It sounds like a good idea, to me. I don’t see a downside to people knowing where all the charges are coming from.
It’s good to know about hidden charges. However, in reality, this about seeming to do something than actually doing something to make New York a better city.
This has been going on for a while where i live in NY- the local bagel shop and Italian restaurant have signs that its a 3% “discount” if you pay with cash- which is really BS- they are just passing the CC charge onto the consumer.
Considering the move to currencies that can be traced, thank goodness there are businesses advocating for good old cash.
It means time to leave, but do not come here.
Because the people who actually own the damn cards are too stupid to know.
I should have become a banker.
Good idea.
I have seen this in many places, both in America and elsewhere. I’m a fan ... and I don’t care that the sponsor in this case is a democrat. Transparency is a good thing; we need more of it.
Thoughts concerns?
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Not really.
If a merchant is going to gouge me for using a credit card.( Usually a small convenience store)
I use cash or “eat the fee” on credit, if I really want the purchase.
It is pretty rare to run into businesses that charge more for credit card purchases. Sometime Gas stations do. But they list a cash and credit price if they do. The only other place I noticed that charges more is the government. Try paying your taxes with a credit card and there is a surcharge.
It seems New York did something not insane.
Maybe there’s a catch.
One would think that government would incentivize using cards over cash, instead of the opposite. That way they can better track your transactions.
I don’t get it. I think most businesses just include the 3.5% merchant fee into their markup. So I’m not sure what the problem is. Just display one price and use that price for all for forms of payment. People may quietly negotiate down a cash price I suppose when possible.
How about putting the total price including sales tax on the sticker?
They’re determined to kill cash.
They businesses should itemize the percentage of your purchase that goes to pay city taxes.
What about showing all the government related fees and taxes that go into what the customer pays too?
Retailers should also heavily highlight the TAXES within the purchase
Why are they even putting surcharges on credit card payments?
I don’t at my restaurant.
I believe NY is one of the states that passed a law making it illegal for gas stations to display the amount of state taxes being charged with each fuel purchase.
So is a simple “Discount for cash” not the same as “Surcharge for Credit”?
Item is $100 - $98 if paid in CASH
vs
Item is $98 - $100 for Credit
any Accountants out there that can decipher the benefit to either? Tax-wise, wouldn’t a “discount” be treated more favorably?