Why You Need American Express Merchant Services
At a time when Americans are using credit and debits card more frequently than ever, it’s crucial that your business is able to accept all the major cards. That means that having American Express merchant services is a must.
Incredibly, not all credit card processors accept American Express. If you partner with a no-name company that accepts only Visa and MasterCard, then you’ll be turning away a huge segment of consumers. That’s why it’s important to review providers carefully and ensure that your customers can pay with all the most popular credit cards.
American Express Merchant Services: Don’t Leave Your Business Without It
It’s no secret that MasterCard and Visa have dominated the credit card arena for decades. But make no mistake: “Amex” is still heavily used by consumers as well as other businesses. According to industry sources at CardHub.com, American Express accounts for approximately 8% of all credit cards in circulation today. That might not sound like a lot at first, but keep in mind that’s about 48.9 million cards.
Here’s the breakdown of approximate market share of credit card networks:
- Visa: 49.6% (302 million cards)
- MasterCard: 33.4% (203 million cards)
- American Express 8% (48.9 million cards)
- Discover: 8.9% (54.4 million cards)
As you can see, Amex is a major player among the top four networks with a large percentage of consumers owning at least one American Express card.
But here’s where it gets interesting. When it comes to actual purchasing volume for each card – the amounts that people spend using different cards – American Express takes up an even larger percentage of the market share: approximately 23.8%. Here’s the breakdown:
- Visa: 43.4% ($764.2 billion)
- MasterCard: 27.1% ($476.9 billion)
- American Express 23.8% ($419.8 billion)
- Discover: 5.7% ($100.4 billion)
That means that Amex transactions account for nearly a quarter of all credit card purchasing volume. This could signify that people who use Amex typically make larger purchases or that those who own multiple cards prefer using American Express over others. (American Express)
Regardless, one thing is clear: this card is extremely popular, and if you don’t have American Express merchant services set up at your business, then you could be shutting out a lot of customers. While most reputable credit card merchant companies will enable you to accept all four types of cards, it’s in your best interest to verify this before opening an account.
Get American Express Merchant Services at BankCard USA
BankCard USA is a leading provider of American Express merchant services, as well as all other credit card and debit card processing needs. Since 1993, we have helped more than 85,000 customers accept credit cards at their businesses, including Amex, Visa, MasterCard and Discover.
We guarantee the lowest processing rates in the industry, and we’re proud to offer a wide variety of great benefits for our merchants, including same day approvals, next day deposits, online reporting, ultra-fast transaction time, risk management programs and flexible product options to meet your specific needs.
Call us at (800) 589-8200 to speak with a specialist and start accepting credit cards in 24 hours.