American Express and Worldpay have announced a new collaboration aimed at facilitating smoother transactions for small businesses, particularly in welcoming American Express Cardmembers. This agreement highlights American Express's initiative to strengthen its presence in the UK market and broaden the accessibility of its Cardmember services.

Expanding Small Business Access to Card Payments

Over the past three years, the UK has witnessed a substantial surge in the number of locations accepting American Express cards, marking a 46% increase. Worldpay, a longstanding partner of American Express, will now provide small businesses with an additional avenue to accept Amex Card payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. This move is anticipated to allow small businesses to capture more consumer spending while optimizing their checkout procedures.

Dan Edelman, Vice President and UK General Manager, Merchant Services at American Express, said: “As our Cardmember base continues to grow in the UK, we’ve been making great strides in expanding our merchant coverage. This new strategic agreement will help power our progress, meaning thousands of additional small businesses across the country can benefit from welcoming Amex Cardmembers who, on average, spend 3.9 times more annually and 3.2 times more frequently than non-Cardmembers."

New Agreement Enhances Operational Efficiency

Per the terms of the newly established agreement, both Worldpay and its associated merchants are set to enjoy operational efficiencies, including simplified transaction reconciliation, a standardized settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term procedure, an uncomplicated onboarding process, and a centralized point of contact for servicing queries.

.@AmericanExpress has expanded its #partnership with Worldpay to provide additional #payment capabilities for #SMEs.

💸 Curious? Read The Paypers: https://t.co/iNAYBijLdf #thepaypers #paymentsnews #financialnews #merchants #expansion #paymentmethods #paymentoptions pic.twitter.com/bTD9eGfUpR

— The Paypers (@ThePaypers) May 13, 2024

Globally, the accessibility of American Express has experienced an upsurge, with the number of accepting locations more than tripling since 2017.

Chris Wood, General Manager SMB International and US Direct, Worldpay, said: “Working in partnership with American Express, we’re pleased to be opening up more opportunities for our base of merchants in the UK and Ireland to benefit from the spending power of loyal Amex Cardmembers. Consumers expect to pay the way they want to. By enabling our merchants to expand their choice of payments options more seamlessly, we’re helping them serve their customers better.”