UNIPaaS, a Payment-as-a-Service provider, has teamed up with American Express to offer a new invoice payment solution tailored for small businesses. Announced on Tuesday, the partnership allows these businesses to offer their customers the option to settle invoices using American Express Cards directly through the UNIPaaS platform.
The collaboration is set to transform how small businesses handle their transactions. Customer behavior shows that when payment options like American Express are offered, a significant share of customers choose this payment method, thereby increasing the speed and efficiency of business invoice payments,” stated UNIPaaS in a news release. This integration aims to simplify the payment process, enhance cash flow management, and boost overall payment convenience and efficiency.
UNIPaaS has a history of processing millions of card transactions and offers optimized solutions for various B2B clients, particularly those in the Software-as-a-Service (SaaS) sector, including industries such as HealthTech, accounting, education, and mobility. This new partnership enables users of these SaaS platforms to easily accept American Express payments, catering to the many customers that prefer to pay with Amex,” added the release.
Brett Sussman, American Express vice president of marketing, business blueprint, and small business, highlighted the broader context in which digital payment integrations are becoming crucial for SMBs. He pointed out that many small business owners juggle multiple business apps to streamline their operations but are still transitioning from traditional, manual payment methods to more integrated digital solutions.
Reflecting on the past decade, Sussman noted, “If you look back all the way to 2010, 67% of small business payments were made on cash or check or wire. You fast forward to 2022 and that number is 33% of payments. So really, the digitization of payments has taken off. But I would argue there is plenty of progress that still needs to be made.”
Moreover, a recent study by PYMNTS Intelligence revealed that a growing number of SMEs across sectors such as healthcare, hospitality, restaurant, and transportation now predominantly use instant payments, with about a quarter of these businesses identifying instant payment methods as their most frequently used transaction mode.
This ongoing shift towards digital payment solutions indicates a promising trend among small businesses, striving for efficiency and modernization in their financial operations. The new partnership between UNIPaaS and American Express is poised to further this transformation, offering SMEs a robust tool to keep pace with the evolving demands of the digital economy.
