Small business owner Jenny Nguyen from Footscray has decided to go cash-only in her florist.
“Bank merchant fees, eftpos, terminal rental and card accepting fees, these are too high, these fees are killing my business,” said Jenny last week.
“So I have decided to accept cash payments here in shop. Deliveries are online payment only. No cards anymore."
"There are three ATMs nearby so most customers know I am keeping my costs and prices low.
"My customers like my low prices and they are still coming here.”
Many other businesses are also complaining about high bank fees for accepting card payments.
Trevor Rogers commented on Cash Welcome’s Facebook page yesterday that there are “two things to think about: If the electricity fails you cannot buy with EFTPOS … ALSO EFTPOS charges the customer AND the business. They double dip with fees.”
New Mastercard and Visa card fee schedules for 2020 have attracted extra concern. many businesses are being surprised by expensive merchant deals.
Cash is surcharge-free. Cash is also reliable, private and has not been linked to any COVID outbreaks.
This sign (click on the PDF link) for retail Point of Sale locations has been an extremely popular download on social media.
Australia must mandate cash transactions under $10,000