eBay will soon stop accepting American Express cards,Germany citing "unacceptably high" processing fees. In response, American Express has claimed its fees are no higher than any other credit card, and it doesn't need eBay anyway.
In a statement released on Wednesday, eBay announced that American Express cards will no longer work in its online marketplace from Aug. 17. It is currently in the process of notifying users of the change.
SEE ALSO: eBay introduces AI-powered 'shop the look' features"After careful consideration, eBay has decided to no longer accept American Express globally effective August 17 due to the unacceptably high fees American Express charges for processing credit card transactions," said eBay.
"Based on research, 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."
Other credit cards such as Visa and Mastercard are currently accepted by eBay, as are payment methods like PayPal, Apple Pay, Google Pay, and Venmo.
eBay also took the opportunity to call for further regulation of credit card networks, stating that it would help increase competition and thus reduce transaction 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 wrote.
American Express swiftly responded to eBay's rejection, saying that it is "disappointed" in the decision. It also disputed the characterisation of its fees as high.
"Our research tells us that in the US the cost of acceptance for American Express is comparable to what eBay pays for similar cards on other networks," American Express said in a statement. "We find eBay’s decision to drop American Express as a payment choice for consumers to be inconsistent with their stated desire to increase competition at the point of sale."
The company further stated that eBay "represents less than 0.2% of [its] total network volume," and that people can continue to use their American Express cards "with millions of merchants around the world."
According to Forbes, the average credit card processing fee for merchants ranges from 1.5 to 3.5 percent per transaction, with American Express sitting on the higher end of the scale. While Visa reportedly charges merchants around 1.15 to 2.4 percent, American Express charges 1.43 to 3.3 percent.
A difference of less than one percent may not seem like something to make a fuss about, but it can add up to a significant hunk of cash when applied to the sheer volume of transactions eBay facilitates. Though removing features and limiting options rarely delights customers, it seems as though everyone's trying to cut costs in this economy.
Previous：Cut the Music
Next：No Filter
A Wonk on the Wild Side
Lena Dunham describes painful decision to re
NASA celebrates 15 years of Mars orbiter with stunning photos
Donald Trump and the first lady of Poland just had the most awkward handshake
Mapping the Face of War
New photographic evidence may mean Amelia Earhart survived her plane crash
The asteroid headed towards us on Election Day 2020 is all hype
New photographic evidence may mean Amelia Earhart survived her plane crash
So Much Winning
Wellness vlogger mistakes poisonous plant for aloe vera and eats it on a livestream
Koalas are endangered now, and climate change is a big reason why
Arcade Fire pour scorn on Kylie and Kendall with exquisite take on their terrible T
'Tenet' reviews are in. Here's what the critics are saying.
How to get police out of schools, and why it matters
Reimagining the Middle Class
Gmail and other Google services are down for many users (Update: fixed)
'Tenet' reviews are in. Here's what the critics are saying.
UK Twitter responded to the Fourth of July in the most British way ever
Can Liberals Give Peace a Chance?
Move over Macron, Trudeau has got a new bromance
The Subject Talks Back by Deborah Baker'Wordle' today: Here's the answer, hints for April 23Enjoy watching as a slaver's statue is torn down and dumped in a riverNow you can scan to identify plants and dogs right in SnapchatThe Summer Issue: Redefining the Beach Read Since 1953 by Sadie SteinA Week in Culture: Chris Weitz, Director by Chris WeitzTPR vs. Vanity Fair: Literary Softball Bullshit by Cody Wiewandt'Wordle' today: Here's the answer, hints for April 24Vladimir Nabokov and the Art of the SelfNYC's safe sex guidelines for COVIDTrump lies about elderly protester injured by police, hits another new Twitter lowWill Self on ‘Walking to Hollywood’ by Jonathan GharraieThe Secret Bookstore by Thessaly La ForceThe Secret Bookstore by Thessaly La ForceWill Self on ‘Walking to Hollywood’ by Jonathan GharraieThe Subject Talks Back by Deborah BakerTPR vs. High Times: The Stoners Win by Cody WiewandtMaking ‘Of Lamb’ by Thessaly La ForceForget your Hogwarts House, here's how you can identify insteadHere with the Windies by Rachael Maddux Exit Art, 1982–2012 by Hua Hsu Walk Like Updike, Live Like Lowell, Eat Your Words by Sadie Stein What is TikTok's iPhone search widget TikTok discovered 'green needle vs. brainstorm' two years later and it blew up again White Noir by Jane Yager Scandals, Contests, and Noms de Guerre by Sadie Stein Stunning photos show socially distanced pilgrims attending Hajj in Mecca Twitter's new CEO: We may already know who it is Wordle today: Here's the answer and hints for May 13 Thurber Insults and Library Dreams by Sadie Stein Terry Winters by Yevgeniya Traps The best tweets of the week, including Garth Maul and Corn Palace TikTok says it's not going anywhere after Trump promised a ban Should I get back with my ex? Relationship experts respond Drinking with Carp by Sadie Stein Vote for TPR in the Final! by Sadie Stein Elon Musk confirms new Twitter CEO is former NBCUniversal exec Linda Yaccarino Dear Don Draper, Stop Ignoring Me by Adam Wilson Corrections and Test Questions: Happy Monday by Sadie Stein How to try MusicLM, Google's text