The transition to a cashless society has been hailed as a step towards a more efficient and streamlined economy. However, a single photo has sparked a heated debate among Australians, exposing the hidden costs and potential pitfalls of this shift.

The image, shared on social media, shows a shop sign detailing the transaction fees on card purchases, prompting a call to arms for consumers to 'use cash or risk losing it and pay ever-higher charges to the banks’.

The sign, posted by Nathan Priestley on the 'Cash is King' group on social media, reads: 'Unfortunately, due to rising credit/debit and Eftpos (Electronic funds transfer at point of sale) card fees, we will be imposing a surcharge on all card transactions.'

The surcharge, it explains, is not greater than the cost of accepting cards as a payment method.

The post gathered strong reactions online for its views opposing the push towards a cashless society. Image: Facebook

The post has ignited a fierce debate among Australians, many of whom are concerned about the implications of a cashless society.

The sign details that a Mastercard credit card will have a surcharge added of 1.56 per cent of the purchase price, and 1.07 per cent will go on the brand's debit cards.

Visa users will be lumped with a 1.67 per cent charge for using the credit card and 0.74 for the debit, while EFTPOS users will be slugged an extra 0.24 per cent.

Priestley, who spotted the sign, told a news source that such signs are common in shops around his area. He prefers to use cash as it benefits the banks less.

'I always try to because the bank fees are a joke,' he said.

'They make interest off your money that you have in the bank and then every time you use your card, the banks are just ripping everyone blind.'

The sentiment was echoed by other social media users.

'Why would you want to make banks richer for?' one comment asked. 'Really people wake up to yourselves. Cash is king keep using it.'

In April, payments expert and Next Payments CEO Tim Wildash called out the fees banks were charging, especially for contactless payments, as 'disgraceful'.

'I think tap and go has a lot to answer for,' he told a news source.

'It is obviously very convenient but it also very expensive, every time you tap and go you are wide open to being used how the banks would like you to be used and that’s via the schemes so they can make more money.'

When a customer uses tap-and-go, banks charge a fee that ranges from 1.1 per cent to 2 per cent of the purchase price, whereas for Eftpos a maximum fee of .5 per cent is charged.

The Impact on Small Businesses

The transition to a cashless society has put small businesses in a bind. On one hand, customers expect the convenience of card payments. On the other hand, the fees associated with these transactions can eat into their profits.

Matthew Addison, chair of the Council of Small Business, suggested that banks should assist businesses in installing payment machines that automatically applied a least-cost routing system, which made buying as cheap as possible.

'The banks really need to get behind this and make it simple for business to adopt and simple to understand,' Mr Addison said.

'If we can keep the costs of doing business down that means the business doesn’t have to increase their prices.’

How to Protect Yourself

While the shift towards a cashless society seems inevitable, consumers can take steps to protect themselves from excessive fees. Wildash advised consumers to check how much they were being charged to use their own money by looking at receipts.

He also suggested that consumers with the Eftpos logo on the back of their cards should demand to use Eftpos, which could save them up to 1.9 per cent on each transaction.

However, there was still only one certain way to avoid all fees.

'The best way is cash, there is no surcharging on cash,' Mr Wildlash said.

Key Takeaways

• A shop sign has sparked debate on social media by highlighting the surcharges for different card transactions, increasing concerns about a cashless society.
• The sign urges customers to use cash to avoid paying higher transaction fees to banks and preserve the option of cash transactions in the market.
• Business owners and customers express frustration over the fees imposed by banks for card payments, which can significantly impact small businesses and consumer costs.
• Experts advocate for least-cost routing systems to reduce business expenses and advise customers on ways to minimize or avoid surcharges altogether, with cash payments remaining the only way to completely evade additional fees.

The debate over the transition to a cashless society is far from over. As consumers and businesses grapple with the hidden costs of digital payments, the call to 'use cash or risk losing it' is likely to grow louder.

What are your thoughts on this issue? Have you experienced high fees due to card transactions? Share your experiences and thoughts in the comments below.

 

[mylittletibbies]

Is that even legal? Can they refuse cash?

Yes, unfortunately they can, as long as they have a sign saying they don't accept cash, before you order.

