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Morpheus wrote:Very good thread...
X_Factor wrote:what about those places that have the machine for only linx transactions but doesnt accept CC payments....in the agreement they sign for the use of the machine, does it make it mandatory for them to accept any payment i choose to use?
X_Factor wrote:did that a couple times reporting a couple places and nothing seemed to come out of it as they still do it....
it seems as an old 1900's way of doing business...
but at the end of the day, if the merchant rather loss a sale -- 3% which is 3$ on every 100.00
than make their 25-30% mark up( more in most cases) on an item if it was purchased...doesnt seem like good business sense so i just visit pricemart,massy, farfan, etc and the other regional/international companies that actually want the business...
X_Factor wrote:what about those places that have the machine for only linx transactions but doesnt accept CC payments....in the agreement they sign for the use of the machine, does it make it mandatory for them to accept any payment i choose to use?
crazychinee wrote:X_Factor wrote:did that a couple times reporting a couple places and nothing seemed to come out of it as they still do it....
it seems as an old 1900's way of doing business...
but at the end of the day, if the merchant rather loss a sale -- 3% which is 3$ on every 100.00
than make their 25-30% mark up( more in most cases) on an item if it was purchased...doesnt seem like good business sense so i just visit pricemart,massy, farfan, etc and the other regional/international companies that actually want the business...
I do a fair amount of credit card transactions a day...when a sale is very large I usually ask the customer if they can pay with linx/personal cheque or cash. If they can't...I take their CC , swipe the card and Thank God for the business.
You usually only find the grimey merchants doing this.
pete wrote:[X]~Outlaw wrote:pete wrote:Would you rather they not accept credit cards at all?
Good example of why we will always get second rate service/get taken advantage of locally.
Not at all. There are two ways companies can deal with this service charge by the banks. First is charge the customer the 3% the bank is charging them and they maintain their profit margin.
The other way is mark up their prices across the board by 3% and if someone pays in cash or with linx they make an extra 3%. Problem with doing that is their prices may then become unattractive and people will go somewhere else.
You have to remember that a skybox service is only making money (or supposed to be) on the shipping alone. So if you bring in a 2lb box of a product valued at $500 USD and the Duty and VAT may come up to say 200USD. All they might be getting is $120 for shipping then the 3% the bank is charging on $1500 is a whopping $45. How can they absorb that cost?
To be honest, the only people taking advantage of anyone in this situation is the banks.
Sabriel wrote:Even food places in food courts not even accepting linx/cc..cash only...but they never have change for $100..
SR wrote:Stop trolling
link wrote:pete wrote:[X]~Outlaw wrote:pete wrote:Would you rather they not accept credit cards at all?
Good example of why we will always get second rate service/get taken advantage of locally.
Not at all. There are two ways companies can deal with this service charge by the banks. First is charge the customer the 3% the bank is charging them and they maintain their profit margin.
The other way is mark up their prices across the board by 3% and if someone pays in cash or with linx they make an extra 3%. Problem with doing that is their prices may then become unattractive and people will go somewhere else.
You have to remember that a skybox service is only making money (or supposed to be) on the shipping alone. So if you bring in a 2lb box of a product valued at $500 USD and the Duty and VAT may come up to say 200USD. All they might be getting is $120 for shipping then the 3% the bank is charging on $1500 is a whopping $45. How can they absorb that cost?
To be honest, the only people taking advantage of anyone in this situation is the banks.
that is why the billboard saying 'T&T banks are PREDATORS IN PARADISE ' is so true.
.
that being said...these very merchants are responsible in part for above scenario....and throwing consumers under the bus by trying to impose minimums & 'no-creditcard' conditions only serve to enable these said banks to fleece merchants & customers both in one shot.
Remember customers PAY CREDITCARD FEES to the banks...& these same banks then turn around & charge fees to merchants for machine rental & a % of each sale.....banks get a TRIPLE benefit whilst shafting merchant & consumer alike.
.
The consumer public (merchants/customers) should get together & force banks to supply the machines free of charge AND reduce the % onerous fees on sales.
