The Benefits of American Express OptBlue
The number one complaint that business owners have had in regards to accepting American Express payments has been the substantially higher processing rates and fees that American Express charges. Up until recently, these complaints have been more than justified, but the problem was that there was not a solution to correct this issue.
That is now changing thanks to the new pricing model called American Express OptBlue. If you already accept American Express payments or are considering accepting them at your place of business, you will want to make sure that your merchant account is setup on the new OptBlue pricing program.
It’s Much Cheaper!
The new OptBlue pricing model allows for your American Express discount rate and transaction fees to be reduced quite significantly. Whereas before your business would be automatically assigned one set rate according to your SIC Code, now there is the flexibility to setup your AMEX discount rate on a cost-plus pricing model. This change alone could potentially save your business thousands of dollars in processing costs annually.
Here is one example of how the new OptBlue pricing model can be setup:
Transactions under $400 – Discount rate would be 2.00%
Transactions between $400 to $7,500 – Discount rate would be 2.40%
Transactions over $7,500 – Discount rate would be 2.70%
It’s More Transparent!
The new OptBlue pricing model is far more transparent because it will allow you to see the actual cost to process American Express transactions. It won’t be hidden from you as it was before with AMEX ESA, where your business received a single flat rate regardless of the transaction amount.
It Offers Next Day Funding!
The OptBlue program fixes another major complaint that business owners have had with American Express, namely that their funds were not being deposited for up to 5 business days. But now with this new program, your American Express transactions will be deposited into your bank account the very Next Day. Not only is this a huge benefit because you are receiving your money faster, but it will also makes your daily reconciliation process a lot easier.
It Consolidates Your Billing and Customer Support
The OptBlue program allows us as your processor to consolidate all of your credit card processing under one roof. We will now directly handle your American Express processing in-house, so we become your single point of contact for all credit card processing related issues. No longer will you have to call American Express directly for customer support or billing questions, our in-house customer support team will be able to assist you with all of those inquiries. And lastly, you will receive one consolidated monthly statement that shows all of your processing details and fees for Visa, MasterCard, Discover and American Express.
Tailored Transactions will setup your merchant account with American Express OptBlue. That way your business can immediately begin taking advantage of these great benefits.
Contact us today for no-obligation Free Rate Quote. We will provide you with a detailed proposal showing exactly how much money your business will save in credit card processing fees each month by using our service. We will complete and return your proposal within 24 hours.
Click Here to request your free rate quote!