Posted on 02/12/2024 11:17:36 AM PST by ChicagoConservative27
A new law requiring New York businesses to clearly display the total cost of purchasing items with a credit card — including any surcharges — is in full swing.
As of Sunday, businesses in the Empire State are required to disclose any additional credit card surcharges before a customer begins to check out.
The businesses can either post the total price, inclusive of the credit card surcharges, or list the different prices for both card and cash payments for items.
“As more New Yorkers use credit cards and EBT [electronic benefit transfer] products to purchase goods and services, pricing transparency is critical for consumers to make informed decisions at the register,” state Sen. Jeremy Cooney (D-Rochester), who helped spearhead the legislation, told The Post.
(Excerpt) Read more at nypost.com ...
3% is probably about right, AMEX is 4-5% which is why many merchants don’t accept amex.
Of course for shoplifters and thieves the price is amazingly low in comparison.
Fair enough. How about the gas stations clearly post all federal, state and local taxes per gallon of fuel.
Bank have been raping merchants for years. If the customer knows he will save by paying cash, he might be inclined to do so. Screw the bank out of their 3% rake.
I tend to agree with them. Just put the total price with tax and tip.
I do find it ironic they are mandating disclosure of other merchant fees - but not the city/state tax? Of all things, the tax is usually the biggest surcharge on any purchase other than perhaps tips in a restaurant.
It’s a very good idea, businesses, especially the small ones are paying out the wazoo for cc fees and interchange fees which are often higher than the actual cc fees. Most consumers don’t even know what interchange fees are.
The federal government has it’s own system called Voyager and it charges 15%. That’s right, the fedgov charges its contractors 15% for the privilege of getting paid.
More and more, I am finding business that will not accept cash!
My Visa and Mastercard fees are just under 2%. Amwx is 3.75%. Used to nit be that high.
Discover is weird. A nickel per transaction plus about 2.5% depending on volume.
I don’t getting many Amex and Discover.
This will make people use cash more often
“ pricing transparency is critical for consumers to make informed decisions at the register,” state Sen. Jeremy Cooney (D-Rochester), who helped spearhead the legislation, told The Post.”
I think NY in general, and Rochester in particular, has a few problems for Senator Cooney to work on before this one.
“As more New Yorkers use credit cards and EBT [electronic benefit transfer] products to purchase goods and services, pricing transparency is critical for consumers to make informed decisions at the register,” state Sen. Jeremy Cooney (D-Rochester), who helped spearhead the legislation, told The Post.
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#1, everything Birdbrain Jeremy is talking about will cost money which will make a can of beans cost more. I so happened to buy a can of Del Monte Green Beans 15 minutes ago. They were $2.79. The difference is my budget can afford it. Jeremy is only going to accomplish driving that can of beans up for a single mom even more with his silly games. #2, if you are too stupid to understand how a credit card works then don’t use one!
I’ve got no problem with it. I hate when merchants slap a secret credit card charge at the end of a sale.
I get charged by my credit card processor whenever a client pays by credit card but never try to pass the fee on to my clients (secretly or otherwise). IMHO it is overhead that I willingly pay because it makes it easier for clients to pay me. I like it when I get paid and do whatever I can to encourage it.
The CC companies don’t want to allow cash discounts, but why should it bother you? If someone wants to save a few percent by sparing the provider the credit card charge, that should be fair.
In addition to fear of robbery, going to all digital makes accounting much simpler. No counting the drawer, no theft by employees, no trips to the bank. It’s all just automatically entered into the accounting system.
I agree, some merchants may prefer cash for their own reasons. But ultimately two prices is unworkable and I think most merchants will just charge one price no matter the form of payment. Like I said, if you are paying cash and dealing with the owner or close surrogate you may be able to talk them into a significant discount on the side - especially for higher ticket transactions. Probably not on sundries or grocery stores etc.
Any differential in pricing will, yes.
But NYC is boxing the merchants into a corner where they will be forced to put a fine point on the matter that everybody already basically knows: We punish people who pay electronically because they cost us extra money to conduct the transaction.
But this is only the beginning.
Next step: Ban the differential.
Final step: Ban cash.
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.
New York used to require such a dual-price display to have different credit and cash prices, but it was overturned a couple of years ago on free speech grounds - that it is a violation of freedom of speech to require advertising in such a way, that a sign by the cash register advertising a fee or a “cash discount” was sufficient notice. Something along those lines.
Since then, almost every small business I deal with adds on a credit card surcharge. Large corporations mostly don’t.
I wonder what the changes are to the new laws.
This Guy too. Why pay more.
Okay, you insulted and criticized credit card users, either implying you don’t use them or including you as an object of derision.
Encouraging cash purchases is good news.
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