Cash or Nets ?

[Nebbermind]

Joule:

[quote]
Nets chief executive Jeffrey Goh hopes that within five years, Singaporeans will be able to go an entire day without using any cash.

of course he hopes that la...

everytime a nets card is used, his company gets $$.

ah duh?[/quote]think the vendor also needs to maintain a leased line from telco for online transactions.

[pinky]

some retailers specify you must spend say $10 and above before you can use NETS so it's not consumers fault OK :evil:

[thebusybee]

I’m in the retail operation, had stopped using Nets and only use CreditCard terminal for cashless transactions since '05/'06. Because merchants have to pay $60 for rental of machine (last I know) per month on top of the few percent commission charge per transaction. For consumers without CC will use the DebitCard instead, so in my point, it makes Nets redundant and rather use the CC machine which is free rental and can accept most cards (Visa Master Amex) although it’s 2.5 to 4% less per transaction. Plus most of my customers prefer to pay via CC/DC to gain points/rebates.


So for smaller retailers/vendors with small transactions like a few dollars with low margin, it’s not really beneficial for them to accept cashless mode of payment, unless Nets and Banks/CC companies waive/lower the commissions.

[verykiasu2010]

thebusybee:

I'm in the retail operation, had stopped using Nets and only use CreditCard terminal for cashless transactions since '05/'06. Because merchants have to pay $60 for rental of machine (last I know) per month on top of the few percent commission charge per transaction. For consumers without CC will use the DebitCard instead, so in my point, it makes Nets redundant and rather use the CC machine which is free rental and can accept most cards (Visa Master Amex) although it's 2.5 to 4% less per transaction. Plus most of my customers prefer to pay via CC/DC to gain points/rebates.


So for smaller retailers/vendors with small transactions like a few dollars with low margin, it's not really beneficial for them to accept cashless mode of payment, unless Nets and Banks/CC companies waive/lower the commissions.

Thank you for your posting. It further confirms the problem is not with the consumers wanting to use hard cash instead of going cashless by Nets.