SBPA Members Launch New Video Campaign in Conjunction with Capitol Hill Fly-In
Washington, DC – Members of the Small Business Payments Alliance (SBPA) headed to Capitol Hill this week to highlight the importance of credit cards and the need to protect the existing electronic payments system. Small business owners depend on credit cards to grow sales and expand their reach, and they oppose the Durbin-Marshall credit card bill that would threaten security, access and benefits. The new video campaign launched during the group’s fourth Capitol Hill fly-in, and it comes as bill sponsors prepare to re-introduce the legislation.
Small businesses nationwide rely on credit cards to provide safe, secure and convenient payment processing that sustains their businesses and fuels growth. The Durbin-Marshall credit card bill destabilizes this system and threatens security, by mandating cards run on untested networks, exposing small businesses and consumers to increased fraud risks.
The Durbin-Marshall credit card bill is set to be reintroduced in Congress, and the sponsors are pushing for a vote this year. 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. 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.”