American Express Company’s ( AXP Quick Quote AXP - Free Report) business unit, Kabbage, recently introduced a digital cash flow management solution called Kabbage Checking. Backed by American Express, the solution can be utilized by small business owners across the United States.
Kabbage Checking appears lucrative as it is devoid of set-up and monthly maintenance fees. Upon implementation, a wide array of financial services will be available to clients including access to free in-network ATMs numbering more than 19,000, Kabbage debit card, mobile check deposits, customized checks and bill pay feature.
The solution is aimed to ease cash flow management processes for U.S. small businesses, which otherwise can be a burdensome and time-consuming process. This, in turn, is likely to boost growth prospects of small businesses.
Concurrent with the solution, American Express has also introduced Kabbage Funding. The facility will be of great use to small businesses as they can avail flexible lines of credit in $1,000-$150,000 range through the same. The company has plans to expand the facility across more customers during later 2021.
Notably, American Express has ventured into offering a business checking account for the first time with Kabbage Checking. Time and again, the company has extended a helping hand to U.S. small businesses by rolling out integrated solutions to benefit them. In January 2021, the company rolled out a string of offers aimed to benefit U.S. consumers, small businesses, and co-brand card members and merchants.
Via this solution, American Express is supporting small businesses, which form its biggest customer base. These businesses suffered the most due to COVID-19 induced financial uncertainties. Hence, offering financial assistance to them ranging from technological assistance to empowering them with enhanced payments solutions is of utmost importance.
Through its Global Commercial Services segment, American Express offers a diverse array of cards coupled with payment, expense management and commercial financing solutions for helping U.S. small businesses.
Other companies making efforts to help small businesses include
Visa Inc. ( V Quick Quote V - Free Report) , which launched Small Business Hub last year. Mastercard Incorporated ( MA Quick Quote MA - Free Report) made several investments to roll out cost-effective solutions for assisting small businesses to adopt digital means. Global Payments Inc. ( GPN Quick Quote GPN - Free Report) has been working closely with numerous small businesses by rolling out enhanced and secured payments technology solutions. Zacks Rank & Price Performance
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