Dem mudders only taking 'free' money from everybody who working blood, sweat & tears....& pretending it's a service they offer....
talk about getting 'a soft one'...........
pioneer wrote:Since when overhead/operational costs are transferred to customers?
link wrote:pete wrote:[X]~Outlaw wrote:pete wrote:Would you rather they not accept credit cards at all?
To be honest, the only people taking advantage of anyone in this situation is the banks.
that is why the billboard saying 'T&T banks are PREDATORS IN PARADISE ' is so true.
.
that being said...these very merchants are responsible in part for above scenario....and throwing consumers under the bus by trying to impose minimums & 'no-creditcard' conditions only serve to enable these said banks to fleece merchants & customers both in one shot.
Remember customers PAY CREDITCARD FEES to the banks...& these same banks then turn around & charge fees to merchants for machine rental & a % of each sale.....banks get a TRIPLE benefit whilst shafting merchant & consumer alike.
.
The consumer public (merchants/customers) should get together & force banks to supply the machines free of charge AND reduce the % onerous fees on sales.
Dem mudders only taking 'free' money from everybody who working blood, sweat & tears....& pretending it's a service they offer....
talk about getting 'a soft one'...........
urabus wrote:Made a purchase at a pharmacy some days right after i obtained my cc....the cashier told me because it was either under $10 or $20 (memory fails me atm), I couldn't use the cc. I didn't have cash so I just left. Never called the bank to find out if this was accurate or not, just took her word for it.
At this same pharmacy again, went to purchase a digicel phone card...my cc was again refused. Only cash payments the cashier said for phone cards.
I know most merchants in the indian fairs would charge you the 3% onto the cost of your item if you use Linx.
Good thread, with good info.
src1983 wrote:link wrote:pete wrote:[X]~Outlaw wrote:pete wrote:Would you rather they not accept credit cards at all?
Good example of why we will always get second rate service/get taken advantage of locally.
Not at all. There are two ways companies can deal with this service charge by the banks. First is charge the customer the 3% the bank is charging them and they maintain their profit margin.
The other way is mark up their prices across the board by 3% and if someone pays in cash or with linx they make an extra 3%. Problem with doing that is their prices may then become unattractive and people will go somewhere else.
You have to remember that a skybox service is only making money (or supposed to be) on the shipping alone. So if you bring in a 2lb box of a product valued at $500 USD and the Duty and VAT may come up to say 200USD. All they might be getting is $120 for shipping then the 3% the bank is charging on $1500 is a whopping $45. How can they absorb that cost?
To be honest, the only people taking advantage of anyone in this situation is the banks.
that is why the billboard saying 'T&T banks are PREDATORS IN PARADISE ' is so true.
.
that being said...these very merchants are responsible in part for above scenario....and throwing consumers under the bus by trying to impose minimums & 'no-creditcard' conditions only serve to enable these said banks to fleece merchants & customers both in one shot.
Remember customers PAY CREDITCARD FEES to the banks...& these same banks then turn around & charge fees to merchants for machine rental & a % of each sale.....banks get a TRIPLE benefit whilst shafting merchant & consumer alike.
.
The consumer public (merchants/customers) should get together & force banks to supply the machines free of charge AND reduce the % onerous fees on sales.
Dem mudders only taking 'free' money from everybody who working blood, sweat & tears....& pretending it's a service they offer....
talk about getting 'a soft one'...........
This is correct, during my last negotiation with my bank, I needed 3 machines
Option 1 - Machine Type 1 - Dial-up - $300.00 per month each
Option 2 - Machine Type 2 - LAN(POS) - $500.00 per month each
Option 3 - Machine Type 3 - WIFI/Wireless - $600.00 per month each
With regards to CC charges there was no adjustment to them, pointing out that 4% is the lowest they will go (so I opted out of taking this again).
With the amount of charges banks impose they can more than offer the verifone machines free. Every swipe they make sure and take a cut.
Also the onus is on the Merchant to prevent CC fraud, as the bank when investigating uses every trick to pin the fault on the merchant, I actually have a client that now writes your DP/ID number on the slip after an experience with the bank.
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