Construction Companies Streamlining Cash Flow with American Express Products

 

According to a recent American Express survey, 67% of U.S. businesses expect to spend more on construction in the next six months, and 72% expect to spend more on raw and processed materials (e.g., chemicals, metal, lumber).

Building business owners generally have to pay money for raw materials even as the cost of these components rises, leaving them to catch up on payments owed to past clients as a result of growing demand for the construction sector.

With its products and services for small and medium-sized businesses, American Express recognises and meets the specific needs of the construction industry.

American Express provides solutions and a variety of card products designed to meet the B2B spending needs of organisations. These solutions range from cash flow issues to rising equipment demands. These solutions' automation, deferred payment choices, and other features assist in streamlining cash flow management.

Furthermore, American Express claims to give businesses a wide range of cutting-edge solutions to help them expand their consumer base.

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Streamlining Cash Flow with American Express Products

The Global Business Spend Indicator survey indicates that U.S. businesses are spending more on construction. This is probably due to a number of factors, including the current inflationary environment, supply chain issues, and – on the plus side – the ability to resume projects paused during the pandemic. Businesses are spending more on raw materials in line with anticipated increases in construction investment, according to R.J. Ancona, VP of B2B at American Express.

Construction firm managers should make sure they have adequate financial solutions in their armory to address this expanding demand now, as spending on construction is projected to continue strong.

• American Express One AP™: In order to automate payments from a single platform and make payments via an American Express Card, check, or ACH, a digital accounts payable (AP) automation solution is created to seamlessly integrate with a company's existing accounting system or ERP. This reduces manual processes while increasing confidence. Suppliers in the US have access to one AP; membership is necessary, and there may be fees.
• American Express Business Platinum Card: offers the Pay Over Time option and 1.5X Membership Rewards points on eligible purchases from U.S. suppliers of building supplies and hardware, up to a total of $2 million in purchases per calendar year.
• American Express Business Checking: American Express Business Checking offers a variety of payment processing options, a high-yield APY on accounts up to $500,000, and a business debit card.

With its small and mid-sized business products and services, American Express recognises and caters to the unique needs of the construction industry, from cash flow issues to increasing equipment demands. It also provides a multitude of cutting-edge materials aimed at assisting companies in expanding their business. Since 2012, more than 35,000 meetings between small business suppliers and procurement professionals have been facilitated by American Express' Contract Connections, which links buyers with suppliers and aids owners in securing contracts with corporations and government agencies. These meetings have resulted in more than $750 million in contracts for small businesses.

Construction firm owners must be prepared for success to achieve their growth objectives as the industry continues to prosper. American Express can assist companies in the construction industry in fostering connections, streamlining cash flow, and earning worthwhile incentives that will ultimately help them rise to the occasion.