Business Owners Want Bank Transfer Fees Cap To Save Money
BANK TRANSFER FEES – Some owners of small businesses support putting a limit on the fee implemented by banks on money transfer services.
Nowadays, there are several ways of purchasing a certain thing. You can pay for it in cash or you may also use a credit card or have it deducted from your debit card. A lot of business owners accept all these kinds of payments as it means catering services to a wider range of people.
There are even online businesses wherein the payment is done through money transfers. There are indeed several ways now of not using physical funds such as banknotes and coins but being able to pay for any purchase anytime.
However, using online services may come along with costs – such as bank transfer fees. These are among the things that many business owners face. However, the impact may be different for small business owners or those who earn very little from their transactions.
Banks and other firms and apps that offer money-transfer services got different rates. There are undeniably those that are too high most especially for small-time earners. A big cut is done on their profits and it goes to bank transfer fees.
Amid the high costs implemented by some banks for money transfer services, based on a report on ABS-CBN News, some small business owners are pushing for putting a limit on these money transfer services costs. Some small business owners including delivery riders who usually use money transfer services believe that the cap will really be helpful most especially if there are a lot of money transfer transactions to be done.
As of this writing, there are still not much details about the push. More updates may be posted soon.
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