One of the most successful advertisements of all time advised us to Never Leave Home Without It! The American Express Card has long been regarded as a bit of a status indicator and for good reason.
While many businesses across America choose NOT to accept American Express cards (due to the higher percentage they charge business owners), American Express cardholders have some unique characteristics that most business owners might find intriguing! AMEX enjoys a leading market share in the lucrative business credit card market due in large part to their affluent cardholders.
- American Express cardholders average 60% higher incomes than non-Amex customers.
- American Express cardholders are more likely to charge everyday purchases than pay cash.
- The average American Express customer charges 53% of all personal spending while those without American Express cards charge just 34% of their personal purchases.
- American Express cardholders also tend to spend more than their Visa or MasterCard spending counterparts.
If you do not currently accept American Express cards from your customers, you may want to reconsider what types of customers you might be alienating with that decision. It is also important to consider that recent mitigation and enhanced competition with all of the card brands has forced American Express to get a little more competitive with the rates they charge business owners to accept their card.
Be sure to consider how accepting American Express might have a positive impact on your business! You can contact your team here at TMC to see what the current American Express rates are and how adding this card type might invite bigger spenders into your establishment! After all, many consumers are in fact, choosing NOT to leave home without their American Express charge cards!
FIND OUT MORE ABOUT ACCEPTING AMERICAN EXPRESS
Cheri Perry
Monday, March 7, 2016
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