EBay to drop American Express over ‘unacceptably high fees’

AmEx takes a percentage of each transaction a merchant processes on their network (Wilfredo Lee/AP)

Online marketplace behemoth eBay said it plans to no longer accept American Express, citing what the company says are “unacceptably high fees” and that customers have other payment options to shop online.

It is a notable blow to American Express, whose customers are often the most attractive among merchants and spend the most money per month on their cards.