In today’s consumer world, it’s important to have a sense of security every time you swipe your credit card. American Express is one of the most secure forms of payment, with promises to consumer’s of refunds on any charged item that is not sent as promised or guaranteed by the business owner. This is a process called a chargeback, filing a dispute for a chargeback with American Express will allow you to receive your money back if a product, or system was not received exactly as promised.
On the flip side, American Express can also be a hassle for business owners. When the savvy consumers receives a product that was other than promised and files for a chargeback with American Express (which is very difficult to reverse), the business owner not only has to refund the money, but they still have to pay merchant processing fees. Transaction/Merchant processing fees through American Express are one of the highest, typically ranging from 2.75%-4% per swipe, where as MasterCard or Visa fees are as low as 1%-1.5% per swipe. So if you are a business owner, it’s important to work out of integrity, and deliver to consumers exactly as promised or you will be looking at a long stretch of disputes, chargebacks, and high fee’s through American Express.
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