Online marketplace behemoth eBay said it plans to no longer accept American Express , citing what the company says are "unacceptably high fees" and that customers have other payment options to shop online.
It's a notable blow to American Express, whose customers are often the most attractive among merchants and spend the most money per month on their cards.
"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," said eBay spokesman Scott Overland, in a statement.
Overland said that eBay customers have become aware of new ways to pay for items, making payments more competitive than ever before, and AmEx was no longer a necessary partner for eBay.
"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," Overland said.
Persons:
It's, it's, Scott Overland, Overland, AmEx, cardmembers, Adam Isserlis, Steve Squeri
Organizations:
behemoth, American, American Express, Costco, eBay, Apple Pay, PayPal, Visa, Amazon, National Retail Federation, AmEx, Mastercard, Express
Locations:
U.S, Keefe