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Thread: NETS fee hike is ok

  1. #21

    Default Re: NETS fee hike is ok

    Quote Originally Posted by StrifeYun View Post
    haha... hmmm i've stop using net for quite sometime liao ... cause my saving a/c no nets wan !!! ..... die nets die !

    will only use ccard(get points) when buy from retail shops which price does not change with mode of payment. but go SLS must bring $$$ *shhh
    you go SLS need bodyguards liao..hahaha

  2. #22

    Default Re: NETS fee hike is ok

    Quote Originally Posted by Lenscapes View Post
    you go SLS need bodyguards liao..hahaha
    What u plan to buy hah?

  3. #23

    Default Re: NETS fee hike is ok

    in the pass, when pay VISA kena charge 2%, no extra charge for using NETS, if after 1st July NETS charge 1.5%, might as well pay VISA, can clock points somemore.

  4. #24

    Default Re: NETS fee hike is ok

    we can always use cash and they will be at a total lost.... i guess i gonna stop using my debit card also to prove them wrong

  5. #25

    Default Re: NETS fee hike is ok

    Quote Originally Posted by jsbn View Post
    QFT.

    BTW, juz a question, hw do u know that the sales tax u'd paid overseas ain't secretly going into ppl's personal coffers?
    I don't do my shopping in despotic fiefdoms.

  6. #26

    Smile Re: NETS fee hike is ok

    the increased fees should not be passed on to the consumers as claimed by nets.

    just look at credit cards, the practice of so-called surcharge. i am many of us have come across of retailers that if one pay by credit cards, add 2% to price. pay by cash, no surcharge payable. so!

  7. #27

    Default Re: NETS fee hike is ok

    Quote Originally Posted by reachme2003 View Post
    the increased fees should not be passed on to the consumers as claimed by nets.

    just look at credit cards, the practice of so-called surcharge. i am many of us have come across of retailers that if one pay by credit cards, add 2% to price. pay by cash, no surcharge payable. so!
    What can we do? LL.....

  8. #28

    Default Re: NETS fee hike is ok

    Quote Originally Posted by reachme2003 View Post
    the increased fees should not be passed on to the consumers as claimed by nets.

    just look at credit cards, the practice of so-called surcharge. i am many of us have come across of retailers that if one pay by credit cards, add 2% to price. pay by cash, no surcharge payable. so!
    Just look at it as a discount for using cash.

  9. #29

    Default Re: NETS fee hike is ok

    Quote Originally Posted by reachme2003 View Post
    the increased fees should not be passed on to the consumers as claimed by nets.

    just look at credit cards, the practice of so-called surcharge. i am many of us have come across of retailers that if one pay by credit cards, add 2% to price. pay by cash, no surcharge payable. so!
    Is that so? My mum and the community of neighbourhood retailers are under a totally different impression - according to my mum, they were explicitly told that they cannot mark up the price for NETs payment, unlike CC.

    In any case, even if it means general increase in prices of everything, meaning that whether I pay with cash or NETs, I still end up paying more - I'll pay cash. I rather the people who sell the goods, and everyone else in the supply chain gets the money from the price increase, than NETs. In fact, I've started doing so since the announcement.
    Last edited by shinken; 27th June 2007 at 08:12 AM.

  10. #30

    Default Re: NETS fee hike is ok

    Quote Originally Posted by shinken View Post
    Is that so? My mum and the community of neighbourhood retailers are under a totally different impression - according to my mum, they were explicitly told that they cannot mark up the price for NETs payment, unlike CC.

    In any case, even if it means general increase in prices of everything, meaning that whether I pay with cash or NETs, I still end up paying more - I'll pay cash. I rather the people who sell the goods, and everyone else in the supply chain gets the money from the price increase, than NETs. In fact, I've started doing so since the announcement.
    GOOD CALL!
    Last edited by VSonic06; 27th June 2007 at 08:23 AM.

  11. #31

    Default Re: NETS fee hike is ok

    though having said the NETS charges are to be absorbed by retailers,
    but with the GST hike,
    the retailers might just 顺便' factor in the nets charge together with the 2% hike into the new price tag.
    maybe not so much of major retail outlets that clearly states their 'before and after GST hike' duo-price tags, but small retail outlets or shops that give quotes, such as SLS.
    some might even factor in and claim it is before 7% GST.
    so end of the day, CASE probably might receive many complains,
    but then again, marking up prices of their products can be done as wished by retailers,
    unless there is competition and hopefully not benchmarking.
    I personally have experienced a price hike before 7% GST at SLS. One shop which I went two weeks ago quote me S$1200 (ex GST) by cash for a lens, but this week quoted S$1220 (ex GST) by cash, from the same seller. If i pay by nets, it will be slightly higher. It can't be there is a price adjustment in the market value of a lens, or maybe everyday they quote a different price to earn mroe commission, or they decided to factor in the small S$20 (which is obviously nets charges) and still charge more for nets payment. It is their call. My call is to either walk more, lose weight, queue at ATM or go other shop. I chose the latter.

