eBay no longer accepting American Express over ‘unacceptably high fees’

eBay (EBAY) said in a statement,” After careful consideration, eBay has decided to no longer accept American Express (AXP) globally effective August 17 due to the unacceptably high fees American Express charges for processing credit card transactions. 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. As consumers and small businesses are worried about inflation and rising costs, there is a need for more robust regulations to drive greater competition to credit card networks and help reduce transaction processing costs for merchants and their customers… 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.”