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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
It's actually because they don't want to pay taxes. That's why Mr. Kim has a calculator beside his till.
while that may be true for some mall retail businesses (mom/pop shops), a lot of people would straight up appreciate it if business told customers "i'm charging 2% extra if you buy with credit card" instead of including 2% fee in prices and hope people pay cash.
CC fees are generally a percentage off the top, so if you're doing $1000/month in CC transactions, that's about $20-30/month (+ terminal rental $40/month) which isn't much in the grand scheme of things but still like 7% of CC sales. But if it's $10k/month then you're looking at $2-300/month which then becomes a big expense over time. That's 3-4k in pure profit a year.
I think in Australia they do give 2 prices
Last edited by jackmeister; 12-19-2016 at 01:37 PM.
while that may be true for some mall retail businesses (mom/pop shops), a lot of people would straight up appreciate it if business told customers "i'm charging 2% extra if you buy with credit card" instead of including 2% fee in prices and hope people pay cash.
CC fees are generally a percentage off the top, so if you're doing $1000/month in CC transactions, that's about $20-30/month (+ terminal rental $40/month) which isn't much in the grand scheme of things but still like 7% of CC sales. But if it's $10k/month then you're looking at $2-300/month which then becomes a big expense over time. That's 3-4k in pure profit a year.
Can a merchant charge you a service fee (or a “convenience fee”) when you use your credit card to pay for a purchase?
Answer:
According to Visa, MasterCard and American Express merchant rules, merchants generally cannot charge you a service fee when you use your credit card. However, Visa, MasterCard and American Express permit eligible merchants to charge a service fee (also known as a convenience fee) for certain types of transactions.
Visa, MasterCard and American Express all require that the fee be clearly disclosed to cardholders before the transaction is completed and that cardholders are able to cancel the transaction without penalty.
Note that under the Code of Conduct for the Credit and Debit Card Industry in Canada, merchants may choose to offer discounts for different payment methods, but they are not required to do so.
For more information on eligible types of transactions, visit MasterCard, Visa or American Express’ merchant web pages below.
If you think you have been wrongly charged a fee, contact MasterCard, Visa or American Express via the same links below.
__________________ Until the lions have their own historians, the history of the hunt will always glorify the hunter.
That's just the "basic rate" you are quoting..i am sure at the end of the date you are getting charged higher than 1.6%.
My basic rate is 1.50/1.55%, which applies if you have those basic credit card with no rewards. But if someone gives you a visa infinite privilege or platinum dividend card...there is no way you are getting charge just 1.6%. (there are the "non-qualified" and card brand fees on top of your basic rate, which is usually another 0.2%-0.8%)
Also..i am sure Visa/MC are making more money from the merchant fees they are charging then the high interest rate. I think not that many people keep balance on their cards resulting in interest charge. And usually it is few hundreds to few thousands dollars. Where else, there are plenty of people putting few thousands $ transaction on their credit cards every month.
Yeah, but I'm still not paying anywhere near 3-4%. It's around 1.85%
Also, small businesses that take cash only avoids paying some taxes AND is able to pocket money without paying taxes as well.
while that may be true for some mall retail businesses (mom/pop shops), a lot of people would straight up appreciate it if business told customers "i'm charging 2% extra if you buy with credit card" instead of including 2% fee in prices and hope people pay cash.
CC fees are generally a percentage off the top, so if you're doing $1000/month in CC transactions, that's about $20-30/month (+ terminal rental $40/month) which isn't much in the grand scheme of things but still like 7% of CC sales. But if it's $10k/month then you're looking at $2-300/month which then becomes a big expense over time. That's 3-4k in pure profit a year.
I think in Australia they do give 2 prices
As a business owner, I do not charge extra for using plastic. However, if places do charge extra, I would not see a problem with them not telling you. This is a convenience fee. If you don't like it, don't use credit cards
Also, you're looking at things in a very small perspective. That 3-4K in profit loss a year to using cards is nothing for the convenience for people. You know how much money you'd lose if you were cash only nowadays?
So it's perfectly okay to steal a tip from your customers?
Seriously? If they raised their prices by exactly 2 cents you would still go there, still buy the same things, and pay that extra 2 cents but not give it even one fleeting thought.
Mark
__________________ I'm old now - boring street cars and sweet race cars.
Does the extra charge bother you that much?
Exercise your power as a consumer and just don't shop their anymore.
I went to a donair place once. Owner said we charge $0.50 to use CC. I said that's cool, allowed him to add the fifty cents, used the machine, I have never eaten there again.
So it's perfectly okay to steal a tip from your customers?
I'm a guy who still pays for most purchases under $40 with cash and if it's less then 25 cents change I usually tell them not to worry about. They could round purchases up to the quarter get rid of nickles and dimes and it wouldn't bother me in the least, matter of fact it's not a bad idea.
__________________
“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa
Back on the topic of real estate, did anybody get a special assessment yet? My parents got theirs, $700k increase, Steveston in Richmond. They are pretty much the only old house on the street left
Prices will continue to decline. Houses are not selling and sitting on the market and a lot of the buyers for these homes were builders who are in trouble because they can't unload new homes or houses they were holding to build on.
On top of all this the banks are tighten up so lending is near impossible to obtain and personal debt levels are soaring with no end in sight. You also have the uncertainty with Trump and his trade polices and tax proposals which could really hurt the Canadian economy.
On top of all this the banks are tighten up so lending is near impossible to obtain
On what planet do you think the banks in Canada have tightened lending to the point where it's nearly impossible to obtain? If you are a first time home buyer in BC you will be able to buy a $500K apartment with as little as 2.5% down starting in January.
Mark
__________________ I'm old now - boring street cars and sweet race cars.
On what planet do you think the banks in Canada have tightened lending to the point where it's nearly impossible to obtain? If you are a first time home buyer in BC you will be able to buy a $500K apartment with as little as 2.5% down starting in January.
Mark
WTF are yapping about. I'm talking about obtaining million+ dollar homes, not $500k condos.
Can't wait until people bitch that they can't afford the payments on their $500k condo in 5 years time.
Also, houses are still unaffordable and will always be unaffordable. I mean, if condos can sell for $500+, why on earth would a house ever be less than $1m
WTF are yapping about. I'm talking about obtaining million+ dollar homes, not $500k condos.
Again, my question is what changes have they actually made that's made it any harder to get a loan, even on a $2-million house? The rules to qualify haven't changed. You need 20% down and to prove your income as a Canadian. Or 35% down and don't prove your income as a non-resident.
-Mark
__________________ I'm old now - boring street cars and sweet race cars.
The rules haven't changed but if you want to get that $2m+ mortgage with 20% down you better have legitimate income to qualify. Few months ago you could find brokers who were getting mortgages for people who had no business getting that mortgage in the first place but not anymore. It was greed on the part of the banks but it was also shady brokers who worked the system.
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