 

[biribo]

Talk about a 'Woke' society.
I WOKE up 10 years ago when I put the scissors through ALL my Credit Cards.
If everybody did this we would all be financially better off.

 

[David567]

Banks are the biggest SCAMMERS of all. They are now charging to serve you. It won't be long now before shop start charging to serve us on top of the other charges they already add on to the cost. The government needs to step in and fix these ripoff merchants from stealing money from us in every way possible, Greed has taken over the world.

 

[Catlady]

All this talk of a cashless society is very concerning. I think people have already experienced what happens when electricity is lost for just a few hours. How do you pay for things then? Has anyone considered what happens if something happens to your credit/debit card; if it gets stolen or hacked in some way. Yes, you can cancel it fairly quickly, but what do you do to buy food, petrol etc. while you're waiting to receive you new card? So many bank branches closed so you can't just go there to get cash (oh yes, no cash because we're now cashless) so no help there. Rely on family or friends to help out? What if you don't have any or they're in no financial position to be able to help? I've been in a position of having my card details stolen and had to cancel it. It took 10 days before I received a new card and I'm only grateful that I always keep some cash with me so I could at least some food. With a cashless society you could end up starving and in a very bad position.

 

[Jay Jay]

It's not only banks that want a cashless society. Governments aren't stepping in to stop this because they too will benefit enormously if cash is no longer used. Why? BECAUSE EVERY SINGLE TRANSACTION WE MAKE COULD, AND POSSIBLY WOULD, BE TRACKED BY GOVERNMENT BODIES.
The only possible way to at least slow this move to cashless life, hence total surveillance of all our purchases, is to stop using cards wherever possible ( or revert to a barter system!).

And anyone with half a brain knows the disastrous effects of an internet meltdown.

Why would we want to rush headlong into such a precarious world?

 

[bluetang]

I needed $200 cash and couldn't find a bank teller machine so went to a sevo. I was hit with a $6 surcharge.
I also trade at a flee market and have to have credit facilities, 1.9% we are charged and can't charge my customer the extra.
I admit, I use tap and go all the time because it is convenient and I don't have to look for the bank, but
cyclone season, oh boy, no cash, no access to teller machines or banks. Also try paying car rego's with cash
at the Mains Roads? The only way to beat the banks is buy bank shares. We are screwed at every turn.

 

[Muzzza351]

The transition to a cashless society has been hailed as a step towards a more efficient and streamlined economy. However, a single photo has sparked a heated debate among Australians, exposing the hidden costs and potential pitfalls of this shift.

The image, shared on social media, shows a shop sign detailing the transaction fees on card purchases, prompting a call to arms for consumers to 'use cash or risk losing it and pay ever-higher charges to the banks’.

The sign, posted by Nathan Priestley on the 'Cash is King' group on social media, reads: 'Unfortunately, due to rising credit/debit and Eftpos (Electronic funds transfer at point of sale) card fees, we will be imposing a surcharge on all card transactions.'

The surcharge, it explains, is not greater than the cost of accepting cards as a payment method.

View attachment 38623

The post gathered strong reactions online for its views opposing the push towards a cashless society. Image: Facebook

The post has ignited a fierce debate among Australians, many of whom are concerned about the implications of a cashless society.

The sign details that a Mastercard credit card will have a surcharge added of 1.56 per cent of the purchase price, and 1.07 per cent will go on the brand's debit cards.

Visa users will be lumped with a 1.67 per cent charge for using the credit card and 0.74 for the debit, while EFTPOS users will be slugged an extra 0.24 per cent.

Priestley, who spotted the sign, told a news source that such signs are common in shops around his area. He prefers to use cash as it benefits the banks less.

'I always try to because the bank fees are a joke,' he said.

'They make interest off your money that you have in the bank and then every time you use your card, the banks are just ripping everyone blind.'

The sentiment was echoed by other social media users.

'Why would you want to make banks richer for?' one comment asked. 'Really people wake up to yourselves. Cash is king keep using it.'

In April, payments expert and Next Payments CEO Tim Wildash called out the fees banks were charging, especially for contactless payments, as 'disgraceful'.

'I think tap and go has a lot to answer for,' he told a news source.

