Sunday 24 June, 2018

CarIFS accepting no excuses

CarIFS is stressing safety and security over profits as it calls on merchants to stop enforcing policies, which are not in line with CarIFS’ guidelines.

After CarIFS spoke out in a recent press release condemning the implementation of a minimum payment policy by some merchants, a spokesperson from CarIFS sought to put to bed other rumours and clear the air as some misconceptions were being shared.

Consumers complained about the minimum spend policy and were excited over the news that the policy was not in keeping with CarIFS standards. On Loop’s Facebook page and across social media many people promised to go to stores with the minimum spend policy in place and demand that they be allowed to pay for items which cost $20 or less with their debit cards.

But merchants came out the woodwork to defend their actions, with some businesspeople using the bank fees as an excuse.

The spokesperson from CarIFS told Loop, “Each bank implements their own transaction fees. The amount charged is determined by the bank providing the point-of-sale machine.

“However, a merchant adding a surcharge for using a debit card for a transaction is also against CarIFS regulations.”

This came to light as some shoppers said they were recording small additional charges when they paid by debit card such as $20.10 instead of $20.00.

CarIFS further stood by their belief that merchants have no reason to break their contracts. “Implementing a minimum spend is against CarIFS regulations. This stipulation is included in the contract, which is legally binding, between CarIFS and the banks. This policy is also reflected in the banks’ agreements with their merchants,” asserted the CarIFS spokesperson.

Some people also complained to Loop that some merchants were asking them to use an ATM on their premises if the amount is under a certain amount. CarIFS spokesperson asserted:

“A merchant should not ask a customer to use an ATM on their premises unless their Point-of-sale terminal is down. Once the merchant has a functioning P.O.S terminal, the customer should be allowed to use their debit card at the terminal for a transaction.”