eBay to stop accepting American Express due to high fees
- eBay announces it will no longer take payments via American Express.
- The decision is attributed to the high fees charged by American Express.
- Customers are advised to use alternative payment methods on the online platform.
eBay, a big online store, will stop taking American Express cards because they charge high fees. Customers can use other ways to pay online. This is bad for American Express because their customers spend a lot. eBay decided to stop taking American Express cards on August 17 because the fees are too high. They say people can pay in different ways now, so they don't need American Express anymore. eBay now lets people buy things and pay later using Apple Pay, PayPal, Klarna, and Affirm. Other online stores are also arguing with payment companies about fees. Amazon had a fight with Visa in the U.K. two years ago over high fees. American Express takes a part of each payment made with their cards. They say eBay pays similar fees for other cards. American Express cards are used in almost all places that take Visa and Mastercard in the U.S. eBay is a small part of American Express's business, so they might not change their fees. Ocado, a company in the UK, lost a lot of value and will be moved to a different stock index. Canada's bank lowered interest rates because inflation went down. Opec+ will start making more oil in October after cutting production this year. The U.S. stock market went up because people think interest rates will be cut soon. Electric car sales went up by 6% in May compared to last year. The Bank of England might lower interest rates soon because the service sector costs are going down. The European Central Bank might also cut interest rates soon. Zara's owner, Inditex, made more sales in the first quarter of the year.