American Express launches virtual cards for worker expenses

Source: American Express

American Express (NYSE:AXP) today announced the launch of American Express Go, a new digital solution to help mid-sized and large companies efficiently handle business expenses for temporary workers, recruits, and employees without Corporate Cards.

American Express Go features a Virtual Card that can be used online or over the phone, and has the option for the virtual numbers to be printed on companion plastic Cards for in-person payments everywhere American Express is accepted.

American Express Go offers a simple, intuitive mobile experience for freelancers and project-based workers to make business purchases with company funds, thereby removing the need for a reimbursement process. The solution also increases control and visibility for companies when it comes to purchases made by their extended workforce, whether it’s project supplies, business dinners, or travel expenses.

“Mid-sized and large companies are operating with a new, dynamic workforce, as they increasingly employ freelancers and contractors, who previously had to wait for several weeks to be reimbursed for business and travel purchases,” said Gint Balodis, Vice President, Global B2B Products, American Express Global Commercial Services. “American Express Go was created to alleviate customer pain points faced by companies and their changing workforce by combining the control and flexibility of Virtual Cards with the convenience of a physical Card that can be swiped on the go.”

American Express Go can easily be added to an existing American Express Corporate payments program. With the ability to quickly generate Virtual Cards, businesses will reduce the back-office hassle of reviewing expense forms and issuing checks by increasing the ease and flexibility of providing access to new groups of individuals.

The new offering is powered by American Express vPayment, a virtual payments solution that enables business clients to create specific-use virtual account numbers (VANs) with per-authorized spend controls and enhanced data capture. Once American Express Go is added to an existing American Express® program, mid-sized and large companies can:

Quickly issue a Virtual Card—a specific-use, temporary account number with pre-authorized spend and timeframe limits—to the Amex® Go mobile app or a companion reusable, plastic Card for in-person purchases
Enable their employees and contingent workforce to make purchases on the go
Easily track and reconcile charges with important details like names, cost centers and accounting codes
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