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Question of the Day: If you were buying a TV today, which brand would you choose?
EFT VS Credit Card
- Thread starter kingpunky
- Start date
If you can accept credit cards, part of the agreement is that you are not allowed to levy the credit card payment.
In other words you may not charge more for credit card payments OR offer discounts for other forms of payment.
It still happens, but if you go as far as putting those terms on a website, you're gonna get nailed.
Besides that. I never pay by eft unless I am 100 cement sure of the site.
With a card you have a recourse via the bank, with eft... nothing!
In other words you may not charge more for credit card payments OR offer discounts for other forms of payment.
It still happens, but if you go as far as putting those terms on a website, you're gonna get nailed.
Besides that. I never pay by eft unless I am 100 cement sure of the site.
With a card you have a recourse via the bank, with eft... nothing!
deweyzeph
Honorary Master
+1. Mastercard and Visa explicitly forbid vendors and merchants from charging consumers extra to use their credit or debit card. If you see a shop doing this, then please report them to Visa or Mastercard so we can stamp out this practice. It irritates me no end when I see this happening.
Another issue is that shops and vendors are not allowed to ask you for identification when using your credit card or debit card. If a shop asks you for your id book or drivers licence please refuse to do so and point out that they are violating the terms of their agreement with Visa and Mastercard.
You can use this form to report to Mastercard:
http://www.mastercard.com/us/personal/en/contactus/merchantviolations.html
Not sure what the link is for Visa though.
sal12344
Senior Member
Hmm.. doesn't stop them doing it though. Just advertise it as a cash price and non cash price. Typical example here
On the second point what's the difference to asking you to input your PIN? Sure not to let any ID docs out of your sight. Both tie your name to the name on the card. I am not saying it's right, either.
What p!$$es me off more is that after all the security blab the banks dish out with their fancy encrypted chip cards, it's still up to the vendor to decide if they want to force you to input the PIN or not. Something fishy there.
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deweyzeph
Honorary Master
I went to go buy a dishwasher at an appliance store a while ago which had "cash" and "non-cash" prices. I assumed, as is the international norm, that "non-cash" refers to buying something on finance or in-store credit. I was asked whether I was paying cash or not and I said "cash". I then pulled out my credit card and the woman started trying to tell me that paying with a credit card is not paying "cash". I was just about to pull out of the sale when she came to her senses and relented and gave me the "cash" price.
What do you guys think? Is paying with your credit card, paying "cash"? Paying with a debit card is definitely "cash".
What do you guys think? Is paying with your credit card, paying "cash"? Paying with a debit card is definitely "cash".
deweyzeph
Honorary Master
According to their site they only accept cash notes and EFT.
chutzpah44
Senior Member
Yes it is
Pay buy Credit card always as you get Miles (voyager Ebucks etc)
Pay buy Credit card always as you get Miles (voyager Ebucks etc)
The difference there is that there are foreign exchange control regulations that have to be adhered to, of which positive ID is a requirement.
rudirautenbach
Senior Member
Copied from www.pcint.co.za
"ACCEPTABLE METHODS OF PAYMENT
Cash, Bank cheque, Internet transfer
Credit card payments attract a higher price than published on this website"
"ACCEPTABLE METHODS OF PAYMENT
Cash, Bank cheque, Internet transfer
Credit card payments attract a higher price than published on this website"
Lol. its not a law, its a usage agreement with visa/mastercard ect. And no, if they signed the agreement, then they may not, on penalty of having the credit card facility removed from them (and they all work together, to lose one is to lose them all).
The main reason being that providing an incentive not to use their method of payment means that they will lose business, you may not benefit from advertising that you accept credit cards only to encourage them to pay by another means.
czc
Honorary Master
I thought I saw that on on of the websites.
I'm torn on how to pay for all new parts.
Thank you for your points of view. My main reason for asking is that I have an online shop and only accept EFT at the moment this allows me to offer pricing 5% less as credit card payment systems take 5%. Now my question is would you personally rather EFT and save 5% or should I accept Credit card payments and put pricing up buy 5%?
davemc
Executive Member
The bottom line is that the customer who has a credit card will want to use it the first few times that they transact with your store, simple because they can cancel and contest the transaction with the credit card company.
Once a level of trust has been established, your customer will be willing to use EFT, if the customer is getting a discount for the EFT transaction.
But, remember that most EFT transactions carry a R6 charge on the customer's side.
Once a level of trust has been established, your customer will be willing to use EFT, if the customer is getting a discount for the EFT transaction.
But, remember that most EFT transactions carry a R6 charge on the customer's side.
Tell that to Sahara - perhaps it's a different set of rules for brick and mortar but they dont accept credit cards anymore with tacking on an additional 5%. Same goes for Esquire.
The pain is compounded by the fact that Sahara wont accept more than r200 cash either!
deweyzeph
Honorary Master
Then they need to be reported to Mastercard and Visa and taught a lesson. If you want to run a business and accept credit cards then you have be prepared to suck up the 5% charges. If you can't then tough luck.