American Express wants to close the gap with Visa & Mastercard, whose cards are accepted far more widely. To do it, the company is paying businesses of all sizes $10K to $450K to accept AmEx cards & sometimes totally waives all swipe fees. (h/t @JReed193 )
Good news: American Express is reducing the net amount it charges businesses. We need a lot more competition and a lot lower fees on merchants in the payment space.
AmEx Is Paying Up to Get Businesses to Accept Its Cards