CITA have some more news for you regarding American Express. Please read below.

This issue with American Express is not for Cayman only, it applies worldwide. It applies to all US merchants according to the IRS regulation 650. This does apply to US Merchants that either:

1.       Accept US Currency payments (which Cayman does)

2.       Business has an address in the USA

3.       Bank holding company is in the USA

First – the most important thing is to encourage you to go through the process. NOT accepting American Express is not the solution. Accepting American Express offers our tourists more options and shows the Cayman Islands is open to for business for American Express customers.

Second – the other most important thing is to makes sure call the 1-800 number provided below to have an American Express representative walk you through the online process. The call is free from the Cayman Islands.

1 800 297 2639, Option 1

I encourage you to be diligent in reviewing the process details below and to act as quickly as possible to get through the process. The process for approval of your form should take about 15-20 days and American Express will work diligently to release any held funds.

American Express cardholders are loyal to the company. Most US travelers carry an American Express card due to the many benefits the card offers. They are known for their premium travel assistance and concierge services. American Express has a strong business model and continues to make aggressive growths through smart investments. In 2011, the average American Express member spent $15,000 bringing the total transactions to $822 billion. This is very impressive especially considering that 2011 showed  a global economy slowdown. (credit Seeking Alpha, March 21, 2012).

I share this information with you so you realize the potential of current and future American Express cardholders that walk into your establishment. The answer is NOT to stop taking American Express but to spend a little time completing the required forms with help of a toll free representative and grow your business by accepting customers who prefer to use their American Express card.

On a final note, should you want to ACCEPT the American Express card for your business – please see the below contact to assist you. Juan Carlos CANNOT help you with the IRS regulation so please contact the toll free number. He CAN help you with your application to accept the American Express card at your business in the Cayman Islands.

Juan Carlos Yraizoz

American Express Global Merchant Services

Team Leader Sales

E: [email protected]

P: +1 (954) 704-6323