eBay Plans To Stop Accepting American Express Payments
eBay will stop accepting American Express cards in August due to their higher fees. The change will be in effect on August 17th. In a statement, eBay cited, “unacceptably high fees.” • Full Story
“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,” the company said in the email.
The two firms have been embroiled in negotiations around the merchant discount rates — also known as interchange fees — charged by Amex at the point of sale. The fees, imposed each time a card is used in a transaction, have long been a headache for merchants. One trade group said retailers paid more than $172 billion in card-processing fees last year.
Amex, however, said its research shows that its fees are comparable to what eBay must pay to accept similar cards on other networks, such as Visa Inc. and Mastercard Inc., while providing more value.
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