Openpay, the diversified payment and POS lending FinTech, has teamed with American Express to help offer more access to lending and payments for bigger purchases, a press release says.
The partnership will see American Express card members able to make purchases through their cards, funding through the Opy Buy Now, Pay Smarter (BNPS) product.
The two companies will connect American Express healthcare and automotive customers with the customizable payments offered by Opy.
Finally, the two companies plan to bolster value and team up on various projects to utilize Opy’s B2C and B2B platforms.
The release notes that the partnership will involve up to 40 American Express merchants in the industries which are interested in offering BNPS. The idea would be to team on product development using Opy’s products for trade account management to help innovate.
“We are constantly striving to drive additional value to our Card Members and merchants,” said Colleen Taylor, American Express President of Merchant Services, U.S. “With Opy, we are pleased to offer another payment option for customers who make and accept larger healthcare, auto repair, and maintenance purchases.”
Meanwhile, Opy U.S. CEO Brian Shniderman said the company was “excited to offer our innovative products to American Express merchants and Card Members alike, particularly for larger, more meaningful life purchases.”
American Express has also recently rolled out a business debit card which will complement its digital business checking account for smaller businesses.
See more: American Express Introduces Debit Card, Digital Checking Account for SMBs
The account comes with a “full-service digital banking experience” intended to simplify account access and management. It connects with existing Amex cards, and account holders can earn interest on balances of up to $500,000.
Account holders will be able to manage accounts through an iOS app, coming with mobile check functionality – and customers will be able to access ATMs through the company’s MoneyPass partnership as well.
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NEW PYMNTS DATA: THE 2021 HOLIDAY SHOPPING OUTLOOK
About: It’s almost go time for the holiday shopping season, and nearly 90% of U.S. consumers plan to make at least some of their purchases online — 13% more than did in 2020. The 2021 Holiday Shopping Outlook, PYMNTS surveyed more than 3,600 consumers to learn what is driving online sales this holiday season and the impact of product availability and personalized rewards on merchant preference.
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