eBay Drops American Express, Citing ‘Unacceptably High Fees’

E-commerce marketplace company eBay is ditching American Express as a payment option, blaming high 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 said in a June 5 statement. “After careful consideration, eBay has decided to no longer accept American Express globally effective Aug. 17 due to the unacceptably high fees American Express charges for processing credit card transactions.” With consumers and small businesses concerned about inflation, there is a need for “more robust regulations” that create greater competition among card networks. This will contribute to reducing transaction processing costs for both merchants and customers, the company stated....