The Merchants Payments Coalition (MPC) continues to distort the facts as part of its campaign to influence Congress into passing the Durbin-Marshall Credit Card Bill.
Recently, MPC promoted the 2024 NFIB survey on “small business problems and priorities” and attempted to claim credit card payment processing as a top concern. However, the NFIB’s own survey indicates more small business owners say credit card payment processing costs are “NOT A PROBLEM” compared to those reporting it as a critical issue.
The first chart in the NFIB’s report ranks the top problems facing small businesses. Credit card costs barely make it into the top 25 problems for small business owners, ranking well below issues such as health care costs, taxes, utility costs, interest rates, and government paperwork.
Further examination of the NFIB’s report reveals that small business owners believe credit cards help them get paid faster. The importance of 'Delinquent Accounts/Late Payments' has declined over recent years. Since 1982, this problem has ranked variously from 16th to 58th place in different years up to 2024. The increase in financing options and expanded use of credit cards have alleviated many payment issues previously faced by small business owners.
"We believe investing in new technologies and legislating national data security standards will create a stronger payment system."