Passing on NETs charges to customers

G

gargle

New member
was just reading a thread recently and came across comments by a gear shop that mentioend it passed on the NETs charges to its customers.

I don't think this is right. NETs provides a convenient method for retailers to obtain payment. Retailers used to pay up to 0.5% of the transaction value as fees to NETs previously. I don't recall having to pay for NETs charges then.

Since NETs increased its fees recently to 1.5 - 1.7%, some retailers pass on these transaction fees to customers. Most of us tend to accept it - its only 1-2% anyway...but its the PRINCIPLE OF THE THING that bothers me!!!

However - lets not be naive to think that retailers have not already factored in are cost of goods, financing (including possible transaction charges), storage, rental etc etc.

I have nothing against retailers - they help be satisfy my GAS. But as a loyal customer, i'd want to be spared from blatantly passing costs to me. This is not accepted practice as NETs and CASE have set up a hotline for errant retailers.

Most retailers are above board and don't pass these costs on to unsuspecting customers. But some still do... Don't stand for unfair practices. here's a story from our beloved Straits Times

http://www.straitstimes.com/Free/Story/STIStory_127543.html
 
That is just bank propaganda bro.

The real issue is the banks (NETS) have increased the fees by more than 400% and are now trying to make out the retailers to be the bad guys. The banks have banded together to create a monopoly on electronic funds transfers so the retailer cannot choose another option. Since it's a monopoly, the banks can force the retailer into unfavorable contracts. What choice does the retailer have? The cost of selling via nets now costs him 2-3% more than using cash.
 
remember NETS said that the reason to increase their price is "in order to be more competitive"?

i'll never forget a reverse-logic like that....

So to be more competitive in a 100m race, i run slower! :)
 
I think maybe due to the irregularity in their stock pricing may affect their cash book?

Any POA experts here? I'm an F9 student, haha

But true lah, I dont understand why there even is an extra fee. To process the incoming debits maybe?

Sooner or later everyone's gonna get pissed at using NETS payments ( I know I am....)
 
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But i heard use mastercard dun need to pay the fee so i usually pay by master nowadays since the POSB Go! card got master. :) Solve the problem.
 
Ooooo, I so wanna sign up for that card

Is there a downside to it? It works as a debit card right?
 
Fren, its free lah. But cannot use for internet purchase, just master only. Just go to POSB and say u wanna change the atm card to GO! card. Its free.
 
Sign up for the POSB orange-coloured mastercard/debit card. Does everything the GO card can but can shop online too. and it's free. haha. just that you have to use it 18 times per year to waive admin fees
 
that's why always stick to cash..hard cash, solid cash. don't let others control your dough. electronic money is electronic control.
 
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