04:53 AM EDT, 06/05/2024 (MT Newswires) -- eBay ( EBAY ) will stop taking American Express ( AXP ) cards as a payment method from Aug. 17 due to "unacceptably high fees" for processing credit card transactions, Bloomberg News reported Wednesday citing an email that the company plans to send to its online marketplace customers this week.

The two companies have long been caught up in a dispute regarding the interchange fees charged by American Express ( AXP ) at the point of sale.

American Express ( AXP ) said that its research shows that its fees are comparable to what eBay ( EBAY ) must pay to accept similar cards on other networks like Visa (V) and Mastercard ( MA ) , according to Bloomberg.

American Express ( AXP ) further said that its card members have an average transaction size at eBay ( EBAY ) that is more than double the transaction size of cards from other networks, the report stated.

American Express ( AXP ) and eBay ( EBAY ) did not immediately respond to MT Newswire's request for comment on the matter.

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