  12. #32

    Default Re: NETS fee hike is ok

    Quote Originally Posted by VSonic06 View Post
    GOOD CALL!
    I don't want to be mistaken for a subversive. Neither am I a rebel without a cause. CC companies like Mastercard and Visa go through a very long chain of middlemen and systemic implementation before arriving at the 2%. As a consumer and observer I personally find the 1.5% charge by NETs both frivolous and an extremely uncreative way of reacting to the cited competition. Plus CC company charges hardly hits the heartland, while NETs does. Unlike us, heartland retailers can't just decide to stop using NETs (on top of the 1.5%, there are still various charges they have to pay NETs) as they are afraid of losing customers. Throw in the (extremely high) likelihood of a spiral inflation and general price increase.

    I won't pretend to care so intensely for the heartlanders, or how I'm gonna suffer from the seemingly minute increase. It might have hit closer to home because my mum was affected. But my decison's mainly from my (personal) disgust at the flippant way such a heavy decision was made, or at least excuted.

    But then again, even if it's not in the heartlands, I still won't use NETs. Give me inconvenience anytime, coz this time, I have a real choice.

    In any case, it's a perfectly individual choice, and I'm not making a call. No offense intended.
    Last edited by shinken; 27th June 2007 at 08:52 AM.

  13. #33

    Default Re: NETS fee hike is ok

    from a different perspective, which i heard over a discussion on train in the morning,

    "Singaporeans so rich, see how they buy like mad at sales and IT shows, I don't think they cannot afford to 2% hike and 1.5% NETS charge. Some just like to whine"

    I dunno i should agree or be mad.....

    I guess ultimately, they all contribute to our "economy growth" bah....

  14. #34

    Default Re: NETS fee hike is ok

    Quote Originally Posted by compro_1975 View Post
    we can always use cash and they will be at a total lost.... i guess i gonna stop using my debit card also to prove them wrong
    what if they decide to implement charges to withdrawal from ATMs?
    I think hell will freeze over....
    then I will really scream like EN LAI in "LIVE EARTH" advert.

  15. #35

    Default Re: NETS fee hike is ok

    Quote Originally Posted by mybearbrick View Post
    "Singaporeans so rich, see how they buy like mad at sales and IT shows, I don't think they cannot afford to 2% hike and 1.5% NETS charge. Some just like to whine"
    Typical singaporean frog-in-well mentality. Its not NETS transaction fee hike but the reason behind the hike that is making blood boil.

  16. #36

    Default Re: NETS fee hike is ok

    Quote Originally Posted by mybearbrick View Post
    what if they decide to implement charges to withdrawal from ATMs?
    I think hell will freeze over....
    then I will really scream like EN LAI in "LIVE EARTH" advert.
    I think that is a matter of sooner or later. In countries like Australia, that is already being practised. I think as some here said, the unhappiness is that unlike cc, nets is so pervasive. As part of a move towards cashless society, some govt agencies do not accept cash but only nets or cashcard for payment... I am sure one knows how much limited cash cards are. So only option is to pay the 1.5 percent when one makes those essential payments at govt agencies.

    The matter of case saying that retailors are not to raise their prices. Well put it this way, they are human too, they have families to feed and and if their suppliers raise their prices along the way, they cant just absorb and absorb, they will die over the long run, esp small time shops and hawkers, they are going to have to pass it on to us sooner or later. So end of the day, despite the rules and laws, prices are going to go up.

    As for Singaporeans just love to whine part? Well I guess it is not whine but rather exsparation that each time some price increase is announced, we are given some dumb reason. From transport costs to GST to nets to minister pay. It is always some stupid reason, followed by uproar and then either PR damage control by having pro party residents go on TV and say things like "I think GST hike very good lah. Help the poor people hah" and the increase gets implemented swiftly. We know too well, our opinons mean **** to the party and there is no way for us to present our opinons as decisions have been made before even announced to us. To them alternative opinons are considered as irrelvant and also as one said... whining...

  17. #37

    Default Re: NETS fee hike is ok

    I say we exercise our rights as consumers and stop using NETS altogether. That's what I am going to do. If it hits their bottomline, I'm sure they will revise their fees.

