For decades, most businesses have accepted Visa and MasterCard with Discover joining this exclusive club in the late 2000’s. However, American Express has always been the odd one out for many businesses. The reason? The high percentage charged on each transaction and the amount of time it took for the money to deposit into the merchant’s bank account.
There was no other option until recently when American Express partnered with select credit card processors to market their Amex OptBlue program. Amex OptBlue provides a new opportunity for merchants to reach new clientele.
The major benefits of Amex OptBlue include:
Combined Deposits and Faster Funding:
Finally, transactions will be deposited into the merchant’s bank account next day. Previously, 3-5 days was the standard for an American Express settlement to occur. The American Express deposit is also combined with all other card types such as Visa, MasterCard, and Discover.
Previously most businesses had to reconcile numerous reports to make sure all card deposits matched. American Express is now found on the same True Merchant billing statement along with all other card types.
Many business owners cringed in the past when they had to accept an American Express card. The reason were the rates were much higher than most other transactions with 3.50% for restaurants and 2.89% for most other industries.
Amex OptBlue allows True Merchant to price most industries for transactions under $1,000 at 2.00% or lower, a significant reduction versus the previous cost.
True Merchant is thrilled to offer the Amex OptBlue opportunity to all current and new customers.
If you are an interested business or if you know of a business that would benefit from accepting American Express, please fill out our contact form below.
Authored By: Jimi Romanus