eBay, the online marketplace giant, has announced that it will no longer accept American Express (Amex) cards as a payment method starting August 17, 2024.
The decision comes after eBay and Amex failed to agree on transaction fees.
eBay cited “unacceptably high” fees charged by American Express for processing credit card transactions as the main reason for the decision. The company claims that Amex’s fees are significantly higher than those of other major card providers, such as Visa and Mastercard. This move is expected to save eBay a substantial amount of money in processing costs.
Impact on Customers and Sellers
The change will primarily affect customers who prefer to use their Amex cards for purchases on eBay.
However, eBay assures its users that they will still be able to use a wide variety of other payment methods, including Visa, Mastercard, Discover, and PayPal. Sellers are also expected to be minimally impacted, as they will still be able to receive payments through the remaining accepted methods.
