Tuesday, August 3, 2010

American Express AcceptPay

I got this in the mail:  At American Express OPEN, we value you as a Cardmember and understand that collecting payments and managing cash flow is crucial to running your business. We're always working to find new solutions to help our Cardmembers and business owners run and mana ge their businesses even better. That's why we're proud to bring you AcceptPay, an online payment acceptance solution built for business.

Then there's some stuff about free for 60 days. It's not clear to me if this is a full merchant account or what.  They certainly don't provide any pricing info in their mailer (I got two of their mailings this weekend).

I went to their website http://www.acceptpay.com/pricing.html and I found the pricing. It's a traditional mode which does not match the Paypal system for simplicity.  I would think that Paypal would start driving the others down to their pricing level soon.  Or out of business. I wonder what moved Amex to start something (is this new?) and to not go with the simple pricing of PayPal?

Paypal, I'm hoping, will bring some rationality and value to the merchant account business. Right now, it seems like the vendors just run amuck promising all sorts of things and then not delivering.

AcceptPay Transaction Fees(1)Print | Close
American Express Merchant Rate2.89% + $0.15 per transaction2
Merchant Rate For Other Major Payment Cards1Starting at 2.29%3
Processing Fee For All Payment Cards$0.29 per transaction4
eCheck (ACH) Check Rate$0.55 per transaction
1. PaySimple, a registered ISO/MSP in association with First National Bank of Omaha, Omaha, NE is offering and shall provide all AcceptPay enrollment and payment services. American Express is not providing or acting as an Agent for the solicitation of any product for or on behalf of First National Bank of Omaha. 

2. Alternate merchant rates may apply based on industry and charge volume. American Express reserves the right to make adjustments to our merchant rate tables and other pricing policies and will notify you of pricing changes in advance. Other fees may apply. 

3. For non-American Express payment cards, the merchant rate is determined by PaySimple. Minimum base rate of 2.29% applies to qualified MOTO rate transactions. Alternate merchant rates may apply based on card and transaction type. PaySimple reserves the right to modify its rates and pricing policies and will notify you of changes in advance. Other fees may apply. If you choose to link your pre-existing merchant account to AcceptPay, you will be subject to additional fees of $10 per month + $0.15 per transaction. 

4. Processing fee is charged by PaySimple for all American Express, Visa, MasterCard and Discover transactions.

No comments: