You are 100% correct. The actual market response in this case is "prices set to FALL in respose to retail slump".
Our media is economically illiterate (or paid to print this crap).
this post was submitted on 07 Jul 2023
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Pretty sure it's the latter
Let alone the bullshit credit card charges everyone is charging these days. Especially as The Retail Payment System Act 2022 is now in force capping the price retailers pay to 0.8%
If it's capped, how do places like PBTech get away with charging 1-3%? Genuinely curious.
As I understand it, the fee is a cap on how much the payment processer can charge the bank. The amount the bank charges the retailer and the amount the retailer charges the customer are not capped.
This is based on this page: https://comcom.govt.nz/regulated-industries/retail-payment-system
Thank you that makes more sense. Even if it is asinine.
As long as they don't claim it's to cover the costs from credit cards (in that case they can only charge the actual costs) they can add whatever surcharge they want
At least they offer online eftpos now. So much better than using poli or bank transfer.
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