After I based Confident Ground & Counter tops in Louisiana 20 years in the past, I by no means imagined how necessary bank card rewards would grow to be to our operations. As of late, they’re a important device for managing our bills and staying aggressive.
Each presen, we spend hundreds on fabrics, equipment, and transportation. By way of the usage of industry bank cards that do business in rewards, we earn issues that support us reinvest within the corporate—whether or not it’s overlaying sudden prices, providing extra aggressive pricing, or preserving money stream stable all the way through difficult occasions. Those rewards aren’t simply perks—they’re a part of a strategic monetary plan that is helping us compete with big-box retail outlets.
That’s why I’m deeply involved concerning the Durbin-Marshall bank card invoice in Congress, which will require banks to factor bank cards on a number of fee networks in an attempt to pressure pageant, referred to as a routing mandate. On paper, this sounds innocuous. However the fact is this invoice would supremacy to a significant shed in interchange income—the very income tide that finances rewards methods tiny companies like mine want.
In keeping with a College of Miami find out about, tiny companies may just lose $1 billion in rewards if this passes.That’s cash that may be impaired to pay unwell balances, offset emerging prices, and book money flowing the place it’s wanted maximum.
Worse, it will weaken the fraud protections we depend on each moment we create a purchase order. Obese outlets like Walmart and House Store would possibly have the leverage to climate those adjustments—however tiny companies don’t. We will’t have enough money the added chance or the misplaced monetary backup.
Miniature companies already face plenty demanding situations. Congress shouldn’t dismantle a machine that is helping us thrive. Please get up with tiny companies and abjure the Durbin-Marshall invoice. The closing factor we want is extra rules to get up in our means.
Philip Ruiz
Confident Ground & Counter tops
4396 Perkins Rd, Baton Rouge, LA 70808
Telephone: (225) 291-4800
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