Friday, April 13, 2007

NETS follows Ministers' fine example!

The problem with implementing antitrust (anti-monopoly) laws is the govt itself owns many businesses that are monopolies...... some say the govt itself is a monopoly. When you don't have real competition, you can charge any price. So Singaporeans please pay your PAP govt their pay hike, its the only govt you CAN have!

Just like the govt of Singapore, NETS has taken the opportunity of a strong economy to increase its fees. So on top of the 2% hike in GST, there is a 1.9% in fees if you use NETS for purchases. Please help your friendly retailer out, get a bigger wallet and carry plenty of cash.

Singaporeans are so lucky to have so much money....everytime you make enough to save monopolies on this little island will think of ways to make you contribute to their profits. With the govt setting such a fine example, there is nothing to stop them.

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April 11, 2007
Surge in Nets charges on retail shops

THE operating cost for retail shops seems to go higher and higher.
From July 1, Nets Eftpos is charging retail shops up to 245 per cent higher from 0.55 per cent of sales transactions to up to 1.9 per cent. This seems too much to bear but what can retail shops do, as it is the one and only card (about six million) that almost all Singaporean and foreign workers have and use.
Just imagine the large amount of money that can be made by Nets.
Retail shops - 100,000
Average sales - $20,000
Old percentage charge - 0.55 per cent = 11 million
New percentage charge - 1.9 per cent = 38 million
Meanwhile, banks want us to keep a monthly average of $10,000 every month, otherwise, they would charge us $20 or $30 each month. Imagine 100,000 retail shops x $10,000 = $1 billion.
Can the Monetary Authority of Singapore or Singapore Retailers' Association care to comment on whether our monthly operating cost can be reduced?
Alex Chan Hian Keat

7 comments:

Anonymous said...

goodnews today. the people got another taste of the city dragon's laws. a mentor was legally stoned and shall be locked in the dungeon for being sick. this is despite strong testimonial support and love from those who knew him well but unfortunately, the dragon state obsession with power to a 'talented' few had decided on his fate. will the day the saved whose dignity be returned to them? i hope so.

Anonymous said...

strange isnt it? small time business owners are often penalised through excessive operating costs.

A HK journalist recently reported that the drop in Corporate taxes and the rise in GST goes to show that the Govt is only focusing on big business, and not bothered about the small-time retailers. and unfortunately, Singapore doesnt have an NGO or organisation that can fight for small-time retailers.

but they wonder why singaporeans got no entrepreneurial spirit...

Anonymous said...

The people who ultimately suffers are the lower income consumers. Will CASE do something? Don't bet on it.

sb said...

let me add - the $10,000 in the current a/c is non interest bearing. just imagine how much interest can the bank earn if there are 100,000 a/c before the service charge.

Anonymous said...

You even think of CASE? CASE is interested to made the $35 membership from the general public of mainly low income people. Rich people can engage a lawyer to do the job in any disputes. Many people would know CASE is a department of the Red Dot Inc. They only act when you pay up as service charge. But, even if you pay the service may not materialize for many reasons that CASE can explain to you Not upfront. And, there is no refund because return & refund policy is yet to be a culture here...it may never be as monopoly needs to be protected.

Anonymous said...

You even think of CASE? CASE is interested to made the $35 membership from the general public of mainly low income people. Rich people can engage a lawyer to do the job in any disputes. Many people would know CASE is a department of the Red Dot Inc. They only act when you pay up as service charge. But, even if you pay the service may not materialize for many reasons that CASE can explain to you Not upfront. And, there is no refund because return & refund policy is yet to be a culture here...it may never be as monopoly needs to be protected.

Anonymous said...

You even think of CASE? CASE is interested to made the $35 membership from the general public of mainly low income people. Rich people can engage a lawyer to do the job in any disputes. Many people would know CASE is a department of the Red Dot Inc. They only act when you pay up as service charge. But, even if you pay the service may not materialize for many reasons that CASE can explain to you Not upfront. And, there is no refund because return & refund policy is yet to be a culture here...it may never be as monopoly needs to be protected.