Small business owners outline benefits of secure payment networks and discuss harm of Durbin-Marshall mandates
Washington, DC – Small business owners from across the country sent a video message to members of Congress ahead of hearings this week. In the video, the small business owners — who are members of the Small Business Payments Alliance (SBPA) — discuss the importance of our nation’s safe, secure and hassle-free payments networks as well as share why the Durbin-Marshall credit card bill would hurt their business and customers.
The message from small business owners is clear: don’t jeopardize our businesses just to boost corporate mega-stores’ profits.
A recent study highlights these concerns, showing that the Durbin-Marshall credit card bill would disproportionately benefit the top five businesses in the U.S. and put “small retailers at a further competitive disadvantage.” The legislation would also cost “small businesses over $1 billion in lost rewards as well as a decline in access to credit.”
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 have the ability to run on untested networks, exposing small businesses and consumers to increased fraud risks.
Listen to the voices of real small business owners – oppose the Durbin-Marshall bill.
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 holding a hearing this week.
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 and put small businesses at a further competitive disadvantage with a new government routing mandate that would dictate processing networks, without regard to security or quality.