eBay will no longer accept American Express payments starting August 17, the company announced On Wednesday. Blame the change on “unacceptably high fees” for Amex credit card transactions.
“Credit card transaction fees continue to rise unabated due to a lack of meaningful competition,” eBay writes in a notice to customers. “Stronger regulations are needed to drive greater competition in credit card networks and help reduce transaction processing costs.” eBay still accept Visa, Mastercard, Discover and other payment methodssuch as PayPal, Apple Pay, Google Pay and Venmo.
Amex does not agree with eBay's move, indicating on their website that their rates are similar to other cards accepted by eBay. “We view eBay's decision to eliminate American Express as a payment option for consumers to be inconsistent with its stated desire to increase competition at the point of sale,” the company writes. It says eBay represents less than 0.2 percent of its total network volume.
