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.

 

[Liz]

A lot of cafe's now have signs up saying there is a surcharge for using cards. However, one cafe I went into, the lady in front of me tried to pay cash for her purchases and the cafe refused. I wont' go back there.

 

[Aussiecris]

The surcharge has been around as long as the cards. Until it was regulated some retailers were overcharging customers at a ridiculous rate for cards to be used. No surcharge for cash but retailers are charged to process cash, typically the cost is added on to the cost of goods. If you think you are not being charged to pay with cash you are kidding yourself. At least with cards the charge is now regulated and a sign is visible and you can make a choice which way you wish to pay

 

[waynegjones]

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.

 

[NotNats]

I've even seen some shops state that there will be a 50c surcharge for cash out here in the countryside. So, you're going to be dammed if you use and dammed if you don't.

 

[waynegjones]

I am over this. I don't use tap and go, my card now go into the machine so I can pick which account I want to use and I pay cash where ever I can. There should be no fees on me using my own money. The other day there was a 10% charge on a public holiday and a fee for using my card. Of course, now we pay cash and even got a reduction on the public holiday charge. Always ask for a receipt to see if you are getting charged. Banks, government and councils are taking us to the cleaners, and we are allowing it to happen. If you accept cash, it's easy, it not, I don't shop there anymore. Be interesting if the large stores and buy on line go this way or maybe it hidden in the price.

 

[nigel5369]

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.

Makes it harder on the needy and homeless now instead of got dollar or coins it would be do you have a spare credit card so me and my dog can eat.... Just leave the payment system the way it is.

 

[MaggieMay1948]

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.

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?

 

[jenniwren]

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.

I don't drive

 

[mylittletibbies]

The surcharge has been around as long as the cards. Until it was regulated some retailers were overcharging customers at a ridiculous rate for cards to be used. No surcharge for cash but retailers are charged to process cash, typically the cost is added on to the cost of goods. If you think you are not being charged to pay with cash you are kidding yourself. At least with cards the charge is now regulated and a sign is visible and you can make a choice which way you wish to pay

Ok so the cost of using cash is already added to the product before you purchase, so if you pay by card you are slugged twice. Dah!!!
Think I'll stick with the cash.

 

[ElizabethL]

I live in the Gold Coast area and we certainly found out over the Christmas period that
“cash is king”. The storms wreaked havoc, no internet, no power and flooding. Quite a few stores were closed at Westfield Coomera and some could only do cash transactions because their eftpos machines were down.

 

[buttons1426]

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.

 

[Lizzylou]

This debate will go on for a long time, I use cash when I can and card when I have to. Sadly a store my husband goes to all the time is now putting a surcharge on what you buy, so we still love going in there but now we won't go in there till we have cash in his wallet or my purse. So we have changed our way of doing something, as annoying as that is, as long as they still take cash we will still go in there. However if that changes then they will start to lose business which is a shame as it's been around for just over 30 years.

 

[Rambo10]

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.

So ugly if cash disappears, the beginning to the end, this must not happen, we all Masa’s well put our heads on a robot, no food much needed, etc etc where the hell is this Beautifull planet heading.


our heads on a machine, that way we want need to eat much, etc

 

[mylittletibbies]

There is one reason and one reason only that a cashless society is being pushed down our throats and that is bank profits.
They are already making a fortune off OUR money, for which we are now being offered next to no services.
We get lousy interest rates on any money we have in the bank, more and more banks are closing, ATMs are being removed, if you go into a bank you're lucky if you can get any service.
My grandson took all his change he had been saving to the bank, so he could do his Xmas shopping. First he had to use the money counting
machine, even though he had it all counted and bagged, because tellers don't do that anymore. Then they refused to give him notes, the money had to go into his bank account.
He didn't have one he's only nine.
He had gone into town with neighbours, he lives about 150kms out of town.
He couldn't do his Xmas shopping and had to wait for his parents to open an account for him because he couldn't do it himself.
I wish I had been there I would have demanded they open their bloody machine and give him HIS money back
Banks can only get away with this crap because we allow them too.
We have become such a lazy society, convenience is everything, we want everything immediately. Have to tap cards because we're too lazy to go to the bank and get money, even too lazy to go to the ATM.
People think it's only a small charge, multiply it by the thousands of times you use your card in a year and it isn't so small
Banks already save a fortune on staff wages by having us all use cards, ATMs, etc its only sheer greed that they then charge us for the convenience.
Wake up people, you'll soon be paying hundreds of dollars every year in bank fees. Once cash is gone the banks can charge whatever they think they can get away with, even if you're using a debit card which is your damn money.

 

[Penny4]

There are a few shops near me that make us purchase more than $5 before we can use zero fee eftpos. One is a fruit shop.

 

[Rob44]

Use cash. And if a shop/cafe wont accept cash then simply walk out with the goods and don't pay. They are the one refusing to take the cash; you have offered to pay using legal tender.

Cards are habit-forming and there lies the problem.

AS for the banking industry; makes Ned Kelly and his gang look honest.

Bendigo Bank won't give you a new cheque-book, because it is owned by the CBA or NAB and they are linked to Macquarie Bank which is no longer wants to provide cheque books for banks; cheque stubs are very good way of keeping transaction records when it comes to dealing with our privatised utility companies, which also rip off the user. We are being screwed through convenience for ourselves and profiteering by the banking industry.

 

[mylittletibbies]

I would walk out if they don't accept cash, but I wouldn't take the goods, you could be charged with theft.
Unfortunately, if they have a sign stating they don't accept cash payment they are within their rights. The legal tender argument doesn't stand up. Check the ACCC web site.
The world has gone crazy with all this ridiculousness.

 

[GAK2630]

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.

IF MERCHANTS DONT ACCEPT CASH GO TO ONE THAT DOES .WHEN THEY LOOSE SALES THEY WILL SOON CHANGE THIER MIND

 

[Robbo3006]

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.

I asked my Girls to check their bank statements after they were telling me to go cashless, now they're using cash when they can and avoiding places that won't take cash.