In our Amercian Express merchant services review we will take a look at the merchant services provided by American Express. When it comes to find the best merchant account to support your business banking needs, you don’t want to settle for the first company you come across or even the one that just offers the lowest prices. The old adage “You get what you pay for” is especially important when it comes to protecting and managing business finances. The simple fact that American Express is so well known and has established a prestigious reputation for impeccable business practices in the finance industry is a good starting point.
In our American Express merchant services review we found that they provider business users with all the tools they need to succeed. Let’s start by look at what happens during the processing of each transaction when you use the American Express merchant services. The transaction process begins when a customer submits their credit card information to pay for your product or service, once you accept the card you will submit it to American Express for approval. Once American Express approves the charge you are granted authorization and are given a “charge date”.
At the end of the day you take all the transactions for the day and send them in a batch to American Express. They actual transactions are not sent to American Express until you batch out all your transactions at the end of the day. Once the batch is received it will show up in your Online Merchant Services account as a pending settlement. Once it is received it will be moved and show as a “new payment” in your Online Merchant Services account. Typically on the third day, after you submit your batch, the settlement will post to your bank account. The number of days may vary depending on how long it takes for American Express to receive payment through any third-party processors.
Our American Express merchant services review found that their service provides users simple access to all the information they need for reconciliation and fee information. Some merchant account fees that you may see listed in your Online Merchant Services account include service fees, monthly fees, pricing fees, and product fees. To find out more information about a specific fee charged you can simply click on the “Settlement Amount” link that shows in the row corresponding to the fee that was charged. Find out about credit card chargebacks, adjustments, missing settlements and more from your Online Merchant Services account.
If you have a customer that disputes a charge, American Express merchant services provides a simple process for dispute resolution. The customer disputes the charge, the merchant receives the inquiry, the merchant then determines what course of action to take (e.g. issue full refund, issue partial refund, respond offline with supporting documents), if documents are sent to American Express they will review them and issue a decision, generally within 15-21 business days, and inform the merchant of their decision.
A vital part of any merchant account is record keeping. Our American Express merchant services review found that they have an excellent accounting and records system to ensure that every vital part of your finances is organized and stored properly. Be sure to keep information for your internal bookkeeping and tax preparation, including monthly Merchant Financial Activity Statements and all customer-signed receipts in case a customer ever disputes a charge.
Read our full American Express merchant services review for more details. Before you sign up for any merchant account service, do some research and find the best merchant account provider for your business. Read merchant account reviews to determine your options and find the best solution for your needs.