eBay will no longer accept American Express cards over “unacceptably high” fees
What alternative payment methods will eBay continue to accept after ceasing American Express payments?
After ceasing American Express payments on August 17th, eBay will continue to accept various other payment methods. These include Visa, Mastercard, Discover, as well as digital wallets like PayPal, Apple Pay, Google Pay, and Venmo4. The company is confident that the majority of its customers are willing to use these alternative payment options to continue buying and selling on their platform.
What specific reasons did eBay provide for no longer accepting American Express payments starting August 17th?
eBay announced that it will no longer accept American Express (Amex) payments starting August 17th due to the "unacceptably high fees" for Amex credit card transactions. The company stated that credit card transaction fees continue to rise unabated because of a lack of meaningful competition and called for more robust regulations to drive greater competition among credit card networks and reduce transaction processing costs.
How did American Express respond to eBay's decision to stop accepting its cards?
American Express responded to eBay's decision to stop accepting its cards by expressing disappointment and stating that eBay's decision would limit customers' payment choices and take away the service, security, and rewards that customers value when paying with American Express. The company also mentioned that its research indicates eBay's cost to accept Amex cards is "comparable" to that of similar cards on other networks, adding that eBay transactions account for less than 0.2% of Amex's total network volume.