I have heard from several sources over the last couple of weeks instances of AMEX slashing merch fee's to match Visa and Mastercard.
A client whom is in the banking industry first bough the above to my attention noting the reduction had been implemented at his wife's coffee shop. I have since heard a similar story from other clients noting other businesses they deal with had started to accept AMEX of the back of the competitive rates.
Can any one else confirm of the same happening withing their business?
I reached out to AMEX in attempt to make a similar arrangement for the company I work for, the associate I spoke with denied any knowledge of such a thing and noted our existing rate is very close to their competitors (Actually almost 3 times the cost).
Yes, AMEX is terrible, I think our company got charged roughly 3% when customer pay using AMEX while VISA and Master is between 0.8% to 1.5% depending of type of card. We have rejected AMEX payments since unless customers is prepared to pay the 3% extra charge.