I’ve heard the arguments against accepting American Express in your store. They charge too much. They don’t deposit as fast as other cc’s. Everyone has another form of payment. I’ve never lost a sale…
All valid (kinda).
Here are seven reasons why you should still accept it.
- The average Amex transaction is three times higher than the average Visa transaction. Yes, Amex users spend more. You need those big-spenders.
- Your competitors take it. Why would you give them that unnecessary advantage?
- Not accepting it makes you look cheap. If you would cut corners and inconvenience customers just to save pennies there, your customers are wondering where else are you cutting corners?
- American Express focuses on more affluent customers. Amex is already reaching your preferred customer. Fish where the fish are.
- Penny-wise, pound-foolish. The real difference between the costs to you for a Visa Rewards card and an Amex card is a lot less than you think. Do the math and you will see it isn’t costing you much more than the cards you already take.
- You look unprofessional. To attract the big fish, you have to look like you know what you’re doing. Exclusions and customer-unfriendly policies scare the big fish away.
- Saying No turns customers off. Sure, they might have another card and you still won the transaction. But customers like these speak mostly with their feet. Saying No to something as simple as taking their money might be all it takes for them to not come back. You won the transaction but lost the war.
Your goal is to delight your customers, to become the expert they trust, to win their hearts. Although you can do those things without taking Amex cards, you make it that much harder and you exclude a huge group of high-spending, affluent people in the process.
Is that worth the pennies?
PS I do not work for or get any cut for promoting American Express.I only write this because of my deep desire to help you make MORE money. Yes, you will make MORE money by accepting Amex. How would your business change if you had higher transactions, more affluent customers, more delighted customers, and a greater feeling of trust between you and your customer? How much would you pay to get that?