Swipe it: 7-Eleven to accept credit cards

[anotheruser]

Some people that only carry cash are seemingly angered that others will have another option? For me cards will be convenient. Almost all of the small change I have to deal with is generated by my frequent 7-11 trips. I will rarely have to pull out cash anymore if this happens. Waiting in line behind somebody using a card or bumbling about trying to get the change they found in the ashtray of their car makes no difference to me.

Only on TV would so many people grumble about something like this.

[Don Mega]

Goodbye fast an efficient lines ... Hello 30 minutes to buy a liter of water.

Fast and efficient lines? Which 7-11 do you frequent?

None that currently have the cashiers counting your change numerous times before handing it to you.

[KhonKaenKowboy]

Goodbye fast an efficient lines ... Hello 30 minutes to buy a liter of water.

Fast and efficient lines? Which 7-11 do you frequent?

None that currently have the cashiers counting your change numerous times before handing it to you.

I don't even let the bank give me 1000 notes....while 7-11 is one of the few places where they will always get change....it really slows things down, and if I see someone in front of me paying a 100 thb bill with a 1000; I change lines..it's that slow, and a trip to the safe is almost guaranteed. So just call me Haa-roi, but we often call the 500 notes: purple persuasion....especially useful on rainy. low season days.

[Guest]

Let's check in a year after they implement this and listen to the TV gallery complain about the "sudden" rise in prices at 7-11.

There is no free lunch, and the additional fees 7-11 pays to credit card companies will simply be added onto retail prices, and hey, since we have the perfect excuse to raise prices .. let's sweeten the deal and just bump it all 5%.

Because johnny can't carry 300 baht.

By the way whiners .. those people you get stuck behind paying their bills JUST GOT LONGER because credit cards allow people to make short term loans to cover (what to them are) big bills.

I think getting any country addicted to debt for the profit of the scam that credit cards has become is a mistake.

[Don Mega]

Let's check in a year after they implement this and listen to the TV gallery complain about the "sudden" rise in prices at 7-11.

There is no free lunch, and the additional fees 7-11 pays to credit card companies will simply be added onto retail prices, and hey, since we have the perfect excuse to raise prices .. let's sweeten the deal and just bump it all 5%.

Because johnny can't carry 300 baht.

By the way whiners .. those people you get stuck behind paying their bills JUST GOT LONGER because credit cards allow people to make short term loans to cover (what to them are) big bills.

I think getting any country addicted to debt for the profit of the scam that credit cards has become is a mistake.

So you are saying they will raise prices across the board for all purchases by 5% regardless of paid with cash or card ?

Thats a decent earner, I might open a 7-11.

[iBike]

Since this has turned from a debate about credit and easy money, to one of technology - OK then.

And Wwilst some are quick to label others 'Luddites', I would say to you that you are grossly mistaken, I love technology! You could almost call it a hobby of mine,

Here is something you may wish to ponder.

Recently the USN re-introduced Celestial Navigation into their Naval Academy New Entry Officers Course (last year). They ditched the practice years back, because it was made redundant by modern technology. Advanced Sat Nav & GPS replaced it. Makes sense? yes?

Then some bright spark, probably a 'dinosaur' like myself had a brain snap and realised that when their enemy takes out their hi tech electronic 'systems' they won't have a clue where they are, where to go and what course to steer to get there,

That ancient instrument, the Sextant, has made a triumphant return!

I'm 99.9% certain that the plan isn't to withdraw the option of cash payment

[iBike]

Goodbye fast an efficient lines ... Hello 30 minutes to buy a liter of water.

And hello insane interest rates for the people least able to afford them.

The 2% - 3% Visa charges will now be passed along as higher prices.

Why?

Because what has worked perfectly for decades needs to be "improved" so a gigantic Foreigner company can get a percentage of sales.

Borrowing money should be for items one most can not readily afford in one lump sum, a car, a house, a boat. Not a candy bar.

