Amex Merchant Loans

Amex Merchant Loans – Design and development of an iPad to support American Express Merchant Financing agents’ sales meetings and integrate into their existing workflow.

To better understand this product and its customer use case, we conducted preliminary research and interviews to learn about the entire sales process and representative roles. This allowed us to quickly find a solution beyond the limited scope + technology constraints.

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We considered the feature needs that emerged during the research, prioritized those with the greatest impact, and worked with AMEX’s product owner to produce a well-defined MVP.

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Working closely with the team’s iOS developers, we started working on a fully functional prototype from week 1. We first defined the basic flow and screens of the app, then refined and polished it through visual design and micro-interactions.

The main goal of the project was to create a tool to help AMEX sales agents sell different types of products that small business owners (merchants) can contact.

To understand the business process around the meeting, the features required for the prototype, and how it can be used in real life, we:

After conducting interviews and observing the agent’s workflow before, during and after sales meetings, we identified 5 product principles.

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We’ve found that features that support the rep’s existing “sales methods” and allow them to focus on the customer have the greatest impact.

We held several design studio sessions, which allowed us to discuss ideas openly and come up with potential solutions quickly.

A detailed information sheet highlights the key points and allows the AMEX representative to focus on talking to the customer. These pages:

All UI design was done in the development stage to complete the prototype within the given time frame. I worked closely with our developer to resolve issues and deliver assets on time.

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A deep understanding of the process and the people behind it leads to a project with clear focus and priorities

Although short, the time spent fully understanding the merchant financing process was invaluable. The team was able to prioritize needs and determine which features were no longer needed or used.

A small, focused team involved in design and development from day one is key to short-term execution and delivery.

The addition of a small project team size, plus designers who could handle multiple roles/skill requirements, enabled a quick transition to the right solution. Including team developers in our sketch sessions, as well as navigation + usability design decisions gained proof. valuable. This helped us constantly review our design decisions and quickly get to a working prototype. When it comes to payment processing, American Express (Amex) has long been a less-than-preferred option for merchants due to high transaction rates and complexity. However, changes are underway as Amex strategically redefines its approach and offers innovative programs like Amex OptBlue to increase its merchant footprint.

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This article focuses on merchant acceptance of AMEX credit cards, examines the two primary processing options available to businesses, Amex OptBlue and Amex Direct, and provides a historical perspective on the evolution of American Express.

Founded in 1850 as an express mail business, American Express has evolved as a financial services company throughout its payment processing history. Recognizing the need for a reliable, universal form of payment, Amex introduced its first payment card in 1958, paving the way for the credit card market.

Over the years, American Express has built a reputation for offering premium service, but the journey to widespread acceptance among merchants has been fraught with challenges.

Visa and Mastercard are undeniably dominant in credit card acceptance. However, American Express (Amex) has a significant presence in the world of payment processing, particularly in certain industries that have shown its evolution.

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Visa has 52.6 percent of the market, while Mastercard has 24.13 percent. American Express’s share is 19.78%. Other credit card companies have combined market share.

Visa and Mastercard dominate the market for credit card transactions in the US and Canada, with a combined 76.73%. Visa leads with 52.6% of the market, followed by Mastercard with 24.13%. American Express owns 19.78%, making it a strong competitor. Discover has 3.87 percent of the market, while store card and other credit providers have a combined 0.45 percent. The breakdown highlights the diversity of credit cards, with American Express playing an important role and strengthening its presence in various sectors despite the dominance of its peers.

Representing the traditional side of American Express merchant services, Amex Direct promotes a unique and direct approach to transaction processing. Designed for large financial businesses with annual Amex transactions of $1 million or more, this option offers a custom merchant account structure that’s tailored to your individual needs. However, the advantage of Amex Direct is that it has higher fees than other processors.

Amex Direct’s exclusivity is a key differentiator, as American Express retains the authority to enter into direct merchant agreements with major merchants willing to accept Amex cards. The direct relationship between Amex and the merchant provides a more hands-on and specialized approach to account management, but has a higher fee system than other credit card processors offer.

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The private nature of Amex Direct can be beneficial for businesses with unique requirements and complex financial structures, but the decision to choose this traditional model should be made after careful consideration of the associated costs. The high standard rates set by Amex Direct affect the overall profitability of the business, especially compared to the flexible payment structure through the Amex OptBlue program.

The OptBlue program is designed to simplify the Amex card acceptance process by allowing other merchant account providers to process Amex transactions. This strategic shift is intended to make Amex recognition more attractive to a wider range of merchants. However, the success of any new initiative depends on effective communication, and in this case, it has been criticized for not achieving the desired level of transparency.

One notable issue was the lack of widespread publicity and education about the OptBlue program. Unaware of the changes and potential advantages, many traders have left themselves vulnerable. This lack of complex communication allowed processors to exploit the situation.

Processors have used the uncertainty surrounding the new rates introduced by the Amex OptBlue program to boost their profits. In some cases, processors have added significant markups to lower Amex rates, negating the cost benefits merchants were hoping for. This unexpected turn of events has left many businesses in the dark about the total cost of accepting Amex cards under the OptBlue program.

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The controversy surrounding the introduction of Amex OptBlue underscores the importance of not only implementing innovative programs, but also effectively communicating the changes involved to all stakeholders. In the rapidly evolving payment processing environment, transparency and clear communication are essential to help merchants make informed decisions that align with their business goals.

American Express (Amex) and Visa merchant fee structures require businesses to pay close attention. Visa typically charges lower interchange fees, ranging from 1.15% plus 5 cents to 2.40% plus 10 cents, compared to Amex’s higher fees of 1.43% and 10 cents to 3.30% plus 10 cents. This difference results in a roughly 1% increase in total fees for merchants that accept Amex, prompting a closer look at the factors driving the fee disparity.

Amex’s high fees can be seen as a strategic targeting of affluent cardholders, who justify the high fees as giving them exclusive access to this high-spending demographic. In addition, Amex’s popular and generous rewards programs contribute to these fees, and a portion of the cost is funded by merchant fees. A more closed network using Amex’s exclusivity explains the rationale for higher fees.

Strategic considerations play an important role for businesses considering Amex adoption. It’s important to understand your target customers – if they use Amex regularly, your potential customers may have a reason to pay higher. Also, the impact of commissions varies depending on the transaction amount; smaller transactions are heavily affected, and higher average transaction amounts reduce the correlation. It’s also important to assess the competitive environment – if competitors accept Amex, delaying your business could put your business at a disadvantage.

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As American Express continues to evolve its merchant onboarding approach, businesses can now choose between Amex OptBlue and traditional Amex Direct. Navigating this complex terrain requires an in-depth understanding of the options available, the impact on trade operations, and potential challenges posed by tariff structures.

Finally, awareness and flexibility are essential for traders who want to optimize and maintain their strategies.

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