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Does anyone else think he just screwed retailers because they no longer can offer any item for x.99? Do you think he thought it out that far, lol
Chances are the practice will just be to round to the nearest 5¢ on cash transactions. Is it actually worth the time to worry about a few cents on the handful of cash transactions in a day?
They already do this at military commissaries (base grocery stores)
in the united states, what the advertised price is, is what you pay, else it's fraud, we don't "round to" here, lol. regardless the confusion and psychological tool the retailers have employed litteraly forever in american business has just been thrown into chaos, and major corps are going to start freaking out about it. and yeah, it's a very big deal.
It would not be fraud to round up the change that's handed back to a person to the nearest 5¢, plus businesses already factor in far more than 0-4¢ per transaction for credit card fees, so an added cost of 0-4¢ per cash transaction with the bonus of increased efficiency by having fewer coins to count and track makes it a very easy change to make
Hell we haven't has 1 and 5c for decades here, prices still end in .99. It just the final amount that gets rounded .
Yes it does take an Act to allow the rounding on the final price.
yes, and that was a planned phaseout, and not some insane abrupt change of an entire nations pricing structure. it gave companies time to adjust their sales and marketing techniques. many companies in the united states employ the .99 tactic to make their goods seem cheaper than they are, without the legal ability to round, they'll have to forego the psychological tool and make their products .00, or lose .04 a sale and make their products .95, this is going to screw them right up the keister, like immediately, and I am very much looking foward to watching the fallout from this when the big corps start losing their minds
Ever buy gasoline in the US?
https://holidaysigns.com/wp-content/uploads/2014/02/12-12-13-012.jpg