Do you take Amex?

[Lynne Baker]

Hi all
Just setting up my Streamline account and have opted to take American Express cards as well as all the other credit/debit cards. Was wondering how many of us take Amex, and of those who do, how much of your business is transacted via it.
Cheers!
lynne

 

[fozzyo]

Yes.

A few years ago I would have said it wasn't really worth it. But times have changed and moved on.

Amex is becoming more and more popular, I have one Amex cards in my wallet and my hubby two. Most of my friends now have an Amex card in one form or another. The reason for this shift is that Amex have decided to move into the area of branded cards where they are the authoriser, rather then their own credit / charge cards. A lot of airlines now offer miles earning credit cards that use Amex (Virgin Atlantic for example which is why a lot of my friends who fly Virgin have one).

The big "problem" for retailers with Amex has always been the higher authorisation fee, but I don't see this as a problem. Historically those with Amex cards (particularly the charge cards) have been on higher incomes, and importantly with more disposable income so likely to spend more on treatments / products.

I would definately take Amex, especially if others around you don't. Those with Amex who are using it for the reward points will prefer to go somewhere that will help them get their free flights.

Some places I have known have put a "surcharge" on Amex transactions, this is very bad for two reasons. One it is a very bad PR / marketing policy and two it is a breach of the Amex terms & conditions - a surcharge must be applied equally to all cards or not at all. If you wish to have a surchange, put a 50p / £1 charge on transactions under £10 or £15.

Mat

 

[RedAdmiral]

I havent yet been given one but I dont really want to accept one as I have to pay €7.50 per transaction - I cant really afford to lose €7.50 off smaller treaments so I think I would ask for a different card.
Fozzyo I understand you have one and are enjoying the benefits but that seems too high for me to knock off! Why dont I give the client a discount instead - what if what they were having was a discounted/special offer service? Actually the more I think about it the more I wouldnt want to take them as there sometimes is only a small mark up on retail so even if they were buying products I would lose out
Also if they pay today with AMEX then they'll pay tomorrow with it!
Cash is King espescially in todays credit crunching times so offer a discount to those who pay with cash.

 

[Lynne Baker]

RedAdmiral - I get a vastly reduced transaction rate as a member of the Federation of Small Businesses for Amex and all other credit/debit cards, and my clients' average spend with me is £50, so it's less of an issue. But I do appreciate where you're coming from! Is there an organisation similar to the FSB in Eire that could give you similar financial benefits?

 

[Trinity]

I don't take Amex, I've had a card machine for about 3 years and I've never been asked if I take it either.

Like Red Admiral, my transaction cost for Amex was much higher so I decided against it for the same reason

 

[RedAdmiral]

RedAdmiral - I get a vastly reduced transaction rate as a member of the Federation of Small Businesses for Amex and all other credit/debit cards, and my clients' average spend with me is £50, so it's less of an issue. But I do appreciate where you're coming from! Is there an organisation similar to the FSB in Eire that could give you similar financial benefits?

Jeez I never knew this will find out pronto! Thanks