American Express Introduces New US Small Merchant Processing Program
American Express recently announced its expansion of a new merchant service aimed at attracting small business customers in the United States. The new program, internally dubbed OptBlue, is available to merchants with a charge volume less than $1 million and seeks to offer merchants competitive rates, a practice already in place through Visa, MasterCard, and Discover.
Prior to the launch of OptBlue, American Express did not negotiate rates, making it more expensive for merchants to accept American Express credit cards. In addition, the period in which it took the merchant to receive funds was longer than that of other credit card companies.
Under this new program, merchant acquirers are able to negotiate lower rates through American Express, as well as consolidate the servicing process. Merchants will receive one statement and one deposit, combined with other companies, like Visa, MasterCard, and Discover. Merchants also receive funds faster and reconciliation is simplified. Because OptBlue allows the merchant acquirer to manage its relationships, merchants have the convenience of one contact for all card brands.
"Being among the first to offer OptBlue provides the full spectrum of card options to the small merchants and sales channels we serve," said Himanshu Patel, Executive Vice President, Strategy and Business Development, First Data. "OptBlue simplifies the merchant card acceptance experience by providing an all-in-one solution where small merchants benefit from the ease and convenience of having a single source for all of their servicing, processing and contact needs for all major card brands. It's an exciting addition to the suite of solutions First Data offers small merchants."
Through OptBlue, American Express aims to help small merchants grow their businesses by connecting them with loyal, high-spending cardholders. In 2013 alone, American Express Card Members made a combined $952 billion in purchases. Because American Express still receives the same transactional data from its cardholders, OptBlue merchants benefit from valuable tools, services, and marketing the company delivers to small merchants.
Kaitlyn Reeves is the Marketing Communications Assistant for Choice Payment Solutions. Learn more about lowering your American Express processing fees with Choice Payment Solutions by visiting LowerAmexRates.com or calling Gary Liu at (770) 318-3456.
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