american express business finance corporation

American Express Business Finance Corporation is a corporate division of American Express. This renders fast and reliable funding of finances for business equipment, through formally enrolled vendor partners for various purposes. This is a part of American Express Company, which is a diversified global travel, financial and network services company, founded in 1850. It is a pioneer in the global trade in different fields of travel, travellers check, credit card, insurance, financial planning, business services and international banking and more so.

Origin

American Express Business Finance Corporation, is an equipment-leasing unit of American Express small business division, which was founded in 1998 with headquarters at Parsippany, in New Jersey with a managed assets of $1.5 billion and 2004-originations estimated at about $750 million. It operates across the United States with major hubs located in Houston, Chicago and Parsippany in New Jersey. It employs approximately 400 sales and service associates.

Equipment Leasing Services by AEBF

With a portfolio of approximately $1.5 billion at the end of September 30, 2004, AEBF is a leading commercial finance company providing capital investment for small and middle market businesses, mainly in the areas of healthcare, information technology, industrial segments, commercial vehicles and construction and various office products. Their lease solutions range from $20,000 to $75,000 for acquisition, such as medical, dental and surgical diagnostic equipment, hardware relating to IT and telecommunication fields and commercial vehicle purchases. AEBF also renders services for point-of-sale equipment in case of restaurant chains at the national level.

American Express Business Finance has commitments to its vendor leasing partners with an imposing state-of-the-art technology infrastructure, significant and excellent customer service and withstanding financial solutions. Mr. Paul A. Larkins, President and chief executive officer of Key Equipment Finance Company applauds and says, "American Express Business Finance is built on

a foundation of service and process excellence. Both of our companies share a commitment to providing best-in-class products and business equipment financing solutions to businesses of many types and sizes. We are excited to add capabilities and professionals of this caliber to the Key family."

Ms. Susan Sobbott, president, OPEN, the Small Business Network from American Express, the Company's division dedicated to providing payment solutions to small business owners, said, "Our Business Finance unit has been successfully serving business owners through our vendor leasing partners strategy. At this point in AEBF's business development, we believe it makes more strategic sense for it to grow as part of a company where equipment leasing is a core focus, and for OPEN from American Express to concentrate on our strength the small business payments business, where we have been the leader in providing charge and credit cards to business owners for nearly two decades. From these we are able to get an insight into the American express business finance corporation."

AEBF and SAP Small and Midsize Business Customers(Express financing)

Under an agreement between American Express and SAP America Incorporation American Express Business Finance will provide business leasing solutions to SAP customers with an extensive Internet-based product, known as Express Financing. Express financing allows SAPs network, to meet the needs of small and medium business customers in a more efficient manner by shortening the process of application time to as meager as an hour from days. In short, here express financing means, that service which is rendered immediately. This online Express Financing product enables vendor leasing partners to bring forth more lease proposals, to make calculations of lease payments, to submit credit applications, to forward lease documents, and furthermost checking transactions online. Through this online, Express Financing business customers can also simplify the additional solutions or other small business infrastructure needs, so that American Express Business Finance will allow solutions of SAP to be more attractive and flexible enough for business owners to draw growth-oriented investments in regard to their businesses.

New American Express Business Finance Program

In partnership with Best Software Mid-Market Division, American Express Business Finance proudly bestows the honor of extending a unified program to the needs of the Timberline Software business customers. AEBF provides 0% financing availability and also three options to help the clients acquiring Timberline Software. They provide 0% finance rates and the monthly term & buy-down options, which follows 12 months term for 10% buy-down options, secondly 24 months term for 12% buy-down options and finally 36 months term for 12% buy-down options. The other options include a 90-day delayed payment option, which is designed and confined to clients with minimal obligation during the first 90-day period with 100% invoice paid. Secondly, a new 90-day Cash Option period has been introduced, to cater to the needs of the clients who are looking forward for a 90-day cash term and in turn converting it to a standard 24-or-36 month lease period at the end of the 90th day. In the second option, clients are only required to pay 3% for the cost of financing for the 90-day period, other than the documentation fee and they will not be charged any referral fee. American Express Business Finance is also offering leasing services to restaurant chains in US and through this they can enjoy a dining experience of their own distinctive tastes, as well as the benefits of 100% financing, with an affordable, convenient monthly lease plan.

There are certainly few things to be remembered, in acquiring Timberline Software. With other 0% financing programs, Timberline Business Partners share the proportionate discount with Timberline Software, mentioning theperiod of placing orders via Order Processing, but this program cannot be combined with any other program or special price considerations. The business partners, who may desire to work along with other leasing firms, are permitted to continue to do so with AEFC, but Timberline will not involve in the buy-down lease businesses. The 0% financing does not apply to service plans. Timberline Business Partners may finance non-qualifying services and products with a combination of the standard lease plans and the 0% financing.

There was a definitive agreement signed between KeyCorp's Key Equipment Finance, which is presently the nation's third-largest bank-based equipment financing company, managing a portfolio of approximately $10 billion and American Express for the acquisition of American Express Business Finance Corporation. KEF at present conducts business in 25 countries. This agreement ensures strategic combination, which enables to focus on distinctive markets with businesses from small to large corporate firms in the US and Canada, worldwide equipment manufacturers, distributors and resellers, federal, state, provincial and local governments as well as pubic sector organizations and finance companies.