American Express streamlines expense tracking via mobile app
The ReceiptMatch program is being rolled out for American Express Open business card users to track their finances via mobile, email and Web. The app is available for iPhone and Android devices.
“Our small business customers rely on their Open business cards for a greater portion of their business expenses and want a card that seamlessly integrates into their business operations,” said Doug Tabish, vice president of American Express Open Small Business Charge Cards, New York.
“Keeping track of receipts is one of those onerous, time-consuming and irritating tasks of the back office,” he said.
“However, the process ensures businesses owners can invoice customers and closely manage their business expenses. Because of this, we designed ReceiptMatch to be a simple-to-use app and Web-based service that creates digital backup for business card charges by linking the receipt image to a company’s online statement.”
The American Express Open payment card issuer is geared towards small business owners in the United States and includes business charge and credit card options.
How it works
The ReceiptMatch app is available for cardmembers to download for free from Apple’s App Store and Google Play.
Consumers snap a picture of their receipt using the app’s camera function.
The app then uses image recognition to line up the image of the receipt to the correct line in a cardmembers’ online statement. Information including purchase date and amount is collected from the paper receipt into the app.
Additionally, consumers can add a note to their upload with specifics on the receipt.
The app keeps a log of all of a cardmember’s receipts for quick future use.
In addition to mobile, ReceiptMatch also has a Web and email component.
Cardmembers can email pictures of their receipts to [email protected] to have their expenses matched up to their statements.
Receipts can also be uploaded at https://www.open.com/receiptmatch.
Once the receipt is matched, consumers will see a link via their online statement.
According to data from CDW’s 2012 Small Business Mobility Report, 94 percent of small businesses believe their mobile devices make them more efficient.
Additionally, 67 percent of polled consumers believe that without mobile devices, their company would lose competitive ground.
With consumers increasingly relying on their mobile devices throughout the day, ReceiptMatch is meant to simplify the financial needs of businesses.
Leveraging photo recognition in particular helps American Express streamline the process.
“Photo recognition and the ability to seamlessly sync to the online credit card statement are key differentiators for ReceiptMatch,” Mr. Tabish said.
“The syncing feature enables businesses to view and print stored receipt images and transaction details from a convenient location they’re already accessing,” he said.
“Of course, as with any other app or technology tool, we don’t plan to stop here and, over the next several months, will build on what is an already strong product.”
Lauren Johnson is associate reporter on Mobile Commerce Daily, New York