Theresa Bostic, owner of Kayla’s Italian Ice in Atlanta, Georgia, expressed her concerns about the current credit card framework. She emphasized its importance for small businesses’ success and urged Congress to reject the Credit Card Competition Act.
“The safety, stability, and support that the current credit card framework provides are foundational to my business’s success,” said Bostic. “The CCCA is a misguided proposal that would weaken small businesses at a time when we need support, not further obstacles. I urge Congress to reject the CCCA and focus on policies that truly promote growth, security, and resilience.”
According to the National Retail Federation, the Credit Card Competition Act (CCCA) aims to promote competition among credit card networks by requiring banks to offer multiple processing network options. While proponents argue that the act could reduce transaction fees, opponents, including small business advocates, warn that it may compromise payment security and increase costs for merchants. Small businesses are particularly concerned about potential disruptions to reliable credit card processing systems.
The Electronic Payments Coalition reported that the Small Business & Entrepreneurship Council opposes the CCCA, arguing that it would harm small businesses by increasing operational complexity and reducing security. The council warns that the proposal could lead to higher processing costs and limited payment options.
According to the Georgia Small Business Development Center (SBDC), small businesses make up over 99% of all businesses in Georgia and employ approximately 1.7 million people. The SBDC reports that maintaining reliable credit card processing is crucial for these businesses’ financial health, as disruptions can significantly impact cash flow and customer satisfaction.
Bostic is known for advocating policies that support entrepreneurial growth and has extensive experience in small business management.
