You’ll create an American Express account by offering your email and adding a password, and they’ll then ask for basic business and personal information including your name, business name, business type, home and business addresses, phone number, industry, EIN, and Social Security number.
Once you’ve given this information, you’ll be prompted to connect the financial platforms you use to your American Express business loan application. You’ll need to connect your business checking account, plus any other online services your business uses and they will ask that you provide the login information for each account you connect. Examples of online services you can connect to are:
- Stripe, or
It’s important to sync up as many business services as possible because the more business revenue you can demonstrate, the more likely you are to qualify for a line of credit. American Express will review and underwrite your loan based on the information they receive from your synced accounts. Therefore, the more accounts you can link to your application that show your revenue and business performance, the more data they have to underwrite your line of credit.
After you sign your loan agreement, your funds will be sent to the account that you indicate, either your business checking account or a PayPal account. Once you’ve received your funds, you can immediately start drawing money from your line of credit and you’ll only pay for funds that you use.
You’ll want to keep in mind that the application process can take longer in cases where American Express has trouble verifying your business information. If they do not approve your application for funding the first time around, their algorithm will keep tabs on your business using the accounts you linked. If and when you meet their business line of credit requirements, they will alert you. Along these lines, your account will also be regularly reevaluated to see if you’re eligible for changes in your line of credit or fees.