I found when setting up Amex for my business that it just took a phenomenal amount of time to actually sort out - even though I filled in all paperwork correctly. Here are the steps that I had to take, and the approximate wait between that step, and the next one in the list:
1) Called the merchant services line to apply for acceptance, and to negotiate a reduced MSF (10 days)
2) Received paperwork in the post that needed to be signed and sent back (5 days)
3) Received a call saying that my merchant facility had been approved, but they wanted to verify my business further (to protect from 'fake' business sign-ups who only process fraudulent transactions) (2 days)
4) Received final approval, and told that they would request that my EFTPOS terminal be linked with Amex. (3 days)
5) After 3 days, it still hadn't been linked, so I called my EFTPOS provider, who said that Amex had not contacted them... after giving them my Amex merchant number, the terminal began approving Amex transactions 3 days later.
Total: 23 days from phone call to being able to process Amex
AFTER ACCEPTANCE HAD BEEN SORTED:
* Requested that they amend errors in my listing in the Amex online directory (took 1 week for them to process)
* Requested a replacement Merchant Welcome Pack, as I'd damaged the nice decal they gave me when I had to have my EFTPOS terminal swapped out (different story, but nothing to do with Amex)... Was told that the particular decal I was after was *only* available in the welcome pack, and that if none of the other decals suited the shape that I needed, they could just send me a replacement welcome pack... After finally receiving it, I discovered that they sent a different welcome pack to the first time, and the envelope with it that had "your point-of-purchase materials" printed onto it, was actually empty... I never got around to calling again, so I continue to use the damaged decal (lol...)
* Had to ask 3 times to receive an updated merchant plate for my manual (back-up) imprinter, and it took a month after the last phone call to arrive
To be perfectly honest, if I wasn't a member of this forum (having now seen the number of people who are like me in expecting Amex acceptance or going elsewhere), and being an Amex cardholder myself, I would have most likely given up after the first few weeks and just canned the Amex merchant account... The merchant service fee that I ended up receiving was quite acceptable - it's almost double my 'standard' Visa/MC rate, but it's almost equal to the rate charged for business and platinum/Signature cards, and cheaper than accepting an international Visa/MC... in my industry, it's mostly those that hold platinum and business cards that want to use Amex, so I wouldn't really save any noticeable amount of money by refusing Amex... The settlement times aren't too bad either - Visa/MC is always next day, Amex takes only one extra business day (which is only annoying for transactions processed on Friday, as they will then take until Tuesday of the following week to appear)... although a minor inconvenience, it's still no reason to drop acceptance (and makes checking the accounts Tuesday morning just that much better
)
So really for me, it's simply "the hassle" of setting everything up and dealing with their staff in foreign call centres that could have potentially caused me to drop acceptance, as opposed to the fees and settlement days... But now that everything is all sorted, they're much more pleasant to deal with
And now that my rant is over, I can whinge about discovering the 5% SURCHARGE in Cotton On Body yesterday!!! Originally it was 3%, then no surcharge, and now I'm told it's 5%... yet another business trying to rip customers off to make a profit! Will not be returning there in a hurry...
