eBay To Stop Accepting American Express Payments

eBay has announced that it will no longer accept payments made by American Express cards.

The official eBay statement on the matter follows:

“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. 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. As consumers and small businesses are worried about inflation and rising costs, there is a need for more robust regulations to drive greater competition to credit card networks and help reduce transaction processing costs for merchants and their customers.

eBay customers are being notified about this upcoming change to prepare them for a smooth transition starting August 17 to the variety of popular, relevant, and secure payment options available on our marketplace. 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. With 2 billion listings and 132 million active buyers worldwide, eBay connects buyers and sellers in 190 markets around the world, fueling small business growth and creating economic opportunity for communities. Our customers have a deep affinity for eBay due to our unique inventory, attractive prices, and the meaningful role eBay plays in powering recommerce to contribute to a healthier planet."

Source : eBay Inc

Image : George Sheldon / Shutterstock / 769619905 

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