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Thread: Nets fee hike angers retailers

  1. #21

    Default Re: Nets fee hike angers retailers

    BTW, who know, maybe to silence all the protects, they just raise the credit fee too .. say 3-5% so that there is a balance in situation erh?

  2. #22

    Default Re: Nets fee hike angers retailers

    Cash is King!
    Last edited by eyes; 23rd May 2007 at 07:23 PM.

  3. #23
    Senior Member xtemujin's Avatar
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    Arrow Re: Nets fee hike angers retailers

    Looks like when we carry cash, must now use the GPMG ammo box like how we were paid when we first go in for BMT.

    Three prices on the price labelling coming in July, NETS, Credit card and Cash.

  4. #24

    Default Re: Nets fee hike angers retailers

    Quote Originally Posted by Artosoft View Post
    If gohment set NETS as national cashless payment inside Singapore, where all the government service you need to pay by NETS (or cashcard), gohment can do something about NETS. If it is critical to service and Singaporean, gohment can do something.

    But I am only outsider who don't know the relationship between NETS, gohment and business in Singapore. Talking in kopitiam only...

    Regards,
    Arto.
    The gahmen never set NETS as the national cashless payment in Singapore. Some government agencies accept NETS for payment, but not all. Some government agencies accept credit cards as payment too. NETS is important, but I won't say it's critical. Certainly the gahmen can do something, but it is not always in nation's interest to do so. There are other factors at play. Everytime the government disturbs the market forces, there will be consequences.

    For example, if you deliberately keep NETS fees low, the local banks may not want to update the NETS systems and let it deteriorate. If the government takes over NETS, it won't be able to run it as efficiently NETS need to integrate closely with the banks' systems.

  5. #25
    Moderator Clown's Avatar
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    Default Re: Nets fee hike angers retailers

    next thing u know, ATM cash withdrawal will have surcharge.
    so it's back to queueing up at banks..
    sigh.

  6. #26
    Senior Member Canew's Avatar
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    Default Re: Nets fee hike angers retailers

    Wah! Really hope that it doesn't come to that!

  7. #27

    Default Re: Nets fee hike angers retailers

    Quote Originally Posted by Clown View Post
    next thing u know, ATM cash withdrawal will have surcharge.
    so it's back to queueing up at banks..
    if that happen, I'll juz withdraw till minimm amount in bank acct. Keep what I need in cash form and the rest, find some investments.
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  8. #28

    Default Re: Nets fee hike angers retailers

    Quote Originally Posted by nottipiglet View Post
    Nets are just screwing themselves. If they charge the same as credit cards, then retailers will not prefer them over credit cards. This will increase the use of credit cards, and lure people to borrow...

    You may ask... why are they screwing themselves?

    The reason is clear... Nets is owned by the local banks. Local banks, being the dominant players in the local credit card market has a strong desire to see to it that the use of their credit cards go up. If you Nets, money is deducted from your account, and that's the end of the story. If you card it, there is a chance that you may carry over the amount owed for some time, and so the banks earn some hefty interest. Which channel do you think the banks want you to use?

    So, raising Nets fee is actually good for them if you look at the bigger picture. The amount of transactions that go through those seedy shops in SLS are a small part of the whole payment landscape. So, they can afford to lose these... and they don't really care if you were to go to the ATM every time you want to buy your camera or lenses.

    So... Nets raising their fees is really bad for you and me, but very good for them. Sad right?
    unfortunately, the better credit cards issuers are citibank and hsbc, local banks no fight.
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  9. #29
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    Default Re: Nets fee hike angers retailers

    sian .... how to carry much cash around ? i always use nets to pay for things... dun like CC so much becos i think can control better with cash... dunno retailers would pass the costs to us consumers? but again 2% increase... nothing compared to the 200% price they jacked up lah

  10. #30
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    Default Re: Nets fee hike angers retailers

    Ok, just stop buying already. No more lens!
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  11. #31
    Senior Member Canew's Avatar
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    Default Re: Nets fee hike angers retailers

    Quote Originally Posted by CYRN View Post
    unfortunately, the better credit cards issuers are citibank and hsbc, local banks no fight.
    Care to elaborate Bro?
    What are the differences? Better customer service? Better/more rebates?

  12. #32
    Senior Member xtemujin's Avatar
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    Arrow Re: Nets fee hike angers retailers

    Looks like we just surrender and accept the 2% more for using NETS.

    The again, please get all your gargets before GST 7% and Nets 2%.
    http://www.ppcsg.com/index.php?showtopic=90768

  13. #33

    Default Re: Nets fee hike angers retailers

    Buy Grey

    (w/ international warranty)

    You SAVE:

    7+2 = 9% !

    or $90 dollars with every 1000 purchase... hahaha

  14. #34
    Senior Member creampuff's Avatar
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    Default Re: Nets fee hike angers retailers

    Sadly not everyone can own a credit card and most people use NETS. Invariably this will impact prices for a lot of things. This is yet another small turn of the screw that will impact the disadvantaged and poor even more. How not to view the local banks as money grubbing Shylocks...

  15. #35
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    Default Re: Nets fee hike angers retailers

    where's Robin Hood?

  16. #36
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    Default Re: Nets fee hike angers retailers

    Quote Originally Posted by xtemujin View Post
    Looks like we just surrender and accept the 2% more for using NETS.



    http://www.ppcsg.com/index.php?showtopic=90768
    What's the link about? Advertisment?
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  17. #37

    Default Re: Nets fee hike angers retailers

    Quote Originally Posted by raincool2005 View Post
    who knows next time there will be fees for ATMs and Internet Banking in future.
    Will not be surprized....

  18. #38

    Default Re: Nets fee hike angers retailers

    Quote Originally Posted by Clown View Post
    next thing u know, ATM cash withdrawal will have surcharge.
    so it's back to queueing up at banks..
    maybe next in future... salary credited into bank also got surcharge??

  19. #39
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    Default Re: Nets fee hike angers retailers

    all this makes d general population appear like hostage...

  20. #40
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    Default Re: Nets fee hike angers retailers

    Quote Originally Posted by Artosoft View Post
    Actually gohment can solve this NETS problem. If gohment want to.

    Regards,
    Arto.
    Yes, govt can pass legislation. But what would it say again?

    - Anti-govt detractors would say that govt is trying to run our lives
    - Retailers will say that govt wanna have a pie in everything
    - Banks will cry at the legislation ruiling and when they can't set their own rules, what they do?
    - Doomsday prophets will say that the ruiling incumbent has a place to play in this conspiracy by conspiring with local banks for some secret arrangement to suck more money from us.

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