Hunt: 'Credit cards are making holiday shopping more convenient and secure and Americas' Thanksgiving turkeys more affordable'

Richard Hunt, Executive Chairman of the Electronic Payments Coalition (EPC), has expressed support for electronic payments during the holiday season. He said, "Without electronic payments, the hidden costs of cash would leave small businesses with higher operating costs, ultimately leading to higher prices for consumers."

"As families and friends prepare to gather around the table, credit cards are making holiday shopping more convenient and secure and Americans' Thanksgiving turkeys more affordable," said Hunt. "Without electronic payments, the hidden costs of cash would leave small businesses with higher operating costs, ultimately leading to higher prices for consumers."

According to a report released by the EPC on November 21, grocery stores could save $47 million in processing costs if every household in the country used credit cards to purchase ingredients for Thanksgiving dinner. The report indicates that retailers pay $88.2 million to process cash payments, which constitutes 4.7% of the total cost, whereas fees for processing credit card payments are only 2.2%.

Since 2019, these rates have remained around 2%, despite claims from corporate retailers that credit cards contribute to their higher costs, according to the EPC's November 21 report. "The power of credit cards is a huge benefit for small businesses, especially during the holidays," Hunt said in the report. He emphasized that using credit cards not only saves time but also helps local grocery stores thrive in a competitive environment and keeps prices manageable for everyone.

American Credit News highlighted that 79% of consumers prefer using credit cards due to enhanced data security. Glenn Grossman, Director of Research at Cornerstone Advisors, explained potential changes if the Credit Card Competition Act (CCCA) were approved: "If the CCCA were to be approved, the routing of credit card transactions would move from a ‘single pipe’ to ‘multiple pipes’ of data flowing from merchants to issuers." Grossman added that current fraud detection capabilities might be compromised under such a fragmented structure.

Hunt is recognized as one of the nation's most influential experts on financial services and banking policies and their impact on American consumers. His experience spans Congressional work and industry policy, providing strategic guidance for navigating regulatory complexities and developing new revenue growth strategies.