Why Is OptBlue Better Than the Traditional American Express Merchant Method?
The amex Optblue method is a new technological breakthrough in the payment processing industry. One of the biggest advantages that this technology has is the ability to receive your funding in only 12 hours. On the other hand, the American Express merchant method does not offer such a big advantage. You will need to wait for 3 to 5 days to get your funding through this method. It is obvious which method is better. But not all businesses can have the advantage of using this method.
The OptBlue alternative has a big problem in comparison with the traditional method. Because of this, you may not get any advantages of using it. The problem is its complexity. It is very complicated, and it requires a lot of time and effort to make efficient use of this method. But there is also a solution. You can use one of the top payment processing software and let it help you. This will reduce the complexity at a bearable level, and you will be able to get your funding fast without any stress.
To better understand how this method work, you should know the following example. A merchant that is qualified for using this method can batch out at 7:00 pm (EST). The processing of all the found from that day is done very fast, and it will be available for the merchant to use at 7:00 am (EST) the next day. So, in only 12 hours, everything is taken care of, and you will be able to use your fund however you want.
Which Types of Businesses Should not Become a Traditional American Express Merchant?
As mentioned above, not every type of business should use this method. Sometimes, it is better to remain an American Express merchant and use the traditional method. But there are some industries where the normal method can be quite frustrating because the company may need the money in a short interval. But because the funds are not available the risk of encountering cashflow problems may appear. Also, some industries will actually overpay if they continue to use the traditional method.
So, if your business is included in one of these industries, then you may want to change your processing method. The industries are Tuition, Office-Based Healthcare, Restaurant, Fast Food, Mail Order & Internet, Travel, Lodging, Retail & Wholesale, and Supermarket. All the businesses that are included in these industries should switch to the OptBlue method as fast as possible. There are 5 advantages that you will get from making the switch.
• Discount rate. The traditional American Express method has a fee that can be as high as 3.5% per transaction. In comparison, the fee that you can get from using software that allows the OptBlue alternative can have a fee as low as 2.3%. The difference is evident, and you should understand how big this number will be in the long term.
• Transaction fee. Both methods also have a base fee. Optblue has only a small fee of $0.10, while the traditional method has a much higher fee of $0.35. The difference is massive, and if you have thousands of customers daily, then you will lose hundreds of dollars daily.
• Statement fee. By using the traditional method, you will have to pay $7.95 every month as a statement fee. On the other hand, you can find software that waives this fee completely. Although the amount is not high, it will be very helpful in the long run.
• Founding. This advantage has been discussed above, and it is the immediate effect of making the switch. Getting your money more than 6 times faster than normal can make a very big difference, especially for only businesses that need to make payments very fast. Some of the online retailers are not even able to keep the business going because of the long waiting time.
• Reporting. Depending on the software that you are going to use, the OptBlue method can offer you a much better report of your activities. This can be very helpful, especially when you need to make essential decisions for the future of your company.
How Can You Switch to Amex OptBlue?
The best method that you can use is to search on the internet and find the best payment processing software for your company. But you need to make sure that it includes the possibility of making the switch for amex OptBlue . Also, this type of software will offer you many more advantages that you can use to grow your business at a much faster rate. To make sure that you choose the perfect software for your company, then you should follow the steps below.
• Research this type of service. If you are new to the payment processing industry, then you should make a little research about the field and the services that you can get. Without understanding it, you will not be able to make an educated decision. And this may cost you more money and you will lose the opportunity to get very powerful tools that could have helped your business enormously.
• Find your business needs. After you have made your research, you should start looking at your business and find all the needs that this industry could cover for you. It is essential to do so because you want to find software that will solve as many problems for you as possible. Make sure to do this step properly, do not fear to invest some time because this type of software will save you much more time in the future.
• Find the capabilities of the software. The last step is to check as many software as needed until you find the one that covers all the needs of your business. You do not need to go and use the first software that you find without making a proper research beforehand. Make sure to do this properly, because the advantages that you will get in the future depends on this.
