Many people have American Express credit cards and when they want to go shopping and pay with them, they realize at the checkout that cards are not accepted. This is because of the high merchant fees, and many retailers are not able to accept the payments. Many of them seek an American Express merchant, but are unable to afford the costs, because they vary substantially and are not affordable. The good news is that there is a new pricing model, known as Amex Optblue, which is more affordable, transparent, and boosts many more advantages.
What Is the American Express Merchant
Businesses that operate online and have ecommerce platforms need to accept credit and debit card payments. These are highly preferred by clients and many of them decide if they purchase from a specific business based on the available payment options. It is more convenient to pay using a card, because payments are processed quickly and clients simply have to wait for the order, and not stress about having cash available when the delivery company arrives. However, processing such payments is not that easy for businesses, because they need various providers to succeed, such as an American Express merchant and a payment gateway.
The merchant account is the account that allows businesses to process online payments and the payment gateway deposits the funds from credit cards in the account. It is not the same as the bank account, because there is no control over the merchant account, because it simply holds the funds, and retailers are unable to make transactions from it. Some might wonder why funds are not deposited directly in the business’s bank account. Think about returns and how clients are in the situation of returning products and services, due to various reasons. The money has to be paid back to the client and this means there is a certain risk involved. Returns are taken from the merchant account and all remaining funds are transferred to the bank account.
What Is Amex Optblue
Some businesses lose a lot because they do not accept American Express payments. It is understandable considering the costs involved, but the good news is that there is a new pricing model, known as Amex Optblue. No matter if you plan to accept these credit cards or you already are, it is advised to look into the pricing program and find out what it has to offer. For once, it is cheaper, transaction fees are reduced considerably. With regular transactions, businesses had to pay rates based on their SIC Code, but with Optblue there is more flexibility and they can setup discount rates.
Think about the money saved on an annual basis, because processing costs diminish, and businesses can save thousands of dollars, depending on their sales volume. Another benefit is transparency, considering that businesses can see all costs involved, nothing is hidden, and there is no flat rate based on the amount of the transaction. This encourages many more retailers to accept American Express cards and satisfy the needs of more clients. Just think of the opportunities and how you can increase sales.
Choosing an American Express merchant has many benefits for the business, because the main purpose is to allow credit and debit card payments. Setting up an account increases sale, enhances competition in the challenging market, and improves cash flow. Finding the right solution is essential, to make sure your business remains on top of the game and attracts as many clients as possible, considering the high number of them who prefer online payment methods. It also depends on your current situation, if you already have a merchant account and want to accept American Express credit cards, or you are thinking about launching an ecommerce platform and need a full-service payment solution.
There are many differences between American Express merchant providers, but when you look in perspective, there are certain primary factors. For once, some facilitate global commerce. Some are available within the country and allow clients inside to purchase products and services, while others are internationally minded and offer businesses the possibility to expand overseas. This means they accept multiple currencies. If you are looking to expand globally at a certain point and it is in your objective, you should choose an ecommerce merchant account that allows multi-currencies.
What you need to consider is security and verify if the American Express merchant implements security tools and protects customer information. Your clients need to know that all transactions are secure and that their personal data is protected, so they trust the overall experience of shopping from your website. You don’t want to deal with data breaches and security issues, because your business will lose money and ruin its reputation. It might sound complicated to find the right provider, but if you look well enough and pay attention to the most essential factors that matter to you, eventually you will narrow the search.
What American Express Optblue Offers
Amex Optblue offers next day funding, which is something exceptional. Many business owners complained about not receiving their funds up to 5 business days with American Express, but the good news is that this issue is resolved. You will view the money in your bank account the next day. Financing becomes easier, because of the daily reconciliation process.
With Amex Optblue, American Express integration is a breeze, because businesses don’t have to change merchant account providers and they don’t need to overhaul the payment infrastructure. Small businesses that were unable to accept American Express until now don’t have to give up the idea, because this solution is affordable and easy to implement.
Customers with American Express cards can shop at more stores thanks to Amex Optblue and merchant can attract more clients. There are certain qualifying factors that must be met in order to become eligible for the program, and it is best to discuss with your merchant provider and find out if you meet the criteria. You can expand your business by implementing credit card payments.
