On Monday, American Express (NYSE: AXP) announced it has formed a partnership with GreenSky, Inc. (NASDAQ: GSKY) to bring enhanced digital payments and financing capabilities to help merchants grow their businesses and give consumers greater flexibility in financing their purchases.
According to the duo, this new partnership will enable eligible U.S. merchants within the American Express network and the customers they serve to access GreenSky’s proprietary point-of-sale financing solutions. The companies explained that customers apply for installment loan financing via GreenSky’s mobile app, online or over the phone, and typically receive a decision and transact within 60 seconds. GreenSky will also have access to American Express vPayment, a virtual payments solution, in order to facilitate purchases via virtual account numbers delivered to approved customers.
American Express and GreenSky also revealed they plan to pilot a digital direct loan option with a platform for eligible American Express consumer Card Members to search for participating merchants within GreenSky’s network, and to finance their purchases at participating American Express accepting merchants of their choosing within or outside of GreenSky’s merchant network.
Stephen J. Squeri, Chairman & CEO of American Express stated that the partnership with GreenSky will grant more merchants access to leading payment technology and financing solutions to enhance their customer experience and close more sales. David Zalik, CEO and Chairman of GreenSky, went on to add:
“We’re excited to work with American Express, a global leader in the payments industry that is known for its commitment to providing exceptional value to its customers. We’ve long admired American Express and all that the brand stands for. Combining our industry-leading technology platform with the security and backing of American Express will allow us to continue innovating to meet evolving customer needs.”