American Express is a famous card-network that issues credit and debit cards, used by people across the world for payments. Those using American Express cards usually make bigger purchases. Many of these cards are used for corporate and business purchase. With the help of American Express cards, it is possible to make payments in-person, online or by phone.
The company has started a program called OptBlue, which provides small sized businesses with a low-cost way of card payment acceptance. For businesses, to use the OptBlue program, less than 1-million USD-worth of processing must be done per year in Amex cards.
What are the OptBlue rates in 2021?
You can check the internet and come across many websites including the official website of American express where the rates for this program can be found for the year 2021. Some of the discount rates include:
- Industry Type: Retail; Size of Transaction: < $75; Rate: 1.60 % + 10¢
- Industry Type: Retail; Size of Transaction: > $1,000; Rate: 2.40 % + 10¢
- Industry Type: Services; Size of Transaction: < $400; Rate: 1.70 % + 10¢
- Industry Type: Services; Size of Transaction: > $3,000: Rate: 2.40 % + 10¢
- Industry Type: Restaurant; Size of Transaction: < $150: Rate: 2.50 % + 10¢
- Industry Type: Mail Order & Internet; Size of Transaction: < $3,000: Rate: 2.05 % + 10¢
- Industry Type: Healthcare; Size of Transaction: > $2,000: Rate: 2.30 % + 10¢
Other than these rates, there are some extra fees to know about. First, to the gross volume, a network fee of point 0.15% is applied. An extra fee of 0.30% is also added onto any CNP or Card Not Present transaction. It is important to note that the Amex cards fees are not too high. These are more or less the same as the ones applicable in case of MasterCard and Visa.
Before American express OptBlue was introduced, the processing fees for Amex cards were much higher for small sized businesses. Due to the high rates, American Express cards were not accepted by many businesses out there. Small businesses started accepting Amex cards when the OptBlue pricing was found to be lower in comparison. A lot of Amex cards are now used by corporations and businesses. These are used generally for conducting larger sized transactions. With rates being reduced for small businesses, Amex cards are likelier to be accepted more by such companies.