Should you accept American Express (AMEX)?


Some points to help you decide on Amex. 

The problem with many premium cards is that they come with high merchant fees. One such notable example is Amex. Often what happens is a growing number of Australians prefer to pay with Amex. These people get annoyed when you tell them that you don't accept Amex. Fortunately, most have Visa or MasterCard, but they do get irritated then, and you have created friction with the customer.

It can be a much more difficult problem dealing with people from overseas and business accounts. Overseas VISA or Mastercard cards are comparable in cost to Amex, so by rejecting Amex, at best, you have annoyed them unnecessarily if they offer their VISA. At worst, they cannot trade with you.

Many salespeople are commonly given expense accounts that basically need them to use Amex. Businesses do this as they can get more details on the Amex statement than VISA gives them on their account.

Now should your business accept Amex as complex? First, check with your credit card provider about the fees.

Then consider that today many majors take Amex, e.g. Bunning, Woolworths and, interestingly, afterpay.

The last afterpay has me wondering, as buying using afterpay will not cost me anything as the merchant pays the afterpay fees. This gives me progress payments every two weeks to pay interest-free. Pay afterpay when they come due with an Amex card which gives me another 55 days interest-free as afterpay is paying the interest. Plus, I get a whole lot of points. Let me know if you have tried it?

Add new comment

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.
CAPTCHA This question is for testing whether or not you are a human visitor and to prevent automated spam submissions. Image CAPTCHA
Enter the characters shown in the image.