American Express is widely known for its various credit cards designed for individuals and businesses. Additionally, this travel agency also offers travel services while being committed to supporting various social causes.
Amex is a global payments company that issues and processes prepaid, charge, credit, and loyalty cards – accepted by over 81 million businesses globally.
Founded in 1850
American Express is an innovative financial services company with an innovative business model, offering travel services (including traveler’s checks), credit cards, corporate concierge services, and personal concierge services to its customers. American Express boasts an exceptional record of financial performance and profitability.
American Express began as an express delivery service for goods and letters in 1850. Over time, however, the company transformed into a travel and financial company offering more than money orders or travel tickets, pioneering loyalty programs with Membership Rewards that now span across global borders, eventually becoming the third-largest investment of Warren Buffett’s Berkshire Hathaway investment portfolio with strong customer loyalty among card users.
Credit cards
American Express provides both business and consumer credit cards, offering cardholders access to an extended line of credit that they can use on purchases over time – providing them with the potential of earning rewards along the way.
American Express also offers an in-store contactless payment system called ExpressPay that uses radiofrequency identification, making it available to numerous merchants around the globe. Furthermore, this company boasts one of their field’s best customer service reputations.
American Express boasts an outstanding track record in terms of financial performance. This allows it to charge higher merchant fees than rival cards such as Visa and Mastercard; its high-spend customers often prefer doing business with American Express; thus, merchants appreciate working with it.
Traveler’s checks
American Express Traveler’s Checks offer travelers a convenient way to prepay expenses before leaving home. Operating like cash, these checks have advanced features to protect them against forgery and loss. Furthermore, their easy replacement makes them an invaluable travel aid.
Traveler’s checks vary in availability depending on your destination city; some banks, exchange services, and hotels accept them. American Express provides a tool on its website that helps customers locate where they can be purchased.
Traveler’s checks do not link directly to a customer’s bank account, making them less vulnerable to identity theft than cash or credit cards. You can redeem them for local currency at banks or give them as payment directly at retailers; American Express uses fees from merchants paying per card swipe as its primary source of revenue.
ATMs
American Express provides several methods of accessing cash, including ATMs. These machines accept both credit cards and bank-issued checks and offer cash back. In addition, American Express ATMs also provide valuable travel information services such as travel arrangements and concierge assistance.
American Express began operations in 1850 as a mail and express delivery company, soon expanding to provide credit/debit cards and money orders/Travelers Cheques as financial products. American Express pioneered cause marketing in 1983 by giving one penny for every purchase made using an AmEx card towards the restoration of the Statue of Liberty.
American Express derives revenue through fees charged to merchants and cardholders and interest on outstanding balances. At the same time, its premium products and services allow it to compete effectively against other card issuers.
Technology
American Express stands out in an industry that demands speed and precision with its digital technology; yet, until recently, its commercial card underwriting process in Europe was still manual, taking weeks or even months to approve or deny business credit card applications.
Kotsovinos likens managing infrastructure at a Fortune 100 firm to operating an amusement park: lights flash, and rides move back and forth, but the ultimate goal remains constant. Therefore, he places great importance on employee connectivity and experience.
American Express used its global network to assist its colleagues and customers during the pandemic. Furthermore, they sought new technology partners that could accelerate their digitalization initiatives.
