Kerri-Ann Santaguida, VP & GM, Merchant Services at American Express Canada, joins us to talk about how small businesses are faring, how merchants should think about payments, and the value of credit card rewards.
Give us a vibe check on Canadian small and medium businesses right now. What’s their general feeling, and what are their top-of-mind worries?
What we’re hearing is that businesses are watching costs closely, but they’re still looking for ways to grow. There’s a lot of uncertainty out there, so they’re focused on protecting margins, bringing in new customers and making every dollar work harder.
That’s where we can help. We’re focused on bringing more customers through their doors - whether that’s encouraging people to Shop Small, connecting our Cardmembers with local businesses, or helping businesses grow through our grant programs. Small businesses want to grow and we want to help create more opportunities for them to do that.
When you think about people using AI to make purchasing decisions, and likely soon using AI agents to make purchases on their behalf, how does that impact Amex’s business? What are the implications for merchants?
AI is already changing how people discover and decide what to buy. But we believe agentic commerce will move at the speed of trust, not the speed of technology.
For merchants, it’s becoming less about simply showing up in search and more about being recommended by AI. It creates a new way to reach customers, but it also changes how businesses should think about discovery and brand loyalty. Further down the line, as AI evolves from recommending products to actually making purchases, trust and security will be foundational to adoption. Amex is uniquely positioned to help shape this future. Our direct relationships with both Cardmembers and Merchants provide the trust and security that will be needed to enable agentic commerce at scale.
For merchants looking at their payment options, how should they assess the cost of accepting a card against the value it can bring to their business?
It’s completely reasonable for a business owner to look closely at every cost. We focus on showing them the value Amex can bring for businesses of all sizes. That’s part of what we’ve done with OptBlue, which enables small businesses to accept Amex through their payment providers alongside other major card brands.
The true value of accepting American Express extends beyond payment acceptance costs. It lies in the opportunity to attract a highly loyal and engaged customer segment that actively looks for places where they can pay with their Amex card. By accepting Amex, businesses position themselves to capture incremental customer traffic and strengthen long-term customer relationships.
How is merchant adoption for Amex in Canada going and where are you seeing the greatest momentum?
We’ve made a lot of progress. Amex is accepted at millions of places across Canada. We’ve doubled acceptance in Canada since 2021 and grown it more than sevenfold over the past decade.
What’s exciting is where that growth is happening. Amex has always been strong in travel and hospitality, but today Cardmembers are increasingly using their Cards for everyday purchases at restaurants, grocery stores, shops, entertainment and on transit. We’re also seeing strong momentum with smaller, independent businesses. That matters because we want people to be able to use Amex in their own neighbourhoods and communities.
And for younger Cardmembers, that kind of widespread acceptance is what they expect. Gen Z and Millennials now make up approximately 65% of our new consumer Cardmembers globally, and they’re using their Cards across everyday categories as well as travel.
When it comes to credit card rewards, what do consumers most value? And what are the best perks that people often don’t take advantage of?
Our goal is for Cardmembers to feel, “That wouldn’t have been the same without my American Express Card.” That could mean early ticket access to a special concert or event, on-site benefits at venues like Rogers Stadium, RBC Amphitheatre or HISTORY, or exclusive dining experiences.
Travel is another area where Cardmembers find significant value, from premium airport benefits at Toronto Pearson, lounge access including the new Aspire Amex Lounges, and flexible transfer options for Membership Rewards points to participating airline and loyalty partners.
Some of the most valuable benefits can be the easiest to overlook. Depending on the card, those can include travel and purchase protections, insurance benefits, special access and offers. My advice is to take the time to understand everything your card has to offer. Depending on which one you have, you may find there’s more value available to you than you realize.
