American Express, through its local presence, Amex (Saudi Arabia), is offering corporate cards to Saudi businesses to help streamline their travel and entertainment expenses. American Express has become a world leader in providing corporate cards to ease the whole process of organizing and managing business expenses. Currently, 70 percent of the Fortune 500 companies use American Express corporate cards.
Amex, is offering two secure cards with added features and functions. The first —American Express Corporate Card — is, says Priyan L. Attygalle, Amex CEO in Riyadh, “a flexible tool providing an end-to-end expense management solution that also simplifies travel and entertainment expense management”.
Attygalle said that the corporate card was equipped with innovative features such as “spending controls, managed cash access and automated expense reporting,” besides contributing to a significant reduction in costs. The Amex CEO was joined by Fahad M. Al-Guthami, head of Corporate & Merchant Relations, who gave an overview of the Saudi card market with special reference to Amex operations. Spelling out the features of the corporate card, Attygalle said that it came with features such as insurance coverage, membership rewards program and 24-hour customer service. They provide an added level of security and convenience. The corporate card was not just a charge card but also an entire expense management solution. “It offers convenient ways to maximize savings and identify ways to reduce costs, contributing to business growth,” he noted.
“Besides giving total control over company’s expenses, the corporate card also brings to card holders a range of exclusive facilities and advantages in the course of their work, especially when traveling,” Attygalle explained. “The card is a boon for any finance head, who is looking at cost-effective methods of managing corporate expenditure in the area of purchasing, travel and entertainment,” he said.
“It is estimated that indirect operating costs such as employee expenses can constitute as much as 35 percent of an organization’s cost base,” said Al-Guthami. Of this 35 percent, a significant amount is in incidental expenditure, travel, subsistence and entertainment. “And as anyone with responsibility for corporate operating costs will know from experience, this is difficult to monitor and control accurately,” he explained.
Another American Express card seen as suited to company executives is the “American Express Business Card.” It too is packed with features that can help businessmen lighten their workload, smooth out cash flow, balance books and keep costs down. “It works hard for you when you’re at your home base and it works harder still when you’re traveling,” Al-Guthami said.
American Express’ ongoing initiatives and Amex policies also ensure protection against fraud, safeguard against charge-backs and effectively manage merchant and customer inquiries.
The coveted rewards program is growing as well.
“We’re delighted to introduce a range of new partners to the Membership Rewards Program,” said Al-Guthami. Details can be seen on www.americanexpress.com.sa. Amex is continuing its partnership with Gulf Air and Royal Jordanian Airlines.
Card holders, under this program, can receive complimentary companion tickets or selected upgrades from the Middle East and North Africa to various destinations when purchasing business or first class tickets. The promotion is open until June 30 next year. American Express Middle East and North Africa has also introduced its American Express Selects online program which allows card holders in the Middle East to access shopping, dining and travel offers in over 50 countries.
American Express has expanded services offered to its card holders and businesses accepting it by establishing a fully autonomous service center in Riyadh. A large number of organizations including hospitals, supermarkets, retail outlets, hotels and service establishments accept American Express cards electronically.
“We strive to ensure that the businesses used by our members welcome American Express cards,” said Al-Guthami. Amex card holders are known to spend significantly more using Amex cards than using other cards. Therefore, merchants welcoming American Express cards have a significant advantage. “The system of payment also facilitates issuance of easy-to-read receipts for American Express card members, while merchants receive direct settlement into their bank accounts,” he noted.
Amex (Saudi Arabia) is investing significantly on technology over the next few years to continuously improve member experience with Amex.
Established in 1999 as a joint-venture company equally owned by Amex (Middle East) and the Saudi Investment Bank (SAIB) with its head office in Riyadh, Amex (Saudi Arabia) seeks to strategically position American Express and provide products and services that meet the needs of card members and merchants in the Kingdom.
