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No. of Recommendations: 4
American Express is really a "fool" in the business world. I am a retailer. Nearly 18 years ago, I was doing "voice authorizations" and paying AE a 5.6% commission on every sale.
I have a lighting shop. Many lamps are lit. Thousands of customers have commented on what my electric bill must be. Not one ever commented, even in days past, at to what my "credit card" bill might be. Actually, before I went electronic the two bills were about equal. $1,000 monthly.
One day a rather seedy looking fellow came in, claimed he worked as a Newark, N.J., police officer (looked perfect for undercover narc), and bought a couple hundred dollars worth of merchandise.
Two days later, he returned. I had a gregarious clerk who remembered him. He told my clerk that the "lamps worked out so well I've decided to get a couple more".
He did so, spending a total of $330.00. In those days we called in the sale, got an approval number, put the customer's card into the imprinter, made a print, had him/her sign it and then sent it in.
Well, I got a notice that my $330.00 sale had been disallowed and the money automatically deduct3ed from my account. I protested that this was "a customer known to us, that we had his card imprint & although my clerk hadn't gotten his signature, we had that from two days earlier on the same card". Regardless, AE ROBBED me of that $330.00, the most expensive "robbery" that they ever committed.
I have hated them passionately ever since. I ask for a personal check instead of an AE card. I have told this story several thousand times. Once an AE employee told me, when I declared I would spend a thousand dollars to have AE signs printed up with a big red strike mark through the letters to be given out to merchants all over NYC, that he "was supposed to report me" to AE. I invited him to do so.
AE has lost thousands of dollars in commissions. I haven't cancelled AE at my business, Uplift Inc., 506 Hudson Street., NYC, NY 10014, but I am their mortal enemy forever in a way that few can conceive.
You only rip me off once. I hate the way they "float" your money for about a week before depositing into your account. I spend an extra hour monthly because when you make a sale for 106.56, AE deducts their commission first and it appears as a deposit of something like 102.98, unless they combine it and a couple other deposits for another figure you have to be a mathematical genius to figure out.
Now, as an investor in AE, you might think that delaying payment, combining charges, sticking the merchant with all the costs is "good business".
I beg to differ. I really get thrilled every time I see one of those ads on TV that say "bring your Visa Card because we don't accept American Express".
I HATE American Express. They are the corporate incarnation of SATAN. If making a small merchant doing $400,000 or so business a year is good business, then AE deserves a "good business" award. Frankly, I think a lot of people like me are out there who really HATE them and want to do them in. I don't think that is really "good business practice" in the long run. I hope they have wisely invested the $330.00 they stole from me. Their house of "cards" will soon come tumbling down. I say GOOD RIDDANCE!
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