Is it the banks charging too high?
Why should proceesing fee be based on the $ amount?
Shouldn't it be flat, on a per transaction basis?
Overseas I'd never been asked to pay CC surcharge, only in Msia and Sing.
I'm going to call MC 2moro.
The problem I believe is the consumer awareness, which makes merchants
manipulate things on thier own.
Can someone here ( I believe there are photogs here close media ppl ) recommend
newspapers put up this issue .
I think it was chicken and egg scenario...for any mechant that accept CC payment, they have to bear the communication link and processing fees from CC company.....on top of that, they sold the goods but do not get the cash immediately...some I heard took two months to clear the payment from the bank....so in a way they have to bear the credit term on you behalf.....on the other hand, in order to be compatitive...they have to keep the cost low...Spore is a price sensitive market...people only remember the cheapest store nevermind the service.....so some pay their supplier in cash term inorder to get good discount......so inevitable they will prefer cash term from consumer as well....
In some places, one actually pays more for a transaction made with cash than by credit card. Big purchases made with cash aren't encouraged perhaps due to counterfeit notes circulating and the risks of handling and transporting cash. Try renting a car in the US using cash...
Cashless is widespread in many parts of hte developed World because it many ways it helps in reducing mysteriously missing cash from the register. You can track CC payment and audit it, etc.. etc..
Yes, it had several advantages.
Similarly it has several disadvantages.
Firstly credit card fraud puts client to a possible and maximum fine of $50.00 . However, for the poor merchant who have processed the credit card would be liable by issuer fines.
CC fraud is a serious problem. I have several friends who are e-merchants overseas, have found this a huge headache, and this is a business cost
Secondly, CC itself is a cost. For some business, they take it as an opportunity. However, for alot of smaller business, it takes a large pie of their profits, hence a surcharge (preference for cash). Moreover, the cost of CC is taken care. (You , as a customer, has paid for it anyway, whether you know or not, like it or not)
Thirdly, not many pple prefer to use CC. Yes, there is advantages of it, but alot of Singaporeans are bankrupt due to impulse usage of CC beyond their means. I myself, prefer paying through Nets.
I am neutral if the travel companies tell me whether they will charge Credit Card surchage or not, for , I know , they have most likely incur that factor of CC into it and the customer is paying it ultimately.
Yup convenience comes at a cost, there is a huge problem of spending money you don't have and it can become a social problem affecting and even breaking up families. Use Debit card if one cannot control impulse buys.
But sometimes it is the only way to go when you are travelling overseas or use travellers cheque which is now getting less and less preference over the years.
Anyway it is cost versus benefits and convenience.
By the way, from friends who worked in travel agencies before (not too sure which one) , these agencies can pay as little as 500,000 to 1-1.5 million dollars in CC charges per year depending on the size and operations.
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