Have you ever heard of the American Express OptBlue program? Many people say that this program easily allows small business owners to accept payment cards from American Express.
Is that true, and is the OptBlue program the right way to accept American Express? Well, the answer is yes. Accepting American Express is essential for small businesses. If they do not, then it might decrease their valuable customer base.
It is true that customers nowadays make purchases on storefronts that accept a variety of payment methods. And American Express is one of them. American Express is already one of the most popular payment options in the United States. Ignoring this can cost a lot of your money.
The OptBlue program of American Express was started to help business owners who have small businesses. It helps them to add American Express as one of the payment options for their customers.
Keep reading this article post to explore more about the OptBlue program of American Express and its benefits.
OptBlue Program by American Express – What Is It?
The OptBlue program of American Express is a program that allows small businesses to have a contract with third-party payment processors. These third-party payment processors in turn enable the businesses to accept credit/debit cards of American Express at a POS system.
Often small business owners do not accept credit/debit cards from American Express. The reason behind this is the number of merchant fees they have to pay for processing. But the American Express OptBlue program is different. It is more affordable as compared to other payment processing options. Also, it offers various other opportunities for customers and business owners.
The rates of the credit card processing with the OptBlue program are set by merchant service providers. Business owners will receive service contracts and single statements for accepting credit cards. Also, the rates might vary depending on the service providers, but it will ultimately save money for small businesses.
What Are The Benefits Of The OptBlue Program?
- The OptBlue Program Is Cheap
All new pricing model of OptBlue program offers the merchants a reduced AmEx transaction fee and discount rate. Previously, the businesses were automatically assigned by American Express to a set rate. However, with the OptBlue program, businesses have the flexibility of taking benefits of AmEx discount rates. These rates can potentially save a lot of money in terms of payment processing annually.
Here are the discount rates under the OptBlue model:
- A discount rate of 2% for a transaction under $400
- A discount rate of 2.40% for a transaction in the range of $400 – $7,500
- A discount rate of 2.70% for a transaction under $7,500
- Transparency
The pricing model of the OptBlue model by American Express is way more transparent as compared to other models. It allows the merchants to get well-versed with the actual costs of the AmEx transactions. They do not hide any charges from the merchants and business owners anymore.
- It Allows Consolidation Of Customer Support And Billing
American Express’ OptBlue program allows merchant service providers to consolidate customer support and payment processing of the merchants. They can handle the payment processing of American Express in-house. If there is an issue with processing, you have to get in touch with your merchant service provider. No more calls to American Express for billing or customer support. Merchant service providers will give you full assistance if you have any inquiries.
- Transfer Of Funds On The Next Day
The AmEx OptBlue program comes with a major fix. The problem that was going on for many years, has now been solved. This problem was related to the transferring of funds. Previously, it took around 5 business days to get the funds transferred. But today, the OptBlue program allows the merchants to get their funds for all AmEx transactions on the very next day. It is highly beneficial for businesses who want their daily operations to be smooth and easier.
Who Should Opt For American Express’ OptBlue Program?
Obviously, the OptBlue program is best suitable for small business owners. So, if you want to make your credit/debit card transactions affordable, then opt for the OptBlue American Express program. Additionally, it will allow your customers to select American Express as a payment method at the POS system. Ultimately, it will benefit both customer relationships and business.
Also, is there any chance of you advertising your business as an acceptor of American Express credit cards? If yes, then it might boost the overall sales of your business. A recent survey says that 61% of consumers only purchase at a storefront when a preferred payment option is available.
What Are The Qualifications For The OptBlue Program?
There are some eligibility conditions for the American Express OptBlue program. The main one is that only small businesses (US-based) who process less than 1 million dollars American Express card transactions annually can opt for this program.
If you want to learn more and apply for the American Express OptBlue program, visit the website of Amex OptBlue and get in touch with the participating provider. Also, you can directly contact American Express for more info. Business owners who do not qualify for this program can opt for other programs of American Express and start accepting their credit/debit cards.
Final Words
As a small business owner, are you hesitating to accept credit/debit cards from American Express? Is it about the fees and rates that are concerning you? Well, worry no more because the OptBlue American Express program is here to help you! It is an affordable and efficient solution through which you can accept payment card transactions from American Express. With simple contract terms and deposits, you can start reaching new customers and increase your sales.