bsaint
Well-known member
Its not only the Snap-On truck but neither the Matco truck. Kind of forces me to buy online. Any reason why?
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Snap-On truck doesn't take Amex
- Thread starter bsaint
- Start date
NKlamerus
Well-known member
I know we used to not except amex. It had something to do with an extra charge because we were using credit card slips and knuckle busters out on the road.
But since we have switched to square card readers that link via phone we accept everything.
Maybe they just haven't updated?
But since we have switched to square card readers that link via phone we accept everything.
Maybe they just haven't updated?
mailpup
Well-known member
Probably because Amex has a higher service charge than Visa or M/C. I think it's up to the individual dealer what credit cards he wants to handle.
Brownsfan
Well-known member
I still run into restaurants that don't take Amex. Hell Menards just started taking Amex. It's because of their much higher charge to process transactions.
signcrafter
Well-known member
- Joined
- May 9, 2012
- Messages
- 12,409
When you make a credit card purchase the business has to pay a fee to the credit card companies. Each credit card company sets its fees. Discover card has always been a lot more then visa and mastercard and so lots of places used to not accept discover card because it cost them so much more on the sale. So if amex is a lot higher processing fee then some businesses just say screw it.
MonoxieChild
Well-known member
^
Exactly right. We dont take AMEX at my office either, because after there fee's, we end up LOSING money any time someone pays with it. It just doesnt make any sense to except it. If a customer truly insisted, i might, but id have to charge an % to cover the insane AMEX CC fee.
Exactly right. We dont take AMEX at my office either, because after there fee's, we end up LOSING money any time someone pays with it. It just doesnt make any sense to except it. If a customer truly insisted, i might, but id have to charge an % to cover the insane AMEX CC fee.
ScottsGT
Well-known member
Thankfully some places do. I get to fly free every now and then due to my card. i run as much as I can through it, but I fully understand if they don't.
warmpancakes
Well-known member
Most visa and MasterCard are 3% plus .30 per transaction. Amex is closer to 7% plus .50 I don't accept them either as their fees are higher and they take forever to pay
We don't accept Discover or AMEX at our business either, like said above you lose money on the sale after all said and done because of the fees. You think the card is great because of the rewards you get but the retailer takes the hit on that from the higher charges.
GrantCee
Well-known member
I'm involved in management of two companies which take AMEX, and have run others over the last 25 years or so which did, and some of what's been said is not completely accurate.
Yes, AMEX discount fees used to be very high, but over the years they've gotten competitive. Our AMEX discount rate in one of the companies is currently around 4% (EDIT: just checked, and it's 3.5%), which isn't too far off of what VISA/MC is charging us. They also pay quickly; we've never waited for an AMEX payment. In 1995 we sure did, but with the advent of electronic payments that hasn't been the case.
The only issue I have with AMEX is that the card processors (the companies which provide the service of handling the transactions) have to submit AMEX transactions separately; the accounting isn't as easy, because the statements which come from the processor have the AMEX charges backed out. In order to complete the accounting, we have to wait for a separate statement from AMEX.
I'm used to working with them, but a lot of people who remember the AMEX of a decade (or more) ago haven't kept up. The only reason not to accept AMEX is...well, I really can't think of any except inertia. One of our companies does nearly 25% of its business through AMEX, and that's money we likely wouldn't have if we didn't accept those cards.
(Just for the record: I do not have an AMEX card myself!)
Yes, AMEX discount fees used to be very high, but over the years they've gotten competitive. Our AMEX discount rate in one of the companies is currently around 4% (EDIT: just checked, and it's 3.5%), which isn't too far off of what VISA/MC is charging us. They also pay quickly; we've never waited for an AMEX payment. In 1995 we sure did, but with the advent of electronic payments that hasn't been the case.
The only issue I have with AMEX is that the card processors (the companies which provide the service of handling the transactions) have to submit AMEX transactions separately; the accounting isn't as easy, because the statements which come from the processor have the AMEX charges backed out. In order to complete the accounting, we have to wait for a separate statement from AMEX.
I'm used to working with them, but a lot of people who remember the AMEX of a decade (or more) ago haven't kept up. The only reason not to accept AMEX is...well, I really can't think of any except inertia. One of our companies does nearly 25% of its business through AMEX, and that's money we likely wouldn't have if we didn't accept those cards.
