SORRY, THAT SHOULD HAVE BEEN :Amex is a flat rate (at least in canada)2.0% for us
All the others - depends on the client - there are several tiers - and you won't know which tier till you get billed.
Can be 1.4% but could also be 2.5%. Except with AMEX, on top of that you will have other fees - billing fees , processing fees etc. Mine works out on avg. to be 1.9% , all charges in except machine rental.
The only other fee you may have with AMEX is a couple bucks for a statement fee, which you can also get online.
For those that feel that time to get paid is an issue or causes headaches - I'm assuming that there are some cash flow challenges that Amex's payment schedule is causing? We run at a pretty decent volume and there is money coming in regularly so if Amex takes 4 days or so to fulfill it doesn't impact us. So I don't see that as a challenge, but perhaps if we were living and dying by that payment I could see it. Otherwise, what's the harm in them using our $$ for a few more days than the others?I do agree that the fees and time get to get the money can cause headaches.
I guess I didnt phrase that the best by saying headache. Since you asked what the harm is... how about giving them an interest free loan that we get to pay them to use. Thanks for assuming that my not liking paying higher fees and getting paid later to mean that we have cash flow problems.Otherwise, what's the harm in them using our $$ for a few more days than the others?
Sorry GhostFramer. Don't mean to assume anything but to be honest, whenever you choose to accept any credit card you must understand that you are choosing to allow a vendor to use your money in an intrest free manner for some period of time. Sorry if I offended, but for those that are complaining about the fee difference as a reason to not take Amex, I get their complaint to a certain degree but if one of the primary reasons to not take it revolves around the extra 2-3 days that they take to pay, I have to wonder why that's a reason. Cash flow issues were the first thing I thought of.I guess I didnt phrase that the best by saying headache. Since you asked what the harm is... how about giving them an interest free loan that we get to pay them to use. Thanks for assuming that my not liking paying higher fees and getting paid later to mean that we have cash flow problems.
I absolutely get the idea of the float and that it's always a good thing to have your hands on your money, but considering that many people on the thread are suggesting that they see higher average tickets attached to Amex vs other providers and (in our case) Amex takes 2 days longer to fulfill, I just don't see the delay as a HUGE interference with my business.Paul... it is only good business sense to have control of your money and AMEX does take longer to process sales and put it into your account.[/URL]