In a piece that will likely have reverberations in Monday's trading session, this week's Barron's raises questions (subscription required) about Systemax's (NYSE: SYX) accounting for rebates and possible disclosures at the computer maker that recently agreed to acquire CompUSA.

Consumers have been complaining loudly about TigerDirect, which is owned by Systemax, and its failure to pay the rebates on products it sells. TigerDirect accounts for more than 90% of the company's revenue.

Systemax declined to speak with the weekly, but according to the article, "The complaints fill Internet discussion forums, customer lawsuits and now, an active investigation by Florida's attorney general. Port Washington, N.Y.-based Systemax, however, has told investors nothing of this rebate ruckus. That's a shame, given that those disputed rebates might partly account for the unusually fat gross-profit margins shown by the company: At 16%, the gross margins are four or five percentage points higher than those of peers."

Barron's wonders whether the company should be disclosing the rebate mess in its SEC filings. It's hard to know what to make of Systemax's unwillingness to speak with Barron's -- perhaps they'll respond publicly if their stock gets knocked down on Monday.

Definitely a very interesting piece of reporting from Barron's, one of the few media outlets that still bothers to cover stuff like this.

This week at an Apple Inc. (NASDAQ: AAPL) event and a follow-up press release Steve Jobs masterfully filled shareholder and consumer psyche with un-quelled anticipation about new iPhone and iPod product developments. Not to disappoint anyone, he did release information about a totally unanticipated huge development, a $200 price cut in the high-end 8 gigabyte iPhone. This reduces the retail price from $599 to $399 after only two months.

The screams from the "beta testers" that had to be the first ones on their block to own an iPhone were so loud that the actual discussion about the products themselves took a back seat. Surprised (maybe) and embarrassed marketing genius Jobs decided to announce a $100 rebate redeemable for merchandise at Apple stores to those angry customers who felt foolish and betrayed. In addition the stock took a hit, although in the long run the one day movement is irrelevant, in my opinion.

Although Best Buy (NYSE: BBY) has gotten into hot water for not paying some rebates as well as possible deceptive practices related to a "secret internal website," the company has been making progress recently on eliminating rebates on many of its products. Browse through any of Best Buy's advertisements in a local newspaper and you'll see a stark difference in the prices it advertises for that newer notebook PC or plasma TV -- there are very little to no "mail-in rebates."

A recent Circuit City (NYSE: CC) ad showed many of the same prices on products very similar or identical to those carried at Best Buy. That is, after two to three rebates were applied. The rebate madness at Circuit City and CompUSA (for example) is still in full force: If you want that $799 laptop, be prepared to pay $1,200 out the door, then apply for two or more rebates to get you down to that advertised $799 price. In the meantime, you've paid sales tax (most likely) on $1,200 already. Enter Best Buy, and you'll likely leave with that $799 laptop for exactly that price, after "instant rebates." That, my friends, is much easier to swallow for most bargain hunters.

Why can't other retailers do away with mail-in rebates and stop luring consumers with artificial prices? Well, they know that industry's dirty little secret: 80% of mail-in rebates are never followed up on. Nothing new here, and it's a margin padder for retailers while allowing them to advertise very low prices. But, savvy consumers these days recognize the difference and see that Best Buy's rebate elimination program is a much better deal. That, in turn, builds loyalty even against e-tailers like Amazon (NASDAQ: AMZN) or Buy.com. Best Buy got it right here, and I'd be amazed if other retailers don't follow suit soon. That, or risk becoming more irrelevant to the informed bargain-hunting consumer.

I have to give consumer electronics retailer Best Buy Co., Inc. (NYSE:BBY) credit on this one -- it will be completely doing away with rebates in its Canadian stores by throwing away it's mail-in rebate program.

Are you tired of the hoops that you have to jump through to get that precious rebate on items like new inkjet printers, digital cameras and even flat-panel TVs? Retail rebates are the scorn of consumers, as I wrote recently, and some retailers have sensed that and have changed rebate programs into "instant rebates" or have even done away with rebate programs completely.

Rebates allow retailers to advertise much lower prices than actual sell prices are set up just to get you in the door, but then these rebates come with so much work that most of them are never redeemed -- a fact the retailer counts on of course.

As such, customers will now see savings instantly at the time of sale in the form of "instant rebates", a practice the retailer has already had in addition to its mail-in rebate programs. If that does not score more customers who are fed up with mail-in rebates, I am not sure what will. It looks like Best Buy actually listened to customer complaints about mail-in rebates at the same time wanting instant gratification that rebate prices can give from a shopping psychology perspective. Will this run into Best Buy stores in the U.S.? You can count on it.

If you're a regular retail shopper, you may have noticed that there are "rebates" advertised in almost every price these days, specifically when looking at and shopping for consumer electronics gear. Retailers team up with manufacturers to create rebate programs to allow for ever-shrinking retail prices to be advertised and get that all-important "foot in the door" of the retailer.

Statistics have showed that the majority of shoppers who end up making a purchasing decision based on an "after rebate" price never send in the rebate in, or send it in and don't follow up on it later. Retailers expect this as the percentage of consumers who never follow up on claiming a rebate just adds that much more to retailers margins. Are rebates a hassle and mess to even work with? At most retailers, they are. I have noticed that some retailers -- like Staples Inc. (NASDAQ: SPLS) -- make it extremely easy to work with rebates, sometimes not even requiring sending in receipts, bar codes and other miscellaneous items.

If you're into the mode of judging retail prices by the "after rebate" price, realize that you are paying a higher price to begin with (rebates come later) and that you will have to be super-diligent about organizing all the rebate materials to ensure you don't mess up the process and have a rebate claim denied. Is it worth it? To some, yes. To others, it's just a way to get a lower advertised price in front of those retail eyes.