Nets fee hike angers retailers

[Scaglietti]

Read here...
http://www.asia1.com/asia1portal/2006/IA/nokia_IA061128/bnimode_ST121289.html

I think we will expect more "no discount for using NETS or Credit Cards... cash only" from small shops.

BC

 

[kelccm]

This seem to be an opposite step towards the cashless future the government had been talking about.

 

[raincool2005]

who knows next time there will be fees for ATMs and Internet Banking in future.

 

[waipeng]

Well, NET as with all credit cards, will have to incur a cost processing transactions, printing bills, right?

The thing is, they (NETs) probably looked at their transactions amount and figured, "Hey, if I just raise the processing price by 0.5%, it'll mean xxx more profits to us!"

However, what they don't realize is that this will probably happen on the ground level.

Me: *see product, drools*
Salesman: "That'll be $250 in cash, $255 in NETs"
Me: Cool! I'll go withdraw money!

On the way there, thinks to myself, "Hmm, probably I don't need that. *goes home*" :bsmilie:

 

[xtemujin]

It's bad enough that we'll see an increase of our GST from 5% to 7% this July.

Not only the price of the goods we're buying increases, even the way how we pay for the goods also increases.:angry:

I wouldn't be surprise that the next thing from the banks where we've to pay for using the ATM just like in Europe.

 

[Scaglietti]

It's bad enough that we'll see an increase of our GST from 5% to 7% this July.

Not only the price of the goods we're buying increases, even the way how we pay for the goods also increases.:angry:

I wouldn't be surprise that the next thing from the banks where we've to pay for using the ATM just like in Europe.

Then what happent? All of us requesting our employer to pay us in cash?:bsmilie:

BC:dunno:

 

[htthach]

if employers pay in cash, there would be a lot of robbers hang around on 28th every month.
Funny thing i found is that they keep our money yet require us to pay when we want to bring the money from this account to other account (they still keep the money in the end).

 

[sORe-EyEz]

d despo will resort 2 using 10cent coins to pay for items above $500! let d tekan session begin! :devil:

 

[Del_CtrlnoAlt]

if employers pay in cash, there would be a lot of robbers hang around on 28th every month.
Funny thing i found is that they keep our money yet require us to pay when we want to bring the money from this account to other account (they still keep the money in the end).

not really, mine on 5th... haha... but that makes robbers a lucrative career, since everyday will have kings walking around the road... song manz... :thumbsup:

 

[sORe-EyEz]

financial sector doing v well tis yr woh. y arh? :sweatsm:

 

[jesbert]

Read here...
http://www.asia1.com/asia1portal/2006/IA/nokia_IA061128/bnimode_ST121289.html

I think we will expect more "no discount for using NETS or Credit Cards... cash only" from small shops.

BC

really sick of this ... VISA take the credit risk of bad debt written-off + paid on your behalf for next 20-55 days & get paid 2-3%. NETS computer execute few lines of instructions to do a basic adding & subtracting between their databases & get paid 3% !!!
reason -- higher admin & handling charges hence to raise fees ... why don't they learn from VISA how to manage cost!
Just make me think of this, the Jap auto maker source for part, invested into factory, invested into R&D, assembled the car + ship to SG - they get 10K ( OMV), our (IRAS or custom) official sit in cosy aircon room, print out a piece of paper call "COE" and make 12K nett ...
... Welcome to Singapore .. the real world ..
:sweat: :sweat: :sweat:

 

[nottipiglet]

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?

 

[eyes]

Because so many of us are used to carrying little or no cash- we end up becoming suckers when the broker jacks the price.

I remember the days when I carry $100k in cash with 2 well built colleagues to bank in payroll.

People then are wise in carrying cash, they hide huge amounts not in obvious pockets and are streetwiser when commuting.

People nowadays are careless, less observant of situation changes around them. Just look at the number of handphone and bicycle thefs and you won't be amazed how people gets robbed or shot in JB.

There's nothing you can do about the hike, NETS is a payable service- not a charitable organisation. However, you can boycott by paying cash and learning how to carry big sums of money carefully, which is a skill by itself.

 

[nottipiglet]

There's nothing you can do about the hike, NETS is a payable service- not a charitable organisation. However, you can boycott by paying cash and learning how to carry big sums of money carefully, which is a skill by itself.

Or you can obey Nets' secret wish and switch to credit cards for most transactions... and occasionally withdraw big sums for those rare purchases from small shops.

That's what they want... and that's probably what we will do.

 

[newbiegrapher]

read from papers cause of this nets fee hike, small shops will be FORCED to up their goods prices.... wow...~ :thumbsd:

so i guess its not only the GST 7% but more than tat...kudos......

 

[Artosoft]

Actually gohment can solve this NETS problem. If gohment want to.

Regards,
Arto.

 

[Static]

Actually gohment can solve this NETS problem. If gohment want to.

Regards,
Arto.

More good years ahead !

 

[nottipiglet]

Actually gohment can solve this NETS problem. If gohment want to.

Regards,
Arto.

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...

 

[Artosoft]

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...

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.

 

[johnlim]

Is this a case of Cartel when the monopoly set a price for all?:dunno:

If it is, then it is unhealthy. Consumer do not have a choice if they want to go cashless, do they?

I think we should all use cash from now on, let's not use Nets to pay for our goods.:think: We will see who wins in the long run.:bsmilie: :bsmilie: