American Express has revealed that, going forward, users won’t need to sign at merchant’s stores while making purchase transactions using their cards. This decision applies globally to all merchants who are accepting American Express cards. The move will help to provide an easy checkout process for merchants and card members across the globe. This move is said to speed up the process of paying in store and reduce the operating expenses of merchants who are associated with retaining signatures.
There have been many advancements in the payments industry, which has caused a reduction in signatures around the world. Some of these advancements include contactless payment options which also includes card-based and mobile tap-and-pay methods.
This elimination of signature requirements will be applicable to purchase transactions of all amounts at the point of sale. AmEx is the first payment network to have disclosed this change globally, further expanding its policy change across the globe.
Merchant Advisory Group has indicated that this move by American Express will simplify the checkout process and make it more efficient for both merchants and customers. Senior Vice President of Operations, Laura Townsend, said, “We commend American Express’ decision to eliminate signature requirements. This move will help merchants provide a quicker check-out experience for more customers by removing potential friction at the point of sale.”
Mike Cook, Senior Vice President and Assistant Treasurer at Wal-Mart, has indicated that this decision by American Express provides great flexibility to all merchants. Cook said, “The introduction of our Walmart Pay mobile app has raised our customers’ expectations for being able to check out quickly and easily. Having to sign a receipt can be a hassle for customers and is not necessary to prevent fraud at the point of sale. We’re pleased American Express has decided to eliminate its signature requirements, which will promote a more seamless shopping and checkout experience for our customers.”
In addition to this change, American Express has also increased the speed of payments for all eligible small merchants. It has also adjusted dispute policies to help in delivering a consistent experience to all merchants.