You don't know what you're talking about. I use a credit card even for a $6 meal at McDonald's in the U.S. It is way faster than dealing with cash. Customers swipe their own cards. Plus, we get benefits such as miles or cash back. The only trick is to use them as cash--i.e., pay them off every month. That's not very hard if you're a sensible adult.

Same in the UK. I carry very little cash and, like most people, pay for everything I can on a cc. or debit card except if less than £1 or in the local market. It is so much more convenient and I get 1% or .5% cashback and its paid off by direct debit every month. I already always pay at Thai Tesco and Big CC with one of my fee free UK CCards. This means I bypass all international money transfer fees and/or the rip-off 200thb ATM charge when withdrawing cash to spend. It will be great when they offer 'cashback' on your debit card at the checkout as they do in the UK which comes straight out of your bank account. Then all exchange/transfer fees on day to day spending will be avoided.

I bet 7/11 will soon have chip and pin machines mounted in front of the tills like the machines they have to top up your mobile phone where u enter your mobile # instead of faffing about entering #s from a scratch card.

The Thai convention of piling your change and receipts into your hand also drives me crazy as u have your shopping in your other hand so its really awkward to check and sort it out. Coins often fall off too. In the UK change mostly gets put on the counter or onto a special tray built into the counter.

I thought it was just me that hates this!

[BSJ]

It has nothing to do with convenience! All part of the NWO plan to control the masses and track their movements. That parasite of an organisation, the un, want you to be a slave to the elites with few choices and plenty of obligations.

[Don Mega]

It has nothing to do with convenience! All part of the NWO plan to control the masses and track their movements. That parasite of an organisation, the un, want you to be a slave to the elites with few choices and plenty of obligations.

bwahahahahahahahahaha.

I had best be chopping up me cards then and donning a tin foil hat. Maybe stock me underground bunker with tins of spam and baked beans.

Edited May 19, 2016 by Don Mega

[Pib]

Thats a decent earner, I might open a 7-11.

Seems 7-11s in Thailand are springing-up on just about every soi. Just for example of some 7-11s real close to where I live in western Bangkok (the suburbs) : a 7-11 at the foot of a road walkover bridge on both sides....three 7-11s within about 200 meters of each other where two main sois intersect.....two 7-11's within 100 meters of each other at a large fuel station. 7-11's are just everywhere!!! And if going into the heart of a city it can get more crazy in how close some 7-11s are. Seems they are becoming a small business of choice versus opening some other hole in the wall small retail operation like a restaurant, beauty shop, noodles stand, etc.

Seems if you want to open a 7-11, even if it's right next door to another 7-11, all it takes is a franchise payment to CP who has 7-11 franchise rights for Thailand and they'll set you up.

[55Jay]

It has nothing to do with convenience! All part of the NWO plan to control the masses and track their movements. That parasite of an organisation, the un, want you to be a slave to the elites with few choices and plenty of obligations.

bwahahahahahahahahaha.

I had best be chopping up me cards then and donning a tin foil hat. Maybe stock me underground bunker with tins of spam and baked beans.

He better unplug from the internet and destroy that mobile/cell phone too.

I imagine the NWO looking at my cellphone track would be bored to tears. "Where's he at now?" "Home, the bleeping blip hasn't moved in a week".

"Wait! He's on the move, zoom in, where's he at now?

"Makro".

[Pib]

Cards versus cash has already become king as the preferred payment in how many parts of the world pay for things...especially advanced economies (right or wrong...everyone will have an opinion on that). But just for example below are some 2014 statistics on how Americans pay for things....wasn't keying on Americans...it just what google brought up as the first link. You will see debit and credit card are king; not cash.

Give Thais another 5 to 10 years and they'll be doing the same in terms of very high usage of credit and debit cards plus other forms of electronic payment. Heck, in my almost daily shopping in Bangkok checkout lines like at Lotus, Foodland, Big C, HomePro, various mall stores, etc., around 50% (or more at some stores) of the customers flip out credit cards to pay. I know they are credit cards because I'm close enough in the checkout line to see the form of payment and since few Thai debit cards are chipped yet (but increasing) but the great majority of Thai credit cards are chipped I can see the checkout clerk insert the chipped end of the card into the payment POS machine. Now I'm sure cash payment still dominant in many parts of Thailand in stores such Lotus, Big C, etc., but from what I see here in Bangkok paying via credit/debit dominant at many checkout registers.

