this post was submitted on 07 Jul 2023

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25

Prices set to rise as retailers battle high costs and fear of closure (www.stuff.co.nz)

submitted 1 year ago by [email protected] to c/[email protected]

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Prices will continue to rise in the next three months as almost 60% of retailers fail to meet sales targets and others fear closure within the year.

Surely raising prices will help them sell more!

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[–] [email protected] 7 points 1 year ago (5 children)

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%

[–] [email protected] 7 points 1 year ago (4 children)

If it's capped, how do places like PBTech get away with charging 1-3%? Genuinely curious.

[–] [email protected] 6 points 1 year ago (1 children)

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

[–] [email protected] 4 points 1 year ago

Thank you that makes more sense. Even if it is asinine.

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