(Just for the record: I do not have an AMEX card myself!)
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Major Ramifications
Well-known member
We don't accept Amex where I work, but we do take Visa, M/C and Discover. When they started the business 10 years ago, Amex charged much more than the others. There's no reason in the world we can think of to start accepting it now.
Everyone who has Amex also has a Visa or MC so not taking Amex has only been positive for our business.
Everyone who has Amex also has a Visa or MC so not taking Amex has only been positive for our business.
Brownsfan
Well-known member
All of our company CC are Amex. So when traveling I pretty much am forced to only eat at chain places because most small places do not take them. When i had my shop I didn't take them. For a small biz its sometimes too expensive
jeffmoss26
Well-known member
The hardware store I worked at in HS was the same way...Amex fees are very high.
Snap-on man does not take it either, so I either pay cash or use my mastercard.
Snap-on man does not take it either, so I either pay cash or use my mastercard.
^
Exactly right. We dont take AMEX at my office either, because after there fee's, we end up LOSING money any time someone pays with it. It just doesnt make any sense to except it. If a customer truly insisted, i might, but id have to charge an % to cover the insane AMEX CC fee.
What type of office ?
Who has margins they low ?
Zeke
Well-known member
So a half a point is gonna kill a tool deal where the markup is what, 40%? I just left a store and I had my Amex card out when I realized that I should be paying the 20 dollar invoice with cash. They of course appreciate that but by the same token they have stickers on the window for every card I know of.
Aaron10647
Well-known member
Well its kinda dumb because we all have corporate Amex cards with essentially unlimited tool budgets.
I'm not sure what you do for a business but it sounds like you may qualify and should look into the industrial rep for your area (I assuming your not automotive based). You will get better pricing also.
What type of office ?
Who has margins they low ?
+ 1
You would have to be charging items under 30 cents to lose money. Penny candy store?
I'm not sure what you do for a business but it sounds like you may qualify and should look into the industrial rep for your area (I assuming your not automotive based). You will get better pricing also.
We do with Grainger. But Proto prices at Grainger are the same on the tool truck. We are all remote based so its difficult to set up an account like that and we also need a lot of stuff not found on the tool truck.
MonoxieChild
Well-known member
What type of office ?
Who has margins they low ?
License and title remitter. We are a service based company, so yes, i guess margins are low enough to make a difference if you want to word it that way. On a typical deal, i might make $10 in service fee's. And on a $100 thing, Amex can easily eat up all the profit. Specially if its a business Amex which seems to be the most expensive.
Oldsmobile
Well-known member
Not a vendor and I never worked as one. But I figure the costs of accepting payment are built into the price I as a consumer must pay. Suppose I go to Home Depot and buy stuff to do a project at home, which almost never ends up costing less than $50.
Let's call it $50. I can choose to pay cash. I can do debit from my Visa check card. I can pay by the Home Depot credit card, Visa, Mastercard, or AmEx. My Costco AmEx pays me cash back at the end of the year for all my purchases. It's the only one of those options that saves me money since I never carry a balance. Why WOULDN'T I pay with the only card that saves me money? Can't remember the last time I saw a cash discount in a retail establishment.
Let's call it $50. I can choose to pay cash. I can do debit from my Visa check card. I can pay by the Home Depot credit card, Visa, Mastercard, or AmEx. My Costco AmEx pays me cash back at the end of the year for all my purchases. It's the only one of those options that saves me money since I never carry a balance. Why WOULDN'T I pay with the only card that saves me money? Can't remember the last time I saw a cash discount in a retail establishment.
MonoxieChild
Well-known member
^
We actually charge less for cash payment. Its even on our sign.
We actually charge less for cash payment. Its even on our sign.
I don't have Amex but my Snap-On guy took my Discover card once. A few weeks later, I try to use the same card and he tells me he doesn't accept Discover. I didn't ask why but I kinda figured there had to be service charges.
I work at an Acura dealer and we are very picky on how we deal with Amex customers. Some percentage the dealer loses out on.
I work at an Acura dealer and we are very picky on how we deal with Amex customers. Some percentage the dealer loses out on.