Unexpected
I work on a MUCH smaller scale than this. I’m not laying off, but I’m not hiring for our upcoming busy season. Maybe a few low-end stock people and cashiers, but that’s it. ($8/hour. No lefty ‘living wage’ BS arguments, either. Take it or leave it....people are lined up around the BLOCK for your job, Junior!)
Keeping your job is the new ‘raise’ at my shop. I want to weather this 0bamanation so we all come out alive on the other side. If possible.
I own a retail business. AmEx merchant fees are too high, especially when you are working with an ever shrinking margin. When a customer asks if I take AmEx and I say no, they just pull out another card. Most of my fellow merchants in town don’t accept them either. No interest and cash back rewards mean nothing if the people you trade with don’t accept the card. Obama or not, AmEx is a dinosaur.
Is this another case of Negro racial solidarity uber alles?
Between the new Consumer Finance Protection Agency and the Fake White Indian in the Senate, they know they and their bottom line are in for a long, hard slog.
Amex has decided that merchants should now pay for the Membership Rewards, miles, etc., that they offer the card holders.
My agreement with Amex said I was to pay 1.89%. They sent out one of those 10 page long full of fine print agreement updates that you really have no choice but to accept that had buried in it participation fees. I didn’t see it.
One of my customers paid a $1900 invoice and Amex only deposited about $1767 in my account. I called to find out what the deal was. Seems my customer was on a special points program that gave them 5% back, which I paid for. Even worse, they are now taking 4 to 5 business days to put money in my account.
Now I use Square to take Amex. They only charge 2.75% with no monthly fees and I get my money the next business day.
The combined business segments never properly integrated and functioned efficiently. It was not remarked for a while due to momentum and the hot economy.
If they are going to survive and recover, they have to downsize, and sell off some of the businesses that do not work for them, e.g. American Express