Sunday, June 10, 2007

there's something about ..... nets

Taken from NETS's Website, FAQ page:

Will I, as a consumer, be affected by this fee change?

No, you should not be affected by this fee change as NETS fees make up only a fraction of merchants’ operating costs. We have informed merchants not to pass on any transaction fee or minimum purchase amount for EFTPOS payment as this is not allowed. Consumers should inform NETS if they encounter merchants who do so and can call 6274 1212 for assistance.

Yeah right!!

For those retailers with Credit Card payment facilities, they would have effectively included those 3% surcharged into the selling price. So whether you use nets or credit card, it doesn't matter to them anymore.

For those retailers that uses only Nets Machine, who is to say that they do not have the rights to increase their selling price. Bear in mind that we are in a free economy. Retailers can re-priced their products to factor in their operation costs like manpower costs, rental costs, material costs.

Say if a retailer is to sell this product for $40. Factoring in this extra 1.7%, all the retailer needs to do is to sell it for $41. They can then say, cost of doing business increases. They do not have to specify anything at all.

It's nothing but profiteering.

So what if Debit cards are more expensive to maintain.

It's these same banks who come up with "debit" cards to start off. And they want to give these same "debit" cards the same benefits of "credit" cards, and then says it's more expensive to maintain "nets".

Totally rediculous.

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