Weblink for More Info

http://www.creditcards.com/credit-card-news/payment-method-statistics-1276.php

Couple of Snapshots

[55Jay]

I live up North a ways, outside metro, cash/carry is the norm. I've used c/c a few times at the small Tesco Express in my town, they look at me like I'm from another planet. New employee didn't know how to do it last time, had to call the manager over.

After being out of the US for 5 years, so ingrained in the ATM/Cash lifestyle, I got up the first morning and drove dutifully to 7-11 to get cash out of the ATM. After a day, realized/remembered we could use our credit cards virtually everywhere for most anything. The Capital One cash back cards got a work out, it was great!

Edited May 19, 2016 by 55Jay

[Oxx]

The 2% - 3% Visa charges will now be passed along as higher prices.

Unlikely, for three reasons (1) handling cash is really rather expensive, (2) less cash in the till means less lost from theft, and (3) Thai people are very price sensitive - I've known people who'd rather walk 400 metres there and back to buy a packet of cigarettes that costs a couple of baht less, rather than buying in an adjacent shop. If they do hike their prices they will lose business.

[udongolf]

I have a kasikorn card has 7-11 logo on it any ideas I've never used it in 7-11 had it 12 months .

[cpofc]

The 2% - 3% Visa charges will now be passed along as higher prices.

Unlikely, for three reasons (1) handling cash is really rather expensive, (2) less cash in the till means less lost from theft, and (3) Thai people are very price sensitive - I've known people who'd rather walk 400 metres there and back to buy a packet of cigarettes that costs a couple of baht less, rather than buying in an adjacent shop. If they do hike their prices they will lose business.

And what they lose on the Spinning Wheel they will make up on the Merry Go Round. Lose business? Maybe. But I reckon their bottom line will skyrocket.

Big emphasis on 'Debit Cards' and arguments as to the benefits of modern technology by posters here when the topic subject explicity uses the term 'Credit Cards'

Not that I use my debit card, I am not ashamed to say that on a normal day I use cash. its just me but I always know my daily financial state without having to check wads of statements, being E- Statements or Paper. But I know people swear by them and I sure don't knock them for that. yes, I agree, a good idea.

But the difference is you can only spend what you actually have. That's why they are so well used and so popular. Removing the temptation of adding to your credit card debt.

it is no secret that Credit Cards are a rort. Where Interest rates have tumbled, or are still tumbling in this global downturn, another cut expected in Australia soon, 1.75% right now. But if I default on a Credit Card Payment the Bank will hit me up for 20%+. Wouldn't you like a piece of that action! Ned Kelly would blush!

Thai household debt has been a serious topic for discussion for a few years now. Running at what? 250,000 baht per household? And that's the debt they know about. My sister in law had a 100,000 baht per month job with only moderate outgoings. Yet she was in the poop for for lots more than that on her Credit Cards and could see no way out. Except she sold up and is living in Australia now.

I'll say again, you have to have the money in your account to use a debit card. if you don't and you have no cash, you use a credit card if you have one.

I reckon it would be safe to say the majority of Thai workers won't have the cash in the bank. Judging by the stats on debt, they don't. They will be living from paycheck to paycheck. Since most working Thais get paid monthly, by the time they are only part way through their salary cycle, one or two weeks, they will be broke. There will be no cash in their Debit Account. So thanks to 7/11 they now have the convenience of buying their daily staples on credit without having to make a trip to one of the bigger department stores or supermarkets. Or going without and making do.

The number crunchers at 7/11 have done their homework.

The message today is about living beyond your means and the perils associated with that. But it is still a message that doesn't seem to get through to everyone.

hehe, who was it that said? I can resist anything. Except temptation.

