eBay will not settle for American Categorical funds beginning Aug. 17, the corporate introduced Wednesday. It blames the change on “unacceptably excessive charges” for Amex bank card transactions.
“Bank card transaction charges proceed to rise unabated resulting from a scarcity of significant competitors,” eBay wrote in a discover to prospects. “Stronger laws are wanted to spur extra competitors for bank card networks and assist scale back transaction processing prices.” eBay nonetheless accepts Visa, Mastercard, Uncover and different fee strategies similar to PayPal, Apple Pay, Google Pay and Venmo.
Amex disagrees with eBay's transfer, saying on its web site that its charges are much like different playing cards accepted by eBay. “We imagine eBay's resolution to drop American Categorical as a fee possibility for shoppers is inconsistent with their acknowledged want to extend competitors on the level of sale,” the corporate writes. eBay is alleged to account for lower than zero.2% of the community's complete quantity.