So, you've made the decision to accept credit cards: Good for you! But where does American Express (Amex) fit in? MasterCard and Visa have long been the market leaders, while American Express has catered to a small, but affluent set of businesses and consumers. Today, approximate 10% of Americans use American Express.

Pros: Many corporations use Amex. If your property is in a market that commonly hosts conferences or sporting events, you have the opportunity to reach out to corporate travelers and many prefer to charge their expenses on their American Express due to the benefits e.g. air miles, cash back, etc. Many American Express card holders won't enter a store or web site not displaying the Amex logo. Amex card holders spend on average 20% more per purchase than those using Visa or Master Card.

Cons: Doesn't pay as quickly as MasterCard or Visa. Has a higher fee structure which means you (the owner) pay more per transaction. Amex doesn't let you process the payment in the cardholder's home currency (i.e. a Canadian renter must pay you in American dollars.) This is inconvenient for many renters who are used to the credit card company doing the conversion for them. So all in all it's a personal decision as the whether or not you choose to accept Amex. While you may attract more affluent and business travelers, it will indeed cost you more in fees. If you choose not to accept Amex, don't worry, many Amex card carriers also have a Visa or MasterCard that they'll ante up if you say “sorry I don't accept Amex.”