As for 7/11's integrity, honesty, motives etc.,

take a look below, not exactly 'paragons' of virtue, it is not about doing us all a favour, making checkout lines more efficient, dangers of carrying cash, or anything else. its about profit.

http://www.abc.net.au/4corners/stories/2015/08/30/4301164.htm

I love the smell of cash in the morning

Edited May 19, 2016 by cpofc

[Don Mega]

I hope all the banks have put on extra resources to cope with the massive rush on credit card applications.

[andy8017]

When is the world going to wake up to the fraudulent banking practices and their currency printing scams (Quantative

Easing).The whole of world trade is in deficit (debt based) . if everyone in US went to the bank and demanded their

currency ,the banks could only pay them 0.006 for each dollar ,or 6 cents, and that is in the US. What would happen

in Europe or the UK i suspect ,would be a whole lot worse, It is all going to hit the fan soon and will be a whole

lot worse than 2008 !

[cpofc]

I can't wait to hear the whinging by those members of the purely cashless society when some of the big banks here suffer outages or serious cyber attacks. Outages have occurred a number of times recently in Oz. So no reason why it it can't happen here.

All those with cash? Go straight to the front of the queue please.

or what if, and it's happened to me, you put your card in and its says 'Error - Please Contact Your Bank' - It's like someone just shot an arrow through your heart, a feeling of pure nakedness. You grasp at your pockets hoping to feel some folding stuff in there. You haven't even eaten today yet!

As I keep saying, technology is wonderful, I love technology. But when it breaks down it can be your worst enemy.

Have a look what happens to Thailand and the World when bloody facebook goes down!

[Whyamiandwhatamidoinghere]

What's a credit card. Left that madness in 2008.

[55Jay]

Nothing inherently mad about credit cards. If you take it out of your wallet and lay it on the table, it just lays there, like the inanimate sliver of plastic that it is.

[Tomtomtom69]

I read a couple of days ago that chip and pin cards and starting to be rolled out in Thailand?

They are already being used and have been for a number of years now.

[bentfarang]

The 2% - 3% Visa charges will now be passed along as higher prices.

Unlikely, for three reasons (1) handling cash is really rather expensive, (2) less cash in the till means less lost from theft, and (3) Thai people are very price sensitive - I've known people who'd rather walk 400 metres there and back to buy a packet of cigarettes that costs a couple of baht less, rather than buying in an adjacent shop. If they do hike their prices they will lose business.

Quite right. Cash handling is a big operational cost for banks. Even the ATMs are expensive to keep topped up. For retailers it also costs a lot of money to deposit the cash at a bank. Credit cards are cheaper across the board. Even for the customer if used and managed well.

[Johpa]

Quite right. Cash handling is a big operational cost for banks. Even the ATMs are expensive to keep topped up. For retailers it also costs a lot of money to deposit the cash at a bank. Credit cards are cheaper across the board. Even for the customer if used and managed well.

Cash handling is indeed a big operational cost for banks as that is what they do, take in cash and hand it out. Wow, pretty good deal if you can automate one of your principle operations. For retailers the handling of cash is an insignificant cost of operation as their primary operation is to sell goods with their primary cost being the investment in inventory.

For under $100, here in the US, you can purchase a cash register that can even tell a clerk how much change is due the customer. So cash transactions take no more time than card transactions. And it really doesn't cost that much to take the cash to the bank, often that is just a night drop. But losing even 2% off the top is tough when your gross profit margins (GPM) are under 50%, making that 2% cost 4% of your GPM of 50%, and most GPMs are lower than 50%. And despite what some are implying here, unless you are Walmart, you don't always have the ability to raise prices to cover an added expense, that is nonsense.

[bentfarang]

Quite right. Cash handling is a big operational cost for banks. Even the ATMs are expensive to keep topped up. For retailers it also costs a lot of money to deposit the cash at a bank. Credit cards are cheaper across the board. Even for the customer if used and managed well.

Cash handling is indeed a big operational cost for banks as that is what they do, take in cash and hand it out. Wow, pretty good deal if you can automate one of your principle operations. For retailers the handling of cash is an insignificant cost of operation as their primary operation is to sell goods with their primary cost being the investment in inventory.