'It is obviously very convenient but it also very expensive, every time you tap and go you are wide open to being used how the banks would like you to be used and that’s via the schemes so they can make more money.'

When a customer uses tap-and-go, banks charge a fee that ranges from 1.1 per cent to 2 per cent of the purchase price, whereas for Eftpos a maximum fee of .5 per cent is charged.

The Impact on Small Businesses

The transition to a cashless society has put small businesses in a bind. On one hand, customers expect the convenience of card payments. On the other hand, the fees associated with these transactions can eat into their profits.

Matthew Addison, chair of the Council of Small Business, suggested that banks should assist businesses in installing payment machines that automatically applied a least-cost routing system, which made buying as cheap as possible.

'The banks really need to get behind this and make it simple for business to adopt and simple to understand,' Mr Addison said.

'If we can keep the costs of doing business down that means the business doesn’t have to increase their prices.’

How to Protect Yourself

While the shift towards a cashless society seems inevitable, consumers can take steps to protect themselves from excessive fees. Wildash advised consumers to check how much they were being charged to use their own money by looking at receipts.

He also suggested that consumers with the Eftpos logo on the back of their cards should demand to use Eftpos, which could save them up to 1.9 per cent on each transaction.

However, there was still only one certain way to avoid all fees.

'The best way is cash, there is no surcharging on cash,' Mr Wildlash said.

Key Takeaways

• A shop sign has sparked debate on social media by highlighting the surcharges for different card transactions, increasing concerns about a cashless society.
• The sign urges customers to use cash to avoid paying higher transaction fees to banks and preserve the option of cash transactions in the market.
• Business owners and customers express frustration over the fees imposed by banks for card payments, which can significantly impact small businesses and consumer costs.
• Experts advocate for least-cost routing systems to reduce business expenses and advise customers on ways to minimize or avoid surcharges altogether, with cash payments remaining the only way to completely evade additional fees.

The debate over the transition to a cashless society is far from over. As consumers and businesses grapple with the hidden costs of digital payments, the call to 'use cash or risk losing it' is likely to grow louder.

What are your thoughts on this issue? Have you experienced high fees due to card transactions? Share your experiences and thoughts in the comments below.

Banks are laughing all the way (to the bank) They are ripping customers off offering rewards schemes that should be banned. All rewards schemes do is make products more expensive. If we didn’t have them Prices could be drastically reduced in my humble opinion. And I’m thinking 10-20%.

 

[LGM548]

Banks are doing all they can to slug us with payments of all kind. Even if we object, when they take out ATM's and bank buildings for cash out there is nothing we can do. The government has proven that we don't really have a say either, just look at the new land tax rules. Imagine now, once they have our money they can do what they like. stop us from taking it out, demand that we buy only certain products......please don't let this happen, I'm afraid for the older and the poor. Yes some organizations are trying to get rid of us, I fear.

 

[BRIAN KK]

The transition to a cashless society has been hailed as a step towards a more efficient and streamlined economy. However, a single photo has sparked a heated debate among Australians, exposing the hidden costs and potential pitfalls of this shift.

The image, shared on social media, shows a shop sign detailing the transaction fees on card purchases, prompting a call to arms for consumers to 'use cash or risk losing it and pay ever-higher charges to the banks’.

The sign, posted by Nathan Priestley on the 'Cash is King' group on social media, reads: 'Unfortunately, due to rising credit/debit and Eftpos (Electronic funds transfer at point of sale) card fees, we will be imposing a surcharge on all card transactions.'

The surcharge, it explains, is not greater than the cost of accepting cards as a payment method.

View attachment 38623

The post gathered strong reactions online for its views opposing the push towards a cashless society. Image: Facebook

The post has ignited a fierce debate among Australians, many of whom are concerned about the implications of a cashless society.

The sign details that a Mastercard credit card will have a surcharge added of 1.56 per cent of the purchase price, and 1.07 per cent will go on the brand's debit cards.

Visa users will be lumped with a 1.67 per cent charge for using the credit card and 0.74 for the debit, while EFTPOS users will be slugged an extra 0.24 per cent.

Priestley, who spotted the sign, told a news source that such signs are common in shops around his area. He prefers to use cash as it benefits the banks less.

