Payments News

On The Web

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Companies

American Express to Refund $1.6 Million After Foreign-Exchange Pricing Probe

“American Express Co.  is terminating foreign-exchange employees and refunding money to nearly 200 customers after it found salespeople misrepresented pricing to customers. The company on Tuesday began mailing out reimbursements totaling about $1.6 million to forex customers, an AmEx spokeswoman said. It also terminated 10 employees in the foreign-exchange international payments department and is retraining […]
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Companies

AmEx Moves Closer to Entering China’s $27 Trillion Market

“American Express Co. cleared a key hurdle in its bid to accessing China’s $27 trillion payments market after the central bank accepted its application to start a bank card clearing business.    The People Bank of China made the announcement on its official Wechat account Wednesday, without giving more details. The decision to accept the application signals […]
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Companies

AmEx’s Discount Rate Returns to Its Year-Ago Level

“Issuer and acquirer American Express Co. said its global third-quarter discount rate—what merchants pay to accept the brand’s credit cards—was 2.39%, a slight increase from 2.38% a year ago. The uptick comes more than a year after AmEx said it would shave its worldwide discount rate in an effort to boost merchant acceptance. The effort, […]
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Companies

AmEx Is Paying Up to Get Businesses to Accept Its Cards

“American Express Co. wants more businesses to accept its cards. So it is paying them—sometimes in amounts approaching a half-million dollars. The company is offering sign-on bonuses to some businesses that don’t take its cards in a bid to catch up to rivals Visa Inc. and Mastercard Inc. The payments range from under $10,000 to about $450,000.”

On The Wires

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Companies

American Express Expands Suite of Global Business Payment Capabilities Through Acquisition of Acompaytm

“American Express  today announced it signed an agreement to acquire acompaytm, a best-in-class, digital payment automation platform from ACOM Solutions, Inc. , that helps business customers make supplier payments easily and securely, manage business spend, and improve cash flow.“acompaytm will be the newest addition to a series of B2B payment collaborations, strengthening our accounts payable automation […]
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Companies

American Express® Refreshes Blue Cash Preferred® Card

“American Express (NYSE:AXP) is refreshing its popular Blue Cash Preferred® Card with a suite of new valuable benefits to further reward Card Members for their everyday routines. Beginning May 9, 2019, new and existing Blue Cash Preferred Card Members will receive 6% cash back on select U.S. streaming subscriptions and 3% cash back on transit […]