Merchants charging customers cc fees

[src1983]

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.

You can actually get in trouble for that too. Merchants are not allowed to copy or write down ID information on slips.

Banks don't respond to "he said/she said" and this is a possible example

Jack walks in to your business place purchases $5000.00 in goods and leaves. 1.5 months pass the Bank calls as says the transaction is a fraudulent one. You show the bank the slip Jack confirms that is not his signature and he has never been to the store. You now find yourself in a situation where the only proof you have is now null, the bank can say due diligence was performed and leave, or say the merchant failed to perform due diligence and he stands the loss.

[pioneer]

What about merchants who swipe your card behind a one way mirror/glass?

I find thaz choopedness.

[SR]

Banks are charged by mc visa and linx for transactions done via pos terminals and atms. If the pos terminal or atm belongs to your bank then there are no linx fees but there will be a transaction fee from the bank depending on the type of transaction

[SR]

The practice of copying identification numbers have been used by merchants when you have to sign a cc slip howeever if you have a chipped card then card and signature verification isnt needed and the merchant should not even be asking for it as far as i am aware. But can be verified by a credit card rep

[src1983]

The practice of copying identification numbers have been used by merchants when you have to sign a cc slip howeever if you have a chipped card then card and signature verification isnt needed and the merchant should not even be asking for it as far as i am aware. But can be verified by a credit card rep

The process isn't done for chip cards as a PIN is required for authorisation. The rest of the banks are taking to long to implement chip cards. ID is still required to verified that the purchaser is the owner of the card.

[link]

on top of all this'marginal' increases in service fees were implemented recently (Repubic Bank)

[RBphoto]

Bess you carry a goat to barter next time you want to buy a Trinidad Fresh by the parlor oui!! This banking system too intricate to understand by Common folk.

[pugboy]

republic has the biggest network of atm and point of sale machines out there
they make the bulk of acquirer fees which the issuing card bank passes on to the card holder.

[SR]

The market is split between 5 banks and republic has just over 60% share on pos and cc and the first to switch almost 100% to chip and pin technology.

[MG Man]

There is also no minimum purchase required to allow usage of linx or cc as payment

I fed up argu with ppl over this....up to saturday I tried to argue with a food place in long circular mall after they refused to do a linx transaction for $10.00
Suddenly she forgot how to speak english...damnfucking chinese twits

[Chimera]

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?

pete i swear all these companies does be active trinituner members

just got a call from ezone, all my skybox payments are automatically deducted from my credit card

so they say that the banks charge a 3% processing fee and usually ezone absorbs the charges but they not going to absorb it anymore on duty on vat so they charging the 3% extra for the duty and vat

[SR]

Correct they are right as they are not making money on the customs duties and vat only the shipping had a long chat with the owner 2 weeks ago about this

[cornfused]

Another subject of bank fees . Thought this one is more like shady practice . Have any one of you tried to cash a cheque in the US or England ? One has to wonder how come in these lager economies they are able to credit accounts in less than 24 hours or almost if not instantly . Yet here we take 4-7 working days . If Scotia needs funds from Republic you think that would take 4-7 days ? 20 -30 mins at most .

I know the reason is that they reinvest the sums collected overnight and over 3 days . Its time to end this practice ! We pay for expensive loans , cards and service charges , earn negative interest on deposits .