How Can a Merchant Avoid Any Mistakes by Becoming an American Express Merchant?
Posted by Dane Bronson on February 11th, 2021
Becoming an American Express merchant is now easier than ever thanks to the new Amex OptBlue program. In past years, if your customer had an American Express card, but you didn’t have a merchant account with them, they couldn’t do business with you. All that changed because the people behind American Express decided to become closer to their clients, both individuals and corporate. But although enrolling in the program isn’t necessarily hard, it might take some serious research first in order to see if you fit in.
How Hard Is It to Become an American Express Merchant?
For years American Express has been somewhat of an exclusive club. That is because American Express is both card issuer and “bank” for anybody that has an account with them. This is because they understood that having another party involved meant an increased risk on their clients’ data. So, by eliminating the middle man, they could interact directly with the client and offer him any service he would need. But that meant higher fees for any business that accepted American Express credit cards. That was why merchants avoided opening accounts with them for decades. But that might have been a very big mistake on their behalf. By avoiding the American Express company, merchants have been practically turning down potential paying customers for years. That was just a very business model.
Becoming an American Express merchant is fairly straight forward. Just as you would do with any other merchant bank, you just have to see what they have to offer and pick whatever you like out of the list. The benefits are quite something. Becoming an American Express merchant means that you can accept payment made with American Express issued credit cards. That means that you can become more attractive as a business to potential customers, who usually needed to take their business elsewhere. Customers nowadays enjoy having multiple options when it comes to payments, and American Express card holders have been some of the most neglected out there. because of the fees American Express charges for transactions, not many merchants have been working with them. But that only means that the less merchants there are working with them, the more card holders there are to share among those who do work with them.
Another great thing about becoming an American Express merchant is that you can now associate your name with a real American institution. With a tradition that spans over 100 years, the American Express company has been at the forefront of payment method innovation. That is why any American Express merchant can be proud to say that they are part of a great company with an even greater history. From stagecoaches to credit cards, American Express is a reputable force in the world, leading as the largest payment network worldwide. American Express has been in charge of transporting and taking care of peoples’ valuables for over a century, so you can rest assured that the security standards they employ are some of the highest and that their protocols are kept up to date by the best in the business. That is why becoming an American Express merchant is one of the best decisions any merchant can make. And, because American Express is the global leader when it comes to payment networks, any merchant that chooses to work with them has practically a worldwide reach. That means that new possibilities and markets can become available to them by simply choosing to work with one of the greatest American financial institutions of all times.
What Can Amex Optblue Do for A Small Business?
The way Amex OptBlue works is by doing what Visa and MasterCard have done. The program aims to make payments with American Express cards even for merchants that do not work with American Express. The point is to offer American Express card holder all the possibilities that other card holders have already. That means making Amex OptBlue as attractive to merchants as possible. That was done by creating a new standardized fees and charges table that was closer to what other card issuers were using. Although a little late to the party, Amex OptBlue is one of the most revolutionary programs on the market today. It has been able to make small businesses grow almost overnight by offering potential clients new business partners.
The way that a merchant can use Amex OptBlue is by going on their site and following their instructions. The steps they have to take aren’t really difficult. The merchant is asked to provide some information regarding his business. Things like transaction volume, main operating means, projected growth and other details. Then, the merchant has to provide some personal information such as bank account number, address and debt history. Once this information is provided, the company analyses it and send the merchant an offer. If the merchant is OK with the offer, he simply has to give his accord and he is ready for business. By using the OptBlue program you can increase your visibility and even use it as a marketing tool in order to promote your business. Becoming part of the American Express family is no small feat, and your potential clients will be thrilled to learn that they have a new way of doing business with you.
Like it? Share it!
About the AuthorDane Bronson
Joined: April 25th, 2020
Articles Posted: 11
More by this author