eBay will now not settle for American Specific funds beginning August seventeenth, the firm introduced on Wednesday. It blames the change on the “unacceptably excessive charges” for Amex bank card transactions.
“Bank card transaction charges proceed to rise unabated due to an absence of significant competitors,” eBay writes in a discover to prospects. “There’s a want for extra sturdy laws to drive higher competitors to bank card networks and assist scale back transaction processing prices.” eBay nonetheless accepts Visa, Mastercard, Uncover, and different fee strategies, like PayPal, Apple Pay, Google Pay, and Venmo.
Amex disagrees with eBay’s transfer, stating on its web site that its charges are much like different playing cards accepted by eBay. “We discover eBay’s choice to drop American Specific as a fee selection for shoppers to be inconsistent with their said want to extend competitors on the level of sale,” the corporate writes. It says eBay represents lower than 0.2 p.c of its complete community quantity.