9-Dec-2022 Source: Pratt & Whitney Canada
Pratt & Whitney Canada (P&WC), a business unit of Pratt & Whitney, announced that it is collaborating with American Express (Amex) to provide qualifying customers with a new solution that will allow them to extend payment terms, when buying a new or used P&WC engine.
“This new payment solution is part of our growing portfolio of services that offer our customers greater flexibility when it comes to acquiring an engine and it reflects our commitment to developing services that meet their evolving needs,” said Irene Makris, vice president, Customer Service at Pratt & Whitney Canada. “Many of our customers are looking at alternate models to improve their working capital along with options that are specifically tailored to their engine and aircraft operations.”
The new payment solution with Amex will be attractive to customers who have commercial operations and who will appreciate the extended payment terms, allowing them to generate new revenues from the engine asset before having to pay for it.
“At American Express, we’re committed to providing payment solutions to help businesses gain greater flexibility and improve working capital to unlock new opportunities for growth,” said Phanikar Yenamandra, Vice President, B2B Strategy and Enablement, Global Commercial Services at American Express Canada. “We’re excited about this collaboration with Pratt & Whitney Canada, and to offer a payment solution that will deliver value to its customer base.”
The Amex payment solution, in the initial pilot phase, will be available to new and used engines sold outright or with an exchange as well as those under the company’s P&WCSMART™ program. Engine exchanges, whereby the customer exchanges the used engine for a new, used/time-remaining or freshly overhauled engine, are popular because they require fewer logistics than an overhaul and reduce shop times.
“Our portfolio of flexible, alternative maintenance and payment solutions continues to expand,” said Makris. “Along with our Amex collaboration, we have recently introduced our spare engine solutions portfolio including lease to own, on-wing leasing and long-term leasing options, all of which enable the customer to conserve capital, help keep operating costs down and economically extend the life of the aircraft. These solutions complement P&WC’s payment solutions offerings already available with our existing partners.”