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Does anyone have any experience with Amex working capital program? It seems to be fairly priced.
I just signed up for it but probably won't be using it because it requires the bank account number & routing number of any vendor you want to set up.
I really don't see me having that conversation with any of my vendors.
@Creditplz wrote:
I thought the Working Capital program was only issued in the U.K.?? I'd like to read more about it if anyone has the link!!
I was told by the customer service rep that it's being rolled out on an experimental basis to just a few customers.
@CreditJim wrote:
I had a pop up when I logged into my business plat yesterday for this. It prompted me to sign up, without any credit checks, said it was based on existing history with Amex. I signed up and it approved me for an $86.5k line of credit from them. You can choose 30, 60 or 90 day terms, and the fee varies accordingly, but it's fairly priced. It's not something I'll probably use very often as in my business I don't really have vendors, but it's a nice option to have. When I signed up it made it seem like I could loan the money from Amex myself, to help with cash flow, until invoices from my clients were paid which would have been far more useful to me. Sadly not the case.
I can't see myself using it at all in its present form, because (a) you can't pay it to your own checking account, and (b) it won't give you checks... it requires you to input the vendor's account number and routing number so it can be paid by ACH. I don't see myself asking my vendors for their bank account information.
@SouthJamaica wrote:
@CreditJim wrote:
I had a pop up when I logged into my business plat yesterday for this. It prompted me to sign up, without any credit checks, said it was based on existing history with Amex. I signed up and it approved me for an $86.5k line of credit from them. You can choose 30, 60 or 90 day terms, and the fee varies accordingly, but it's fairly priced. It's not something I'll probably use very often as in my business I don't really have vendors, but it's a nice option to have. When I signed up it made it seem like I could loan the money from Amex myself, to help with cash flow, until invoices from my clients were paid which would have been far more useful to me. Sadly not the case.I can't see myself using it at all in its present form, because (a) you can't pay it to your own checking account, and (b) it won't give you checks... it requires you to input the vendor's account number and routing number so it can be paid by ACH. I don't see myself asking my vendors for their bank account information.
Agree, I don't see myself using it because I can't deposit to my own checking account. Although I don't think there's too much of a problem asking vendors for their bank account information, in my industry it's normal to include all my banking details at the bottom of each invoice so my clients can wire the payments to me. If I were one of your vendors, I'd have no problems receiving funds this way.