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I have always found two things to be true in a jewelry store and my
now JewelerProfit business
1. A discover sale is the LOWEST average sale. Being their fees are
the same as Visa/MC, we take it, but as a convience.
2. A AMEX sale is the highest average dollar ticket. Just like you
LIKE to use Discover for cash back, AMEX users like to use it for two
reasons:
a. Prestige
b. They earn points for travel (I know I do, and lots)
If you traveled, you'd see AMEX everywhere. Again, AMEX doesn't
costs the 3.2% or whatever they charge. Remember Visa/MC charges
1.65%, so its just another 1.65% higher, that's all.
Taking AMEX is not required. I'm sure no one lost a sale because
when anyone said "We don't take AMEX", the customer said "Oh well, I
have NO OTHER type of payment on me."
Its like buying regular ring boxes and some really nice ones for
those special sales, I'm sure most of you stock 2 kinds of boxes.
Stocking 2 kinds of credit card payments is the same. You'd never
know if it helped or hurt business, its just part of your marketing
and image of the store.
I have met very, very few jewelers who were doing large numbers that
didn't have AMEX as a card, and also had 2 choices of ring box
quality.
David Geller
P.S. You'll be better off personally having an AMEX card over a
discover card when it coems to points.
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