Forum Home
Press F1
Thread ID: 48964	2004-09-06 09:24:00	[OT] Credit Card Charges	Lohsing (219)	Press F1

Post ID	Timestamp	Content	User
269807	2004-09-06 09:24:00	My understanding is that using a credit card costs the retailer 2% of the total cost of the service / product paid for by credit. If that is the case, why is it some retailers are more reluctant to offer a 2% discount for cash? Is it just me, or do I think like a computer retailer too much? Lo.	Lohsing (219)
269808	2004-09-06 09:27:00	The amount charged is variable, depending on the level of business done with the Card Merchant. There is an intangible cost in handling cash as well, in counting, reconciling, and banking. Not to mention security.	godfather (25)
269809	2004-09-06 09:29:00	I guess so... mind you, I consider paying by eftpos with my cheque account is as good as cash... Lo.	Lohsing (219)
269810	2004-09-06 09:31:00	The larger retail chains negotiate lower credit card fees with the banks (although american express is much higher than the 2% you used) so there isn't as much to negotiate as you might think - it's the smaller businesses that pay the higher credit card fees. Plus where a retailer offers an item at a certain price in conjunction with either an interest free period or a finance option / incentive, then they must offer the same price to everyone no matter how you want to settle the transaction. If they don't then they will get caught under one of the retailer acts - I think one of the larger appliance retailers was nailed some time ago (but don't quote me on that). Billy T will be clued up on this subject.	andrew93 (249)
269811	2004-09-06 09:47:00	Hi, We are charged 1.6% for visa/mastercard and around 6% for amex transactions. I try and avoid amex like the plague. As far as I am concerned, and as GF said earlier, it makes no real difference how you pay it still costs to get the money into the bank whether it is deposited manually or elec. Eftpos in my opinion is the one of the biggest advancements in retail in recent times, it beats the hell out of me why some people still insist on using cheques for their day to day personal needs.	miknz (3731)
269812	2004-09-06 09:48:00	If a retailer ends up with a large amount of cash there will also be substantial bank fees for "counting" it. IIRC you can ask for a cash price in a store and then elect to pay by credit card or Hire Purchase or any other method and as the retailer has agreed to that price you can hold them to it. So cash really has no advantage these days, ask for a discount and if the retailer gives you one use your credit card and get the interest free period. If they are unwilling you can either go somewhere else or buy anyway.	Sb0h (3744)
269813	2004-09-06 11:23:00	> is deposited manually or elec. Eftpos in my opinion > is the one of the biggest advancements in retail in > recent times, it beats the hell out of me why some > people still insist on using cheques for their day to > day personal needs. Agree, I've just started work, and so at lunchtimes I'm always having to eat out at Burger King and the likes. Just seems to me that cash aint working, so I'd probably only carry Eftpos to pay for $1.50 coke in the future. The only thing I'd want to see is, depositing money, hence crediting your account, at every day stores, just like you cash out. Why? Because I get paid cash, which I need to put into the bank, from my other part time job. [No! I don't think it's illegal/paying under the table, I'm 'employed' by my school] Mind you, most teenagers I know have 'a few' jobs. Ive got three. ;-)	~~~~~ s y ~~~~~ (2054)
269814	2004-09-06 12:55:00	> recent times, it beats the hell out of me why some > people still insist on using cheques for their day to > day personal needs . Cheques a very evidential, after the fact . Today the have added security everyone looks at them funny and remembers who gave it to them . It will be a long time before company accountants give up the controll a cheque book gives them .	drb1 (4492)
269815	2004-09-06 18:40:00	I hate eftpos. Standing in check-out queues while some dear old lady tries to remember her pin number, and has about three tries before it works. And why do people use it to pay for very small items? Plus the charge for useing it. I believe in paying cash for normal small items. Cheque or c/c for dearer ones. And I have no interest in what the shopkeeper wants. He is there for my convenience. Though some of them act as though they are doing you a favour by letting you buy from them. I do not have a pin number for anything. Another thing that realy turns me off. "The advertised price reflects a 2% discount for cash. CC sales will incur the extra 2%". Not from me!!! And electronic banking. NEVER. I incur all the costs an hastle and the shopkeeper gets the money straigh into his account. You must be joking. I'm the customer and I do it my way. If you don't like it,tough. There's plenty more shops that will. Jack	JJJJJ (528)
269816	2004-09-06 19:57:00	>> And why do people use it to pay for very >> small items? Plus the charge for useing it. I use EFTPOS to pay for 45c stamps at the post office, or similar. I've even used it to pay 20c when I was 20c short buying something. Usage charges? I don't have any. If I did I'd probably draw out cash more often and pay by cash. Mike.	Mike (15)
1 2