An overwhelming majority of small businesses oppose proposed changes to the credit card interchange system, according to Small Business Payments Alliance (SBPA) research released this week for National Small Business Week. The SBPA is a project of the Electronic Payments Coalition, of which America’s Credit Unions is a member.
The survey found:
- Small business owners oppose new government mandates, with 83% of small business decision makers saying government regulation should stay the same (48%) or decrease (35%);
- Nearly two-thirds (64%) believe that the Credit Card Competition Act – the Big Box Bailout bill – would benefit large retailers more than small businesses, with 60% of small business decision makers saying Congress is pushing the bill forward without considering the impact on their businesses; and
- Nearly two-thirds (64%) say that forced adoption of new/updated processing networks will place an unfair cost burden on business owners, with more than half (57%) expecting to see lower profits.
In addition, nearly all (99%) small business decision makers believe customers place importance on keeping their payments secure, and two-thirds (66%) say that their current payment processing fees are necessary for digital privacy.
America’s Credit Unions continues to strongly oppose the Big Box Bailout bill, and shared recent research with Congress showing six negative consequences the bill would bring to American families and small businesses.