For under $100, here in the US, you can purchase a cash register that can even tell a clerk how much change is due the customer. So cash transactions take no more time than card transactions. And it really doesn't cost that much to take the cash to the bank, often that is just a night drop. But losing even 2% off the top is tough when your gross profit margins (GPM) are under 50%, making that 2% cost 4% of your GPM of 50%, and most GPMs are lower than 50%. And despite what some are implying here, unless you are Walmart, you don't always have the ability to raise prices to cover an added expense, that is nonsense.

Uhm... not sure you know how banks make their money. But it is not really in the despensing of cash. And for that reason they want to do away with it. Operationally it is more effective to do transactions in a virtual environment for banks. As to retailers... the cost of security in handling cash is in fact an operational expense of some sognificance, and the bank charges that same retailer a fee for accepting that cash and placing it into and account. Retailers and banks benefit from not moving a lot of cash around. It's hard to explain via a mobile phone on a forum, but as a former banker I do know that the cost we save from not moving cash oitweighs the fee we'd have charged for the retailer to deposit the cash. And the same applies to retailers. The bank I worked for even struck a deal with retailers to give cash to clients from the till. This was a win-win-win arrangement. The bank reduces usage of ATM's for cash, the retailer has less cash to bank at the end of the day, and the customer has a convenient way of getting cash without paying any fee for using ATM.

It helps to actually know the industries one is commenting on.

[farang95]

BANK are vicious.... i will pay cash...

[bentfarang]

BANK are vicious.... i will pay cash...

I agree... and I would rather barter than pay cash. But that isn't the way the world is moving. And seeing as banks drive certain behaviour by rewarding clients... why would I choose to lose rewards out of some allegiance to cash. The bank still takes its pound of flesh... what's in that behaviour for me?

[Guest]

The 2% - 3% Visa charges will now be passed along as higher prices.

Unlikely, for three reasons (1) handling cash is really rather expensive, (2) less cash in the till means less lost from theft, and (3) Thai people are very price sensitive - I've known people who'd rather walk 400 metres there and back to buy a packet of cigarettes that costs a couple of baht less, rather than buying in an adjacent shop. If they do hike their prices they will lose business.

Quite right. Cash handling is a big operational cost for banks. Even the ATMs are expensive to keep topped up. For retailers it also costs a lot of money to deposit the cash at a bank. Credit cards are cheaper across the board. Even for the customer if used and managed well.

Brent,

You have overlooked one fact.

Whatever the current cost of doing cash business .. that is already factored into retail price.

So let's call that a base price.

Credit card companies charge retailers 2- 3 % per transaction.

That money has to come from somewhere (in a business with extraordinarily low margins to begin with.)

And that money, will come from consumers.

So, in a moment of irony (or anger) ... cash customers will subsidize credit card award wining users via those higher prices.

And the sir, is the rub.

[Oxx]

The 2% - 3% Visa charges will now be passed along as higher prices.

Unlikely, for three reasons (1) handling cash is really rather expensive, (2) less cash in the till means less lost from theft, and (3) Thai people are very price sensitive - I've known people who'd rather walk 400 metres there and back to buy a packet of cigarettes that costs a couple of baht less, rather than buying in an adjacent shop. If they do hike their prices they will lose business.

Quite right. Cash handling is a big operational cost for banks. Even the ATMs are expensive to keep topped up. For retailers it also costs a lot of money to deposit the cash at a bank. Credit cards are cheaper across the board. Even for the customer if used and managed well.

Brent,

You have overlooked one fact.

Whatever the current cost of doing cash business .. that is already factored into retail price.

So let's call that a base price.

Credit card companies charge retailers 2- 3 % per transaction.

That money has to come from somewhere (in a business with extraordinarily low margins to begin with.)

And that money, will come from consumers.

So, in a moment of irony (or anger) ... cash customers will subsidize credit card award wining users via those higher prices.

And the sir, is the rub.

You appear to be missing the point that a reduction in cash handling costs offsets the credit card costs.

[JWNY]

Minimum to use plastic is THB300. Is it universal for all 7-11 in Thailand?