American Express is Garbage
We normally don't use this blog for personal rants and things of that nature, but something happened today that has us mad enough to let the world know about it. Apparently, last month, American Express terminated our merchant account, despite the fact that we had no chargebacks and have paid them hundreds of dollars in fees every month. When we called them about it, we were told that our account had resulted in a "45% loss." So, of course, our question is "what the hell does that mean?" 45% of what? And how can you be losing money when all we do is PAY you money every month? We were told that they could not tell us any more.
So, our theory is that American Express is losing money like every other financial institution and has decided to cut accounts below some minimum threshold of charge volume. So despite paying out thousands in fees over the last year, we're cut off, with no kind of recourse. We are kicked to the curb despite being a good customer. Which is why we say...
American Express is garbage. We will never again do business with them. If you do business with them, and especially if you rely on American Express to receive payment from your clients, you better watch your back. You could be next.
Labels: American express, credit cards
posted by Jerry Work / Chris Work @ 3:10 PM
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