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.
Today, CBA and American Express announce an exclusive arrangement so that American Express will be included in existing small merchant plans for businesses. This is expected to encourage more small businesses to offer American Express card payments, providing greater choice for consumers.
Many businesses across Australia currently negotiate separate pricing packages with American Express to offer the payment option for their existing merchant plans with their bank.
Claire Roberts, Commonwealth Bank Executive General Manager Business Banking, said: “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.
“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 Commonwealth Bank.”
The new deal will see American Express included in Commonwealth Bank’s Simple Merchant Plan – a single package for all payment options for the Bank’s small business customers – with no other bank being able to offer this arrangement.
Daniel Parsons, American Express Vice President Merchant Services, said: “American Express card members spend, on average, 92 per cent more than other credit card users.
“Our partnership with 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.”
Find out more about Commonwealth Bank’s Simple Merchant Plan.