strategic partnership with financial technology company GreenSky to offer improved digital payments capabilities to merchants.
Under the alliance, eligible US merchants within the AmEx network and their customers will gain access to GreenSky’s point-of-sale (PoS) financing solutions.
Moreover, GreenSky’s technology will enable home improvement and elective healthcare merchants accepting American Express cards to provide financing option for qualifying customers who make large purchases.
The approach is expected to boost incremental sales for businesses, and allow financing in a paperless setting.
In addition, customers can apply for instalment loan financing through GreenSky’s mobile app, online or phone. They will receive a decision and make transactions in 60 seconds.
Also, GreenSky will have access to American Express vPayment solution. The solution is a virtual payments service designed to enable customers make purchases using virtual account numbers.
AmEx chairman and CEO Stephen Squeri said: “Our partnership with GreenSky, a fast-growing and innovative fintech company, will grant more merchants access to leading payment technology and financing solutions to enhance their customer experience and close more sales.”
GreenSky chairman and CEO David Zalik added: “Combining our industry-leading technology platform with the security and backing of American Express will allow us to continue innovating to meet evolving customer needs.”
The partners also intend to test a digital direct loan option. That will enable eligible AmEx cardholders to search for participating merchants within GreenSky’s network.
Consumers can also use the option to finance their purchase at participating AmEx-accepting merchants that fall under or outside the GreenSky merchant network.