Speaking at a breakfast hosted by the Wall Street Journal in New York City Wednesday, American Express CEO Ken Chenault hinted at a "stimulus plan for small business" that is expected to be unveiled within the next few days.
While not providing much detail concerning what the plan will do, Chenault did suggest what it will not be, declaring it will not involve easier credit terms for customers or collaboration with government.
Chenault also warned that although American Express retains a good deal of middle-class customers, new legislation such as the CARD act may make it more difficult to serve middle income clients through "risk-based pricing."
American Express offers business clients the ability to view company data in order to help them decide where and how to conduct their business - a service Chenault claims distinguishes them from competitors.
"We have the information stream across the merchant side," Chenault said. "Visa is not connected on the merchant side."
According to Dan Freed, contributor for The Street, the executive went on to discuss the technological implications of smartphones, suggesting the mobile innovations could eventually be used as a stand-in for cards.
Tags : financial management, ny, small business management
Posted: Nov 3rd, 2010