  18. #38
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    Default Re: NETS fee hike is ok

    I think we have lost sight of one thing, that is why a fee for NETS needs to be imposed, and if it justified. Whether the fee is on the consumer or retailer is irrelevant, the implication is that the cost of the goods (or at least the cost of providing the goods) will be increased.

    There has been so much heat here, lotsa of people here who have stated they would rather walk a longer way to an ATM, carry more cash, avoid shops with NETS etc, to save on the small increase in cost. Well, it goes right to the point, NETS is a SERVICE, a SERVICE which provides a CONVENIENCE (so that you dun have to walk so far or carry so much cash) to the retailer and customer. A SERVICE that comes with a COST, yes? COST of infrastructure, manpower, adminstration, financing. As a SERVICE, the are entitled to charge a fee, yes? Or does anyone here disagree with that?

    Point 1: The providers of NETS provides a service which incurs a cost to the provider, and are entitled to charge a fee.

    Next, does NETS provide a social service or should it function as a commercial entity? Perhaps in the early days of its inception, due to the foresight of our policy makers (who only suffer brickbats in this forum, btw), there was an ideal that we should make cashless transactions accessible to heartlanders who do not have access to credit cards. To that end, it may have been possible that public funds were made available as seed money to get this off the ground. This is my understanding from speaking with folk who have some history of the system but I have no way of verifying, so if someone has contrary information, I stand corrected. However, as it has evolved, it is now very much a commercial entity. I.e. it needs to be self-sustaining and not dependent on public funding. I believe this makes the best sense for this type of operation.

    Point 2: NETS should be self-sustaining and not dependent on public funding

    Last, how about pricing? IMO, if an entity is a commercial one, my only concern about how they price is whether or not I wish to use their service. I have no interest for any rationalisations nor do I expect any commercial company to explain to me how they price their product/service. As a commercial entity, my expectation is that they will price as high as the market can bear. If NETS becomes a cash-cow for the involved banks, so be it. If I were a shareholder in DBS bank, I would certainly expect the bank to maximise value from NETS. As stated by the competitions commission, there are alternative modes of payment out there. If the retailer wishes not to pay the NETS fees and provides goods at a lower price than one who does, that is a very legitimate business strategy. Likewise for the reverse. The consumer has the choice to lug around a bunch of cash to pay a little less at a shop without NETS, or pay a little more for the convenience. A very common decision trade-off we make all the time, so I fail to see the reason for all the angst.

    Point 3: As a commercial entity, NETS have a right to set whatever price they like.

    In a nutshell, our spoilt Singaporeans have gotten too used to a good thing, something which may have been provided as a privilege and has now somehow become a 'right'. Typical.
    Last edited by dkw; 27th June 2007 at 09:47 AM. Reason: Error

  19. #39

    Default Re: NETS fee hike is ok

    Quote Originally Posted by dkw View Post
    In a nutshell, our spoilt Singaporeans have gotten too used to a good thing, something which may have been provided as a privilege and has now somehow become a 'right'. Typical.
    Different strokes, different folks. But good to have a perceptive fellow forumer. Would be even better if the perception didn't arise from a personal interest, but from having a more marcro mindset.

    But bear in mind that NETs has never been a privilege. Prior to 1.5%, they had been charging 0.5%. The retailers had been 'absorbing' the 0.5%. And NETs' only justification (which I can comprehend, or been communicated to) for the 300% increase is competition. And their competition has to bear far higher overheads of middlemen and implementation, as far as what can be observed. The trend of 'passing the buck' in reaction to competition is sick, and thus the 'angst'.

  20. #40
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    Default Re: NETS fee hike is ok

    Quote Originally Posted by Amekaze View Post
    I haven't really been following this NETS hike thing but will this hike be pushed to the consumers?

    I remember all along there's already like a 0.5% fee for using NETS right? Following the increase to 1.5% will it be like the next time this will be what I'll be seeing on my receipt?

    Item SGD100.00
    GST7% SGD7.00
    NETS1.5% SGD1.50
    TOTAL SGD108.50
    Actually u wun be seeing the NETS 1.5% charge on ur receipt as a seperate charge per se.

    There's 2 possible scenarios:
    1) Retailers increase price, so there might be a possibility that ur Item instead of costing $100 would cost like $102? The "NETS 1.5%" would not be shown at anytime regardless.

    2) Retailers dun increase price, so u'll see "Item", "GST 7%" and a "Total" on ur receipt.

    Whilst NETS had officially stated that retailers are 'not supposed' to increase prices in lieu of the transaction fee hike, I'm expecting some retailers to play tricks on it by picking the route of the 1st scenario - raising the price of the item instead.

    Of cos, that's the OFFICIAL stance. UNOFFICIALLY, hmmm...... lets say "No Comments" from me.

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