$5400 for one month.
Why? Its their fee for allowing us to accept AMEX at the business--and its not right.
When we process an AMEX card for a client, we don't see the funds for at least four business days. That is four days that American Express gets our funds--interest free.
In contrast, when I run a Visa or Mastercard transaction, our funds post to our account at midnight the next business day. And our rates are about 32% less.
So, if I have this straight--I am paying a huge premium for a large corporation to take advantage of us by getting a short-term interest free loan.
Its not as if small businesses haven't had run-ins with American Express before over other issues. Do a Google search on all the small business credit lines that they are drawing down:
My question is this: Should we draw down on American Express?
American Express--if you are listening--I suggest you call me ASAP. You have a very dissatisfied customer.
Update: Lots of angry people responding to this New York Times article