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Thread: Nets fee hike angers retailers

  1. #61

    Default Re: Nets fee hike angers retailers

    From my point of view its a lose lose situation for both retailers and us consumers......if the retailer can't impose the increase of the net transaction on us, they can and I feel most probably will just simply increase the price of the product that they are selling to cover back the cost. Haiz......standard of living here is getting ridiculous......gst increase...transportation fees increase.....basic food and need pricing increase....school fees increase.....almost everything that need to spend money one increases but somehow I don't see that my pay is increasing......still that crappy 1.7k.......think we better emirgate to other regional countries to stay in better.....think thailand would be a good place to settle down if the political situation there settle down.....think for my case I can just forget about nationalism when I can barely even survive here....Like the chinese saying goes 要爱情还是面包? Want love or bread?

  2. #62
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    Default Re: Nets fee hike angers retailers

    Quote Originally Posted by kelccm View Post
    This seem to be an opposite step towards the cashless future the government had been talking about.
    It is all in the interpretation, the direction is still towards a cashless future.
    Ordinary people will be left cashless with all the fees and levy hikes.

  3. #63
    Senior Member xtemujin's Avatar
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    Arrow Re: Nets fee hike angers retailers

    Retailers reject Nets' offer
    They want special rates regardless of whether or not they are offering other modes of cashless payment



    RETAILERS' associations have rejected a discount offer by the Network for Electronic Transfers Singapore (Nets) that would require merchants to stop providing customers with alternative forms of cashless payment.

    Speaking to The Straits Times after meeting with Nets officials yesterday, Mr Ong San Jin of the Bras Basah Merchants Association said that his organisation had refused to accept the offer, and asked that the special rates be applied regardless of whether or not retailers offered customers other forms of electronic payment.

    Mr Chua Ser Keng, president of the Federation of Merchants Associations, said Nets' latest act was just a tactic used to string retailers along. He called on his 3,000 members to boycott Nets to show their displeasure.

    Last week, Nets informed retailers verbally that they could enjoy lower transaction fees if they either did not have alternative cashless modes of payment or were willing to give up these facilities.

    The announcement in December that Nets planned to raise its transaction fees for merchants from this month - from 0.35 per cent to 0.55 per cent of purchases up to a maximum of 1.8 per cent - angered retailers. They were further incensed when Nets said that the transaction fees could not be passed on to consumers.

    On Sunday, four merchant associations told The Straits Times that Nets had offered them a better deal - transaction rates at 1.05 to 1.15 per cent of purchases - provided they did not offer customers alternative modes of cashless payment.

    In response, the Competition Commission of Singapore, which had earlier cleared Nets of charges that it had abused its dominant position, said that it was seeking more information from the electronic payment operator.

    Two lawyers and an economist told The Straits Times that such an offer from Nets is at risk of flouting the Competition Act. However, this assumes that Nets is ruled to be in a dominant market position.

    Nets declined to reply to questions from The Straits Times on the deal offered to heartland retailers. The company put a fresh statement on its website on Tuesday, but it remained unclear whether retailers would still be required to stop offering alternative payment options in order to enjoy a discount on transaction fees.

    The statement did not mention the need to give up alternative forms of cashless payment. Instead, it said that 'all' of Singapore's small and medium-size retailers which have been Nets customers for 'at least 12 months' can apply for the special rates.

    Source: http://news.asiaone.com.sg/st/st_20070705_135928.html

  4. #64
    Member Static's Avatar
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    Default Re: Nets fee hike angers retailers



    Monopoly
    陳綺貞 2010 [夏季練習曲] 巡迴演唱會 Cheer Concert 13 Nov 2010 MAX Pavilion@Singapore Expo

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    Default Re: Nets fee hike angers retailers

    Quote Originally Posted by Static View Post


    Monopoly
    Because of debit cards, technically they don't hold a monopoly, I wonder if merchants also have to pay the VISA fee for accpeting a debit card through the VISA network?

    HS

  6. #66
    Senior Member xtemujin's Avatar
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    Arrow Re: Nets fee hike angers retailers

    Right now, I can only see McDonalds using the EZlink card for payment.

    I just went down to Sim Lim Square today.

    I noticed that there are shops having the 2% discount if you're paying by cash, some shops have increased their prices beyond 4%(2% GST & 2% NETS) and some have absorbed the NETS charges.
    Last edited by xtemujin; 6th July 2007 at 06:54 AM.

  7. #67

    Default Re: Nets fee hike angers retailers

    Quote Originally Posted by nottipiglet View Post
    Gahmen cannot anyhow anyhow go around and tell people how to set their fees, or tell shops how to price their goods lah. If like that, nobody want to come to Singapore to do business liao... If like that, then we will be like the land of the thousand smiles...
    Yeh especially since nets is owned by DBS and Govt owns DBS.

  8. #68

    Default Re: Nets fee hike angers retailers

    Quote Originally Posted by xtemujin View Post
    Retailers reject Nets' offer
    RETAILERS' associations have rejected a discount offer by the Network for Electronic Transfers Singapore (Nets) that would require merchants to stop providing customers with alternative forms of cashless payment.


    Source: http://news.asiaone.com.sg/st/st_20070705_135928.html
    This is ridiculous man. Can they even do that? Kudos to the retailers. What's this coming to? Ransom?
    Last edited by shinken; 5th July 2007 at 11:29 PM.

  9. #69

    Default Re: Nets fee hike angers retailers

    I have avoided using nets and hope to reduce its usage due to this hike. I feel it is a monopoly. If all consumer make their choice, I am sure they will feel a pinch.

  10. #70

    Default Re: Nets fee hike angers retailers

    Quote Originally Posted by kitkat View Post
    I have avoided using nets and hope to reduce its usage due to this hike. I feel it is a monopoly. If all consumer make their choice, I am sure they will feel a pinch.
    My whole family had sworn off NETs altogether. Whatever they do from now, whether they withdraw the hike (ya, like dats gonna happen) or reduce it or watever - that's that.

    The empowerment has reached such a ridiculous level.

  11. #71

    Default Re: Nets fee hike angers retailers

    went down to simlim to buy some rams and guess what the sales at the counter offer me? Cash or credit only. Was there with my friends and was a bit stunned to hear that at first but later on we then realised what is going on......seems like they rather pay for credit network then you know what......Yup the 2% discount is for cash and the print out is very very big.....shoot bird also can see

  12. #72
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    Default Re: Nets fee hike angers retailers

    Just a check ... those who bought stuff from SLS by visa/mastercard, do the retailers still slap the 3% on you? (got this funny feeling they do)

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