Unlock New Opportunities: Why Accepting American Express Can Boost Your Business
In recent years, contactless payments have become the preferred choice for many consumers. With fewer people carrying cash and more opting for cards or digital wallets, the landscape of payment options is rapidly evolving. To help businesses adapt and thrive in this environment, Clover has partnered with American Express, making it easier to attract new customers and enhance your payment solutions.
Why Don't All Businesses Accept American Express?
Have you ever encountered a “No Amex” sign or asked for different payment at checkout? While all credit card issuers charge fees, these fees can vary drastically. This fluctuation allows merchants to choose which cards to best accept interchange costs. For many small businesses, the higher fees associated with American Express can be an obstacle. While providers like Visa and Mastercard typically charge between 1.15% and 2.5%, American Express fees can range between 1.43% to 3.3%.
Open Your Doors to High Value Customers
Despite not being accepted everywhere, American Express remains a popular choice among consumers—and for good reason. Amex cards often come with exceptional benefits, allowing cardholders to earn points that can be redeemed for rewards like free flights and complimentary hotel accommodations. For many cardholders, these advantages outweigh the annual fees, as long as they spend wisely and stay within their budget.
For merchants, the decision to accept American Express ultimately depends on the circumstances. Many do not offer Amex payments due to the higher fees, particularly if their customers don’t typically use the payment option. However, it’s worth noting the potential benefits of accepting American Express. Evaluating sales trends could reveal that certain small businesses, depending on their pricing and customer base, might see significant advantages in welcoming Amex customers.
If you’d like to learn more about Clover’s payment methods and how they can boost your business, please don’t hesitate to reach out for more information.