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PAYPAL & AMEX News Rate Topic   - - - - -

 
  • TonyK
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Posted 15 June 2010 - 02:16 PM #1

Just in case some of you didn't read this.

https://merchant.pay...icted_merchants
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  • KBM
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Posted 16 June 2010 - 12:27 AM #2

Just in case some of you didn't read this.

https://merchant.pay...icted_merchants



I wonder what happened with their relationship? I'm not going through all of those steps to accept American Express less than 1 percent of my customers use that card.

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Posted 16 June 2010 - 12:46 AM #3

I'm not going through all of those steps to accept American Express less than 1 percent of my customers use that card.


You are fortunate I suppose in that respect. I would be willing to bet 30-35% percent of our customers do pay by American Express card!
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  • snorocket
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Posted 16 June 2010 - 03:38 AM #4

I'll stop accepting AMEX as well, most customers almost always have a Visa or MC in addition to AMEX - Sno
SNOROCKET.COM, Now Accepting PRE-ORDERS:
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Posted 16 June 2010 - 05:52 AM #5

Looking the Amex fee, paypal said it's a flat 3.5%. Did anyone see if this fee is reduced as your monthly volume increases? Does the Amex charge still add to the monthly volume as do the other cards and instant transfers? I did hear Warren Buffett wrote off millions when he offered credit cards to policy holders of an insurance company he owns. The default rate was very high. SInce Buffett owns a large portion of Amex, he could be trying to cover his losses again. I think most people who have Amex also have Visa or MC. So I'm thinking of dumping Amex since it represents only about 10% of my sales.

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Posted 21 July 2010 - 12:59 AM #6

Looking the Amex fee, paypal said it's a flat 3.5%. Did anyone see if this fee is reduced as your monthly volume increases? Does the Amex charge still add to the monthly volume as do the other cards and instant transfers? I did hear Warren Buffett wrote off millions when he offered credit cards to policy holders of an insurance company he owns. The default rate was very high. SInce Buffett owns a large portion of Amex, he could be trying to cover his losses again. I think most people who have Amex also have Visa or MC. So I'm thinking of dumping Amex since it represents only about 10% of my sales.


To continue accepting American Express card payments thru Paypal Pro, you must accept the rate increase of 3.5%, flat fee (regardless of processing volume) by October 13th! So, for us this means we will have to pay 3.5% for amex card transactions (versus 2.2% for all other card types) to continue offering amex.......... No way is amex as important to our business as they think they are :rolleyes: Phuck That!
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  • snorocket
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Posted 21 July 2010 - 06:16 AM #7

Sno's Financial Tidbits:
The economy is hurting terribly bad and this is just another way for thieves to continue on robbing small business owners of their dreams. The best thing to do to fight back is stop using credit cards and pay cash only, never keep a balance on your credit card or pay it off before 30 days, their is no sense in running a business if you can't run it debt free. Credit card = debt, most peopel who have a credit cards are drowning in it. If our business had debt we would have sunk over 1+ yrs ago when things started goign downhill, it's still going downhill folks and fast, it's going to be a big big crash when it hits bottom !!!
SNOROCKET.COM, Now Accepting PRE-ORDERS:
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