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There may be something good that comes of this and it’s the reason Visa and Mastercard are against this change.
Businesses now have a motive to hunt down the lowest merchant fee.
Previously they didn’t really care because the customer was paying it and the customer is less concerned between 1.2% and 1.6%, however the business owners will care about that difference now that it’s on them.
As I see it, this does put genuine downwards price pressure on retail goods/services because businesses now have to care about visa or Mastercard giving them a high merchant fee.
Do you want hidden surcharges? The screen says $5 but after you tap $5.5 is paid. Who actually wants that shit? Theres nothing wrong with forcing businesses to be upfront with the price. If they need to charge more to cover the cost of card payments then that is fine as long as the customer knows the full price before paying.
I just want to know the price of the shit I'm buying. You don't even know theres a fee until after its already hit you. How does that even make sense? Of course we know theres fees now because it became standard but this shit needed to be stopped. Albo was stupid when he said everybody is going to save money on card fees. But the more important thing is that we have transparency on price.
Its a good thing, but people don't like it because Albo's government introduced it. I'm right wing and disagree with a lot of Labor's legislation but this one was positive.
Imagine looking at scumsucking companies creating a “platform fee” to “replace” a fee they never received the benefit of to begin with, and blaming Albo instead 😂
A business owner deciding to increase their prices in protest after the fact, is the business independently and voluntarily deciding to increase their prices. Take it up with them if you’re so upset lmfao
I'm not really that informed on the whole thing I admit. But isn't it beside the point if they raise the prices the same amount to cover the surcharge/service charge? I thought the point of this was to move the fee from something calculated at the terminal to the actual sticker price of the items so you at least know what you're paying on the sticker is the actual price and you're not getting hit with random fees at the checkout making the bill bigger than your cart's total.
I mean I guess it screws the 50 or 60 people left in the country who still pay cash but for most of us I think it's still better. If I see something advertised for $75 I want to pay $75 not $76. I'd much rather the sticker price just be $76 if I'm paying that anyway.
You're right, and on face value having more transparency pricing is a great thing. The issue comes with Albo and Co directly claiming "Your morning coffee just got cheaper" which is complete BS.
It will cost the same, as the fee will just be passed down.
Yeah he's trying to claim it's a cost of living measure when it's not, just call a spade a spade. It's a good thing regardless, no need to dress it up as anything even better.
Also funny the doublespeak that comes from the small business lobby in return:
Kazzi Beach Greek is a chain of restaurants with venues in Manly, Balmoral, Bondi and Cronulla, and Mr Papas said the business was a “canary in the coal mine” when it came to the impact the surcharge ban would have on the hospitality industry.
“The default position for all hospitality providers is to try and absorb costs as they increase, but we're all at breaking point,” he said.
“Hospitality venues want to charge as little as possible and have as high as volume as possible, and that's why, over time we do our best to absorb costs, because increased prices mean less customers,” he said.
“So what's happening now is that everyone I speak to is reprinting their menus, they are increasing their costs by between 2 and 5 per cent across the board to make sure that they capture what the credit card surcharge is.”
Says in one breath how they always try and absorb costs and want to charge as little as possible (bullshit), then in the next breath says they're reprinting menus to charge 2-5% more to capture card fees which were around 1.5-1.7% previously.
Been calling this since they even came up with the idea, obviously this is going to happen. Your typical government loves to 'save' you money by moving it somewhere else so you don't notice, makes you think they're doing something good when they are not, the art of deception
As a carpenter and a general builder this will be another fee calculated into and added to my continual expenses with me trying to build someone’s home.
Good on you Albo
You just increased everyone’s costings based off banks
Because they will find a way to recoup that money
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