In a national first, small businesses no longer need to negotiate both bank and American Express credit-card pricing for their merchant point-of-sale transactions.
As part of an agreement between CBA and American Express, Bankwest customers will be able to benefit from Amex being included in existing small-merchant plans for businesses.
This is expected to encourage more small businesses to offer Amex card payments, with greater choice for consumers.
Many businesses across Australia currently negotiate separate pricing packages with Amex to offer the payment option for their existing merchant plans with their bank.
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“Consumers want flexibility in the way they pay for goods and services and, by adding American Express, we are now providing small businesses with card-payment options at the same rate,” Bankwest GM Payments & Partnerships Peter Bouhlas said.
“So, including American Express pricing in our existing merchant plan means our business customers can easily broaden their card acceptance for their customers. It’s about greater convenience for both businesses and consumers and this arrangement is exclusive to Bankwest and Commonwealth Bank.”
“American Express card members spend, on average, 92 per cent more than other credit-card users,” Amex Vice President Merchant Services Daniel Parsons said.
“Our partnership with Bankwest and Commonwealth Bank will make it easier for Australian small businesses to accept American Express, attracting these high-value customers. In doing so, our card members will be able to use their cards in more places.”
Click here to find out more about Bankwest’s Simple Merchant Plan.