American Express Teams Up with GreenSky to Offer Electronic Loan Services
American Express has teamed up with GreenSky to offer the company's point-of-sale technology to eligible US merchants within the American Express network. GreenSky is an Atlanta-based fintech startup, founded in 2006. Its products allow retailers within home improvement, healthcare and other sectors to offer customers digital financing options on large purchases.
According to GreenSky, American Express members can apply for financing in installments via its mobile app, online or over the phone, and receive an answer within 60 seconds. The startup will also have access to American Express's virtual payments solution, giving shoppers a variety of options.
"American Express will be able to drive incremental sales by providing qualifying customers with options to finance large purchases in a paperless environment," the companies said in a release.
The two firms also plan to develop a direct loan financing platform for eligible American Express card holders. This will allow members to apply for financing on purchases from either GreenSky or American Express-participating retailers, regardless of whether they partner with both companies. Further details the platform will be made available closer to its release.
“American Express is committed to backing businesses and their customers,” said Stephen J. Squeri, Chairman & CEO of American Express. “Our partnership with GreenSky […] will grant more merchants access to leading payment technology and financing solutions to enhance their customer experience and close more sales.”