Credit cards have become an essential tool for many small businesses. As the owner of a construction company in Iowa, I use them on a daily basis. With the cost of raw materials rising year after year, we’ve relied on our business credit cards to pay for them, allowing us to earn rewards and keep costs down. Every purchase adds up, and being able to earn rewards helps us stretch budgets further.
As small business owners in Philipsburg, Montana, we understand how tourism shapes our local economy. From skiers heading to Discovery Ski Area to summer visitors exploring Georgetown Lake, our small town thrives thanks to the steady flow of visitors who come to experience the natural beauty of our corner of Montana and many of the small businesses in our town rely on tourists to stay afloat.
Any given day, you can walk by the Crumbl and find a line of eager cookie eaters lining up out the door. Our cookies have become a teen sensation that Gen Z can’t seem to get enough of.
You know what Gen Z also can’t get enough of? Tapping to pay with their credit cards.
As the president of the South Florida Hispanic Chamber of Commerce, I know how much Florida’s small businesses contribute to our local economies. They are the coffee shops, souvenir shops, restaurants, boutiques and service providers that make our communities unique and vibrant.
Atlanta resident and owner of Kayla’s Italian Ice Theresa Bostic said that she has significant concerns about the proposed Credit Card Competition Act, warning that it could jeopardize digital payment security and customer trust. She argues that while the bill is framed as support for small businesses, it may actually harm them by threatening essential financial resources and eliminating critical credit card rewards.
As the owner of a hospitality group with locations in North and South Carolina, I know from experience the benefits the existing credit card and electronic payments system offers. The current system helps us to streamline our operations, safely process transactions, and earn rewards to invest in our employees and back into the business. In addition, the current system also allows small businesses to earn rewards, which we have leveraged to stay afloat during the pandemic and used to invest in our employees.
As any small business owner knows, the customer experience is just as important as the quality of products or services we offer. For my wellness and beauty business, AN Skin & Beauty in O’Fallon, my customers expect and depend on being able to shop our products in my store and online with ease and peace-of-mind.
Small businesses are the backbone of the American economy. The nation’s 33.3 million small businesses employ 61.6 million Americans – almost 46 percent of the private sector workforce. Small businesses across the country rely on credit cards and rewards to lower operating costs, re-invest in their businesses and employees, manage cash flow, and give customers more choice, security, and convenience in how they pay.
Melanated communities in Colorado and across the country have historically and perpetually faced systemic barriers to credit and banking access. Melanated communities are already chronically underbanked, including 27% of Black families and 18% of Hispanic families. And, too often for those who are “banked,” the understanding of how to use these accounts for their benefit while keeping money in interest-bearing accounts and investments is not the norm.
As a small business owner, I work every day to keep my business up and running — and thriving. I own DA SPOT, a unique retail space featuring more than 100 creative brands by people of color.