'I always try to because the bank fees are a joke,' he said.

'They make interest off your money that you have in the bank and then every time you use your card, the banks are just ripping everyone blind.'

The sentiment was echoed by other social media users.

'Why would you want to make banks richer for?' one comment asked. 'Really people wake up to yourselves. Cash is king keep using it.'

In April, payments expert and Next Payments CEO Tim Wildash called out the fees banks were charging, especially for contactless payments, as 'disgraceful'.

'I think tap and go has a lot to answer for,' he told a news source.

'It is obviously very convenient but it also very expensive, every time you tap and go you are wide open to being used how the banks would like you to be used and that’s via the schemes so they can make more money.'

When a customer uses tap-and-go, banks charge a fee that ranges from 1.1 per cent to 2 per cent of the purchase price, whereas for Eftpos a maximum fee of .5 per cent is charged.

The Impact on Small Businesses

The transition to a cashless society has put small businesses in a bind. On one hand, customers expect the convenience of card payments. On the other hand, the fees associated with these transactions can eat into their profits.

Matthew Addison, chair of the Council of Small Business, suggested that banks should assist businesses in installing payment machines that automatically applied a least-cost routing system, which made buying as cheap as possible.

'The banks really need to get behind this and make it simple for business to adopt and simple to understand,' Mr Addison said.

'If we can keep the costs of doing business down that means the business doesn’t have to increase their prices.’

How to Protect Yourself

While the shift towards a cashless society seems inevitable, consumers can take steps to protect themselves from excessive fees. Wildash advised consumers to check how much they were being charged to use their own money by looking at receipts.

He also suggested that consumers with the Eftpos logo on the back of their cards should demand to use Eftpos, which could save them up to 1.9 per cent on each transaction.

However, there was still only one certain way to avoid all fees.

'The best way is cash, there is no surcharging on cash,' Mr Wildlash said.

Key Takeaways

• A shop sign has sparked debate on social media by highlighting the surcharges for different card transactions, increasing concerns about a cashless society.
• The sign urges customers to use cash to avoid paying higher transaction fees to banks and preserve the option of cash transactions in the market.
• Business owners and customers express frustration over the fees imposed by banks for card payments, which can significantly impact small businesses and consumer costs.
• Experts advocate for least-cost routing systems to reduce business expenses and advise customers on ways to minimize or avoid surcharges altogether, with cash payments remaining the only way to completely evade additional fees.

The debate over the transition to a cashless society is far from over. As consumers and businesses grapple with the hidden costs of digital payments, the call to 'use cash or risk losing it' is likely to grow louder.

What are your thoughts on this issue? Have you experienced high fees due to card transactions? Share your experiences and thoughts in the comments below.

 

[BRIAN KK]

Businesses use their main bank for eftpos facilities instead of an independant eftpos service provider. There are plenty around and the business would benefit with much lower charges along with their customers. I had mobile eftpos when I was a tradie and debit cards did not incur a fee, that is a greedy grab by their bank. A tradie friend of mine even had to pay his bank for paper rolls to use in the machine!

 

[Noraya]

banks always charged fees for using credit cards, so I used to go into a shop, chose what I wanted, then asked how much cheaper if I pay cash? saved me a lot of money over the years, esp with expensive things like furniture etc.
Nowadays quit3 a few small restaurants in my area give a discount if you pay by cash.
Apart from these savings: I find it easier to watch my spending if I pay cash!

 

[BRIAN KK]

What I've found lately is businesses that do pass on a charge don't even tell you, I thought they should have to tell you that before you paid? One of the shops near me was a men's hairdresser and a pizza shop, no mention of the extra card charge at all to their customers.

 

[Georgie27]

Once we are cashless and all payments are on card, they will charge a fee with every single transaction and there will be nothing we can do about it, because there will be alternative.

 

[oldchook58]

And that is why the banks want cashless. More profit for them. Less staff needed. Less branches. No ATMs.

And when power outages occur, what then?

Nothing which is all you will get from an ATM when there is an outage. Bad luck if you need cash out which happened to me, all the ATMs were down on a Sunday. Many people were inconvenienced in our area.