Friends, we have many reputed companies all over the world through which many sources of business are available and thus many citizens get business opportunities. They get a place to work and are also paid in a specific way. We are going to learn about one of these companies in today’s articles.
The name of that company is American Express. It is one of the world’s leading payment companies. Keys through which customers have access to products, insights and experiences. Brings prosperity in their life and also tells them how to succeed in business. American Express is a leading provider of credit and charge cards to consumers, small businesses and medium-sized businesses, as well as large corporations worldwide. a strategic plan of how a company will make money
American Express’s various products and services are offered globally to various customer groups through various channels. This includes mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, direct mail, telephone, in-house sales teams, and direct response advertising. Company-issued American Express card The card can also be used by members to charge purchases at millions of merchants worldwide at participating banks and other institutions in the American Express network. a structural model of how a business is going
These purchases are charged to those who accept cards with the logo. American Express’s integrated payment platform connects participants and provides differentiated value along the commerce channel through general-purpose card-issuing, merchant-acquiring and card network businesses. American Express interacts directly with both cardmembers and merchants and handles all key performance of those relationships.
American Express has four reportable operating divisions. They are US Consumer Services (USCS), Commercial Services (CS), International Card Services (ICS), and Global Merchant and Network Services (GMNS). Operating divisions are in American Express. Includes corporate functions and certain other businesses, operations corporate and others.
US Consumer Services (USCS) issues a wide range of proprietary consumer cards and provides services to US consumers including travel and lifestyle services as well as banking and non-card financing products. Commercial Services (CS) issues a wide range of proprietary corporate and small business cards and provides services to US businesses, including payment and expense management, banking and non-card financing products. Strategy refers to the contingent plan about which business model to use
CS also issues proprietary corporate cards and provides services to select global corporate clients. International Card Services (ICS) issues a wide range of consumer, small business and corporate cards owned outside the United States. ICS also provides services to international customers, including travel and lifestyle services, and manages certain international joint venture and loyalty alliance businesses.
Global Merchant and Network Services (GMNS) operates a global payment network. which processes and settles card transactions. Merchant acquires and provides multi-channel, marketing programs, capabilities, services and data analytics leveraging a global integrated network. Thus American Express has four operating divisions under which American Express operates.
For the year ending December 2022, all locations worldwide were billed. That bill included spending on American Express cards at $1,338 billion, and as of December 31, 2022, American Express owned 76.7 million cards worldwide. American Express has a “cost-centric” business model. American Express has direct access to information on both ends of the card transaction. What sets it apart from bank card networks is its integrated payment platform.
American Express’ integrated payment platform allows the company to analyze information on card member spending and create other analytical tools. which it uses to reduce risk, reduce fraud and provide targeted marketing and other information services for merchants and partners. Also does to provide special offers and services.
All cardmember preferences are respected. Protect Cardmember and Merchant data by complying with applicable policies and legal requirements.
Allows working with various business partners. And partners, in turn, help increase the platform’s scale and relevance. Issue cards under cobrand arrangements with other corporations and organizations. Eg, Delta Air Lines, Marriott International, Hilton Worldwide Holdings and British Airways etc.
The card offers innovative ways for members to earn and use points with merchants. E.g. Points on Amazon.com. It operates through joint ventures in China, the Middle East and Switzerland in certain jurisdictions. Develops new capabilities and features with digital partners. American Express expands its platform into travel services, including leisure and business travel (eg, fine hotels and resorts).
American Express owns Global Business Travel Group, Inc. (GBTG) also has a significant ownership position. A business that provides travel-related services. Thus a variety of services are also provided by American Express. This makes it an innovative company.
So what exactly is the function of American Express and how does it work? We have learned this information from today’s article.