Change to card surcharges

While tapping away on a recent purchase it dawned on me, the upcoming changes to fees charged on card purchases.

I know some of the popular shops charge a high surcharge for card payments, will this mean they are only allowed charge the advertised price?? Or will they scrap cards altogether?

I am guessing they will leave them in place. A 10% surcharge was already illegal to begin with (surcharge must be reflective of business’ true costs) so the banning of surcharges makes no difference really.

They can raise the ticket price, then offer a "discount for cash".

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Originally Posted by aussiegaigin

They can raise the ticket price, then offer a "discount for cash".

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I've had this discussion with a few of my mates as to how I will handle things in my business and they will handle in theirs.
We get a lot of government fees, which we pass on at cost, so we have decided that we should announce that we will not accept credit card payments as we can't pass on the fees, and we can't cover the fees as that will be a total loss for us. Sad for our clients as that is another $50-$60K a month that they need to find in cashflow.

Most of my other mates, in different industries, have taken the not to increase fees, absorb at the moment, but to offer discounts for EFT. So the reverse of what aussiegaigin is saying, and that is because they have too many competitors where people can easily compare prices. Not saying aussiegaigin is wrong, what he is saying will happen in many industries but just not with my mates.

I sometimes pay Mystic 93 on credit card and they charge a 10% cc surcharge so I wonder what will happen there. I kinda figure that they will carry on as there won't be too many people complaining. But if they all cover cc fees, they will need to raise costs for all clients so we all loose out just coz the wowzers didn't want to pay 20 cents more for their coffee.....

Does anyone else pay by credit card? I pay that way as I have joint accounts with my wife and taking too much cash out too regularly is pretty suspicious whereas paying by credit card is not anywhere near as much of a red flag.

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Originally Posted by KakeyA

I've had this discussion with a few of my mates as to how I will handle things in my business and they will handle in theirs.
We get a lot of government fees, which we pass on at cost, so we have decided that we should announce that we will not accept credit card payments as we can't pass on the fees, and we can't cover the fees as that will be a total loss for us. Sad for our clients as that is another $50-$60K a month that they need to find in cashflow.

Most of my other mates, in different industries, have taken the not to increase fees, absorb at the moment, but to offer discounts for EFT. So the reverse of what aussiegaigin is saying, and that is because they have too many competitors where people can easily compare prices. Not saying aussiegaigin is wrong, what he is saying will happen in many industries but just not with my mates.

I sometimes pay Mystic 93 on credit card and they charge a 10% cc surcharge so I wonder what will happen there. I kinda figure that they will carry on as there won't be too many people complaining. But if they all cover cc fees, they will need to raise costs for all clients so we all loose out just coz the wowzers didn't want to pay 20 cents more for their coffee.....

Does anyone else pay by credit card? I pay that way as I have joint accounts with my wife and taking too much cash out too regularly is pretty suspicious whereas paying by credit card is not anywhere near as much of a red flag.

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Just need to make sure she will never find out about your credit card and you will never end up divorcing. You will get screwed big time by family lawyer and court.

Quote:

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Originally Posted by aussiegaigin

They can raise the ticket price, then offer a "discount for cash".

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Or just flat increase and offer no discounts 😂

Quote:

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Originally Posted by aussiegaigin

They can raise the ticket price, then offer a "discount for cash".

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This is the way. There's a ban on charging more for card payments, but there is no ban on charging LESS for cash payments. So all you have to do is raise the face value price and offer a discount for cash payments. Voila, the same outcome is achieved.

It's a fucken easy loophole to exploit. There's nothing to debate. Even a 3 year old kid could figure it out. Leave it to dumbarse "policy makers" to overlook such a glaringly obvious thing.

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Originally Posted by totallynotsusofc

Or just flat increase and offer no discounts 😂

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And lose out to competitors who aren't as greedy as you are, that are happy to continue making the same money regardless of the new legislation? Lolll.... Go ahead and see if it works.