eBay will soon stop accepting American Express cards,Underwater Love citing "unacceptably high" processing fees. In response, American Express has claimed its fees are no higher than any other credit card, and it doesn't need eBay anyway.
In a statement released on Wednesday, eBay announced that American Express cards will no longer work in its online marketplace from Aug. 17. It is currently in the process of notifying users of the change.
SEE ALSO: eBay introduces AI-powered 'shop the look' features"After careful consideration, eBay has decided to no longer accept American Express globally effective August 17 due to the unacceptably high fees American Express charges for processing credit card transactions," said eBay.
"Based on research, we know that the vast majority of eBay customers are willing to use alternative payment options to continue enjoying buying and selling on our marketplace."
Other credit cards such as Visa and Mastercard are currently accepted by eBay, as are payment methods like PayPal, Apple Pay, Google Pay, and Venmo.
eBay also took the opportunity to call for further regulation of credit card networks, stating that it would help increase competition and thus reduce transaction processing costs.
"At a time when payment processing costs should be declining because of technological advancements, investments in fraud capabilities, and customer protections by merchants like eBay, credit card transaction fees continue to rise unabated because of a lack of meaningful competition," eBay wrote.
American Express swiftly responded to eBay's rejection, saying that it is "disappointed" in the decision. It also disputed the characterisation of its fees as high.
"Our research tells us that in the US the cost of acceptance for American Express is comparable to what eBay pays for similar cards on other networks," American Express said in a statement. "We find eBay’s decision to drop American Express as a payment choice for consumers to be inconsistent with their stated desire to increase competition at the point of sale."
The company further stated that eBay "represents less than 0.2% of [its] total network volume," and that people can continue to use their American Express cards "with millions of merchants around the world."
According to Forbes, the average credit card processing fee for merchants ranges from 1.5 to 3.5 percent per transaction, with American Express sitting on the higher end of the scale. While Visa reportedly charges merchants around 1.15 to 2.4 percent, American Express charges 1.43 to 3.3 percent.
A difference of less than one percent may not seem like something to make a fuss about, but it can add up to a significant hunk of cash when applied to the sheer volume of transactions eBay facilitates. Though removing features and limiting options rarely delights customers, it seems as though everyone's trying to cut costs in this economy.
Then and Now: 5 Generations of GeForce Graphics Compared
'The Walking Dead' sends Michonne out on a new adventure
‘Moving Out’ first impressions: Simple fun, for better or worse
Sleep orgasms explained: Misconceptions, and what you should know
The Babelio sound machine is for babies. I love it anyway.
'Game of Thrones' 'Westworld' crossover was George R.R. Martin's idea
Bookshop has hilariously creative idea to bring books to life
Sneezes take on a whole new context in 'Animal Crossing: New Horizons'
The Ideal Smartphone for 2017
This mom apparently takes photocopies of recipes on her iPad and you know what? It's good.
Best iPad deal: Save $70 on 10th Gen Apple iPad
Twitter celebrates Trump's first 100 days with the savage burns you'd expect
Please enjoy Obama photographer Pete Souza's latest flawless Trump troll
How to make money designing custom Snapchat geofilters
'The Traitors' Season 3's latest banishment has me fuming
Apple might soon fix an annoying iPhone hotspot bug
Watch Jodie Whittaker's strong message as Doctor Who for managing dark times
Drone videos of quarantined cities around the world are both eerie and inspiring
Best free gift card deal: Get $10 Best Buy gift card with $100 Apple gift card
Apple makes video and music software free amid coronavirus pandemic
Rooney Mara reveals she ate pie for the first time at 31The 'Third Thumb' prosthetic for anyone makes me really want an extra fingerNBA player Andre Roberson roasted for leaving meager tipAngela Merkel is the hero Donald Trump haters needWonderful 90Most of the 'Halo' series will be backward compatible on Xbox One soonAngela Merkel is the hero Donald Trump haters needAngela Merkel is the hero Donald Trump haters needThis amazing 'Game of Thrones' infographic shows all the betrayals over six seasonsMigos was kicked off a Delta flight, and now they're threatening to sueTomi Lahren and Chelsea Handler are going to face off in a debateWorld's most expensive fidget spinnerTough guy Jeremy Renner breaks both arms filming 'Tag'Einride selfFalse alarm: Tesla isn't closing all its storesAshton Kutcher's LinkedIn page shows exactly why sexism persists in tech'SpiderTrueFace.AI busts facial recognition impostersWhy Google Assistant is my new favorite iPhone appThe Stark siblings are struggling in 'Game of Thrones' Season 7 How to Write Personalities for the AI Around Us Black Friday Kindle deals: Kindle Scribe at its lowest price ever The Soviet Anthology of “Negro Poetry” by Jennifer Wilson EpiC MeMe PoSTer Elon Musk promises to ditch legacy blue checks on 4/20. Twitter rolls eyes. New Casper launch: Check out The Casper and Snow mattresses xHamster to delete amateur videos in the Netherlands Taylor Swift and Joe Alwyn break up, Twitter will never know peace Nietzsche Wishes You an Ambivalent Mother’s Day by John Kaag and Skye C. Cleary Best Black Friday TV deals 2023 May ’68: Posters of the Revolution Okokokok or lalalala TikTok quiz: What it is and how to play Donald Trump arrested as the internet erupts with memes Tchaikovsky’s Cure for All That Ails (the Stomach) Prime Numbers by Anthony Madrid Tom Wolfe, 1930–2018 Wordle today: The answer and hints for November 25 ‘The Birds’ at Rikers Island You, Too, Can Live in Norman Mailer’s House Period Piece: Rammellzee and the End by Dave Tompkins Staff Picks: Smugglers, Lovers, and Dead Husbands
2.0266s , 8230.359375 kb
Copyright © 2025 Powered by 【Underwater Love】,Information Information Network