Posted on 02/12/2024 11:17:36 AM PST by ChicagoConservative27
A new law requiring New York businesses to clearly display the total cost of purchasing items with a credit card — including any surcharges — is in full swing.
As of Sunday, businesses in the Empire State are required to disclose any additional credit card surcharges before a customer begins to check out.
The businesses can either post the total price, inclusive of the credit card surcharges, or list the different prices for both card and cash payments for items.
“As more New Yorkers use credit cards and EBT [electronic benefit transfer] products to purchase goods and services, pricing transparency is critical for consumers to make informed decisions at the register,” state Sen. Jeremy Cooney (D-Rochester), who helped spearhead the legislation, told The Post.
(Excerpt) Read more at nypost.com ...
I’ve heard many people in England say that the American system is confusing, because over there everything is included in the sticker price, so there’s no doubt about what one will pay at checkout.
It sounds like a good idea, to me. I don’t see a downside to people knowing where all the charges are coming from.
I think that’s the point.
They’re determined to kill cash.
They businesses should itemize the percentage of your purchase that goes to pay city taxes.
You can make more and not get shot being a banker.
At worst, do a Superman 3/Office Space theft.
I’d prefer the golden parachute for failure.
They want as much of the transactions as possible to be in cash.
At the same time they don’t want people confined to using electronic forms of payment to feel alienated.
New York is making that difficult and will probably end up forcing them to eliminate the differential. By raising the cash price.
What about showing all the government related fees and taxes that go into what the customer pays too?
Retailers should also heavily highlight the TAXES within the purchase
Why are they even putting surcharges on credit card payments?
I don’t at my restaurant.
Becoming more common. Restaurants, dry cleaners, small retailers in my area have started adding CC surcharges.
I believe NY is one of the states that passed a law making it illegal for gas stations to display the amount of state taxes being charged with each fuel purchase.
So is a simple “Discount for cash” not the same as “Surcharge for Credit”?
Item is $100 - $98 if paid in CASH
vs
Item is $98 - $100 for Credit
any Accountants out there that can decipher the benefit to either? Tax-wise, wouldn’t a “discount” be treated more favorably?
To: ChicagoConservative27
They’re determined to kill cash.
24 posted on 2/12/2024, 2:35:28 PM by one guy in new jersey
__________
They, meaning NYC government.
3.5%? They should find a new processing service. Other than American Express that’s high.
If some places are to have both cash and credit prices, it means that they “have to” take cash payments. And that is counter to what is becoming a cashless trend in other parts of the country and a federal government desire to be able to trace all of a persons financial dealings. I mean if they want to know if you purchased a bible, shopped at Cabela’s, or D*ck’s Sporting Goods, they would be horrified to learn that you did so with cash as it might mean you were trying to hide things.
pricing transparency is critical for consumers to make informed decisions at the register,” state Sen. Jeremy Cooney (D-Rochester),
Exactly. Reading is for chumps. Besides, who has time anyway.
To: monkeyshine
They want as much of the transactions as possible to be in cash.
At the same time they don’t want people confined to using electronic forms of payment to feel alienated.
New York is making that difficult and will probably end up forcing them to eliminate the differential. By raising the cash price.
27 posted on 2/12/2024, 2:38:38 PM by one guy in new jersey
___________
They, meaning the local businesses and merchants.
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