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Losing a customer because their American Express (Amex) card was declined at checkout can be incredibly frustrating. Even worse is discovering you’ve been turning away many potential online customers because your website doesn’t take Amex.
When your system doesn’t consistently accept a major credit card like Amex, it discourages customers, disrupts your service, and damages your business’s reputation. Amex cardholders often spend more per transaction due to the attractive rewards, so each declined transaction can lead to significant lost revenue.
So, does Square accept American Express cards? Yes, it does, and Amex transactions with Square don’t incur extra fees. In this article, I will share my findings and compare Square with other major credit card processors that accept Amex.
You can use Amex cards on any Square POS equipmentYes, Square accepts American Express cards. And unlike some credit card processors, it doesn’t charge extra for Amex card transactions. Instead, it follows a flat fee pricing model that only varies depending on the type of transaction.
Square charges 3.5% + 15¢ per transaction for keyed-in, virtual terminal, and card-on-file transactions for all card types, including American Express. Meanwhile, in-person payments will cost you 2.5% + 10¢ per transaction. It’s a bit steep compared to other payment processors – for example, Leaders Merchant Services (LMS) charges as low as ~0.15% + $01 for swiped card transactions, and you can negotiate even better rates.
As for e-commerce payments, Square bills you 2.5% + 10¢ per transaction. Again, this is on the pricier side. My favorite for online transactions would be Paysafe, which charges 0.99% + 25¢ (debit cards) for credit cards like American Express.
Other Accepted Cards
Apart from American Express, Square accepts all other US-issued and most internationally-issued chip or magstripe cards from Visa, Mastercard, JCB, Discover, and UnionPay. It also accepts any credit, debit, corporate, prepaid, or rewards card issued by these brands.
If you’re a licensed health care provider or pharmacy, you can process Flexible Spending Account (FSA) and Health Savings Account (HSA) cards with Square. Square also processes Employment Development Department (EDD) debit cards, but I wish it would directly accept Electronic Benefits Transfer (EBT) cards the way LMS and Stax do.
To run EBT transactions, you must use TotilPay, a POS system that integrates with Square to accept payments for the Women, Infants, and Children (WIC) program, Supplemental Nutrition Assistance Program (SNAP) benefits, and loyalty cards.
Overall, Square accepts all standard US payment methods. But if you want to accept specialized methods, like video game currencies or international payments, consider Paysafe.Paysafe accepts 260+ payment methods1 and supports more currencies than Square. Plus, it accepts most high-risk vendors and offers more e-commerce tools/integrations than Square.
All Square Payment Methods
Apart from card payments, Square also works with digital wallets like Apple Pay, Google Pay, Samsung Pay, PayPal, and ACH bank transfers. That said, unlike Paysafe, it doesn’t support Skrill or Venmo. It does, however, accept Cash App payments, so your customers can quickly pay by scanning a QR code.
I like that Square also integrates with Afterpay. This allows your customers to pay for orders in four interest-free installments over six weeks while you get paid the whole amount upfront. Afterpay offers an even more flexible option for larger online purchases, where your customers pay monthly over six or twelve months, but this time with interest.
Give your customers the convenience of paying in installmentsIf you have a Square Online website, you can accept payments through Square Pay, which allows your customers to save and reuse their payment information on your site. Buyers can also use Square Gift Cards on your Square Online site. And if you use another platform to manage your website, you can still embed a Square ‘buy’ button.
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Square Credit Card
Square collaborated with American Express to create its own credit card for merchants
Square’s proprietary credit card is designed specifically for merchants using Square’s platform. Developed in partnership with American Express, it can be used anywhere Amex cards are accepted.
The card has a unique feature: the credit limit adjusts based on your sales processed through Square. As your business grows, so does your credit limit. Additionally, you earn one dollar in free processing for future transactions for every three dollars you spend. This reward system can help you reduce your card processing costs over time.
The Square Credit Card does not charge annual, late, or foreign transaction fees, reducing the extra costs often associated with business credit cards. Square distributes these exclusive credit cards on an invite-only basis to Square sellers who meet specific criteria.
Square accepts American Express cards with no extra fees, so you don’t have to worry about missing out on sales to holders of a popular card brand. Square is a strong choice for businesses wanting flexible and diverse payment options, but other top processors, like Paysafe, will probably be cheaper overall – while still accepting Amex.
FAQ
What types of credit cards does Square accept?
Square accepts all US-issued and most internationally-issued magstripe or chip cards from Mastercard, Visa, American Express, JCB, Discover, and UnionPay International. It also processes various card types like credit, corporate, debit, prepaid, and rewards cards.
Is Square owned by American Express?
Square is not owned by American Express. It is a separate entity owned by Block, Inc. However, Square does allow your customers to make payments using their American Express card. It also collaborates with Amex to provide you, the merchant, with a Square Credit Card that you can use anywhere American Express is accepted.
Does Square accept American Express for all transactions?
Yes, Square accepts American Express for all transactions, including those processed in-person and online. Your customers can use their American Express card just like any other major credit card when paying through Square’s systems, without any additional cost compared to other cards.
What digital wallets does Square support?
Square accepts payments from digital wallets, including Apple Pay, Google Pay, and Samsung Pay. It also enables transactions through Cash App Pay and supports buy-now and pay-later options through Afterpay.
Kamso specializes in writing about credit card processing and fintech. He has been writing for over three years and has worked on several comparisons, product reviews, and news stories. He has a degree in mechanical engineering and has a strong fondness for anything tech-related.
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