Should Every Business Accept American Express Payments?
Filed under: Credit Card Processing
It makes sense that you should accept all of the major forms of payment to ensure that your customers have an easy option to pay for goods and services. But some business owners are hesitant to accept certain forms of payment due to the higher-than-normal payment processing fees.
For example, American Express (commonly nicknamed AmEx) is a prestigious credit card company that consumers want to use. But some companies don’t accept American Express payments because they are worried about the high transaction fees.
Don’t Let Your Customers Down
Keep in mind that it can be frustrating for a customer to reach the cash register, only to find that American Express payments are not accepted. While most people have alternative options to pay for their purchases, consumers want the convenience of choosing their preferred payment method.
The truth is that American Express prioritizes the satisfaction of their customers, which means that merchants might feel like they can’t get the services that are needed to support the business needs. For example, an American Express transaction fee can be a few tenths of a percentage higher than other credit card providers, such as Visa and MasterCard. This higher rate is a small price to pay when you consider the potential lost sales if your customers choose a competitor that accepts American Express payments.
Finding the Right Solution for Your Business and Customers
Instead of jumping to conclusions to assume that you shouldn’t accept American Express payments, it is time for you to look at the numbers. Compare the rates and consider the potential losses in business that might occur by making your customers feel bad about their payment choices.
As a business owner, there are many options available to help with your payment processing system. The most important decision that you can make is to choose a good, reputable merchant services provider. For more information, our team at Veripay is here to help. We invite you to call us to learn about the payment processing solutions that are a good fit for your business needs. Call anytime to learn more: 888-891-0811
