a) Your discount rate: This is the amount we charge for accepting the Card which is a percentage of the face amount of the transaction on the Card. This is applied to all payments or purchases made using an American Express Card. It can be found in the application form accompanying your Terms and Conditions for Card Acceptance, or alternatively in your agreement confirmation letter where applicable. If you’ve registered your Merchant account online, you’ll find your Discount Rate detailed in your online e-statements, and also on paper statements too.
b) Payment process:
Gross Pay: we will pay you upfront and in full for any American Express transactions. Your fees will then be deducted on a monthly basis.
Net Pay: We pay the net amount we owe which means we deduct the Discount rate on each transaction rather than asking for payment at the end of the month. We will also offset any adjustments to the account, for example credits, refunds or chargebacks, before settlement.