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American Express Merchant Account Review 2017

American Express has around 102.4 million cards in existence, and employs 63,500 people worldwide. It is probably one of the best known credit card suppliers in the industry, and they bring in around $31.6 billion revenue each year.

The company offers a range of cards, including those for small business use, prepaid and corporate cards. Gift cards, customer loyalty and rewards schemes make American Express a popular choice for high-spending consumers, in addition to their reputation for security and fraud protection for card-holders and merchants alike.

Review
American Express Merchant Account ReviewRating
Features
Ease of Use
Help & Support
Summary
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Products and Services

Features of the American Express Merchant Account include:

  • Recurring payment facility
  • Regular account statements
  • Trusted American Express ‘brand’
  • Marketing assistance for merchant account holders
  • Technical and fraud support 24 hours a day, 7 days a week
  • Market research and analytics services
  • Data security and fraud reduction
  • Marketing services including social media
  • Customer rewards programmes
  • Electronic verification for each transaction
SolutionProductFeatures
Omni-channel payment solutionAmerican Express merchant accountPayment solution by one of the biggets names in banking, including marketing assistance

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What type of merchant account do you need?

American Express Merchant Account

Benefits

Benefits of opening an American Express Merchant Account include:

  • Guaranteed payments with and no more bounced cheques
  • Reduced administrative costs via recurring payment facility
  • Record keeping is easier with regular merchant account statements
  • Speedier payments boost cash flow through your business – no more waiting for 90 days before receiving payment
  • Added convenience for your customers, who would previously have had to pay by cash or cheque
  • Customers may return to buy more goods as their payment is delayed
  • Competitive advantage over rival businesses not able to take credit card payments
  • Enhanced social media marketing through American Express
  • Offers greater payment security to your customers
  • Enhanced security with electronic verification of a variety of elements, including the customer’s email address, billing address, and billing telephone number

Pricing

American Express offers 2 pricing plans for their merchant accounts, the Discount Rate Plan and the Flat Fee Plan. Which one applies to you depends on the type of business you run and the transaction patterns you experience.

The Discount Rate Plan
  • No monthly minimum charge
  • No set annual fee or monthly fees for administration
  • A percentage charge on the face amount of each sale. This charge varies by type of business
  • Certain card types may attract lower rates, such as Prepaid or Corporate Purchasing Cards
  • Fees depend on your profession or business type. As an example, a bakery would be charged between 2.89% - 3.20% plus 10 cents per transaction; and charges for an accountant would fall between 2.89% and 3.25% plus 15 cents for each transaction.
The Flat Fee Plan
  • A flat fee of $7.95 per month may apply on this plan. This fee is not dependent on the number of sales achieved each month
  • The fee is automatically deducted from your bank account
  • Fees depend on your profession/business type

Verdict

American Express is one of the biggest names in banking an using them as a payment service provider can give your own reputation a boost. Especially small merchant who have not yet built up their own reputation can benefit from the trust that the American Express brand carries.

The support offered with the American Express merchant account is comprehensive and includes marketing assistance, which is not the norm for a service like this.

American Express can provide merchant account solutions to both small companies and big corporations. Whether they are a suitable choice for you depends on a variety of factors like how long you have been trading, whether you are in a high-risk sector, and how much flexibility you require from your merchant account. Small merchant might be able to find cheaper rates with merchant account providers that cater specifically to small businesses.

Next Steps

If you need more help to find the best merchant account services for your business, simply fill out the form at the top of this page. Expert Market UK will compare prices and services from top providers.