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Construction Industry Streamlining Cash Flow with American Express Products

 

Growing demand for the construction industry indicates that building firm owners typically have to pay money for raw materials even as the cost of these components rises, leaving them to catch up on payments due to previous clients.  

American Express understands and responds to the unique needs of the construction industry with its small and mid-sized business products and services. 

From cash flow considerations to increasing equipment demands American Express offers solutions and a range of card products tailored to fulfill businesses’ B2B spending needs. These products help to facilitate money flow management through automation, payment options over time, and other features. 

Additionally, American Express promises to provide a plethora of cutting-edge tools to support businesses in growing their customer base. 

Let’s Find Out 

The Need 

According to a recent American Express survey, 67% of American firms anticipate spending more on construction over the next six months, and 72% anticipate spending more on raw and processed materials (such as chemicals, metal, and lumber). 

According to R.J. Ancona, VP of B2B at American Express 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. 

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. 

The American Express Solution 

  • American Express One AP™ – With American Express One APTM, a digital Accounts Payable (AP) automation solution, businesses can automate payments from a single platform and make payments via American Express Cards, checks, or ACH, reducing the need for manual processes. This solution is built to seamlessly integrate with a company’s existing accounting system or ERP. Suppliers in the US have access to one AP; membership is necessary, and there may be fees. 
  • American Express Business Platinum Card – Up to $2 million of eligible purchases can be made per calendar year with the American Express Business Platinum Card5, which also offers the Pay Over Time option and 1.5X Membership Rewards® points at U.S. suppliers of construction supplies and hardware.
  • 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.
  • The Lowe’s Business Rewards Card from American Express – The Lowe’s Business Rewards Card from American Express offers cash back benefits such as 2% cash back on purchases made at Lowe’s as well as at American restaurants, American office supply retailers, and American wireless telephone services obtained directly from American service providers. Lowe’s Business Rewards points, which can be exchanged for account credits or certain gift cards, are given in exchange for cash back. 

American Express understands the unique requirements of the construction sector and provides products and services for small firms. This understanding ranges from cash flow considerations to expanding equipment demand. They also provide an abundance of cutting-edge resources aimed at assisting businesses in doing more.  

Since 2012, American Express Contract Connections has held more than 35,000 meetings with small business suppliers and procurement specialists, helping owners secure contracts with companies and governmental organizations. and produced more than $750 million in contracts for small businesses. 

Construction business owners must position themselves for success to achieve their growth objectives as the industry continues to prosper. American Express supports the construction industry by fostering relationships, streamlining financial flow, earning worthwhile rewards to aid in project completion, and ultimately facing the moment. It’s time to take advantage of the construction boom right away, that much is certain. 

Follow INDOVANCE Inc for AEC Industry Updates, CAD Tips, and Global Construction News.  

INDOVANCE Inc  with its exclusive delivery hub in India is a global CAD outsourcing partner serving the needs of the AEC industry since 2003. At INDOVANCE we focus on the unique need of each project or client and believe in addressing the real challenges and guarantee that the process will be well-coordinated, smooth, efficient, and hassle-free.  

We collaborate with our customers around the world to develop bespoke business solutions using our enormous engineering talent pool and state-of-the-art technology. To deliver long-term engineering and business strategies, we align with your culture and processes to create an unbreakable partnership. With over 500 full-time employees and more than 600 customers in the US, Europe, India, and Asia, we are poised for the next level of success.  

For more queries regarding any of the above-mentioned topics, feel free to connect with us on our website www.indovance.com or contact us on +1-919-238-4044 

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