SBPA Halloween Message: Don’t Get Tricked by Corporate Mega-Store Lobbyists

SBPA: Electronic Payments are Making Candy More Affordable!

Washington, DC – The Small Business Payments Alliance (SBPA) shared Halloween treats with congressional offices today, highlighting the benefits of electronic payments for small businesses and consumers. New research underscores the hidden cost of cash for small businesses, and the more than $300 million in savings if all Halloween purchases were processed with credit cards.

The average household spends $108 on Halloween decorations, costumes and candy. Last year, Americans spent $12 billion. Naturally, many of these purchases were made using safe, secure, hassle-free credit and debit cards. Research from the IHL Group, a research and advisory firm specializing in the retail and hospitality industry, shows grocery and warehouse stores pay between 4.7%-5.5% to process cash transactions. The National Association of Convenience Stores (NACS) just this year noted cash “isn’t free of expense.” Those expenses include equipment costs, security and potential theft. NACS even estimates convenience store staff spend as many as 20 paid labor hours a week just counting money.

“This Halloween, credit cards are again showing their value for small businesses and for trick-or-treaters. So when you’re stocking up on candy this year, don’t get tricked by corporate mega-store lobbyists this Halloween – electronic payments are making candy more affordable,” said SBPA Spokesperson Peter Kauffmann.

The Durbin-Marshall credit card bill was introduced last year in Congress as the “Credit Card Competition Act” (CCCA), and the bill’s sponsors are pushing to have it considered this fall. The proposed legislation is a direct threat to the electronic payments and rewards system and would have a major negative impact on small business owners who use credit cards and rewards to run their businesses. Despite its name, the legislation would circumvent the competitive market with a new government routing mandate that would dictate processing networks, without regard to security or quality. A recent study revealed that the bill would “disproportionately benefit the top five businesses in the U.S.” while “costing small businesses over $1 billion in lost rewards as well as a decline in access to credit.”

The SBPA’s message was delivered along with craft chocolate bars from Sol Cacao, a bean-to-bar chocolate manufacturer located in the heart of the South Bronx and a member of the SBPA