00:00Vice Chairman of the Confederation of Regional Business Chambers, Ricardo Mohamed, tells the Morning Edition that the fee increases could
00:08do more harm than good for small and medium-sized enterprises.
00:12We within the SME sector, we are currently facing significant economic contraction from the current business, day-to-day business
00:26activities in this country.
00:28These increases will hurt the SME sector.
00:31He is calling for stronger regulatory measures, saying the authorities must put clear policies and legislation in place to govern
00:40such adjustments within the sector.
00:43Meanwhile, President of the Private Pharmacy Retail Business Association, Glenway Suchet, describes the increases as somewhat harsh.
00:51Why are you really looking to take that dollar and 30 cents every time somebody, as Ricardo rightly said, spend
00:58the money that they put in your bank and trust you to take that invest, make money, and you are
01:04charging the customer now for spending that money?
01:07He further explains that seemingly minor changes, when accumulated, can create a substantial financial burden for small business operators.
01:17When people say they want to buy a $20 or $20 phone card, they want to pay with their credit
01:21card or they want to pay with their debit card, you cannot take that, because the profit you are making
01:28on a phone card is 2 point something, 3 percent.
01:31So, if you're making a dollar, $2 profit, and you take a credit card payment, and have to pay $3
01:38on that, you're losing money.
01:41Nicole M. Romany, TV6 News.
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