Show-Me State Times

Chris Meritt, owner of Merritt Roofing LLC in South Carolina, said that credit cards assist his business by simplifying customer payments and allowing him to earn rewards on company expenses. This statement was made during an interview.

"When customers pay with a credit card, we don't have to worry about bounced checks or carrying around large amounts of cash," said Meritt. "Payment is much easier for my customers, and when I use a card for expenses, I can take advantage of credit card rewards."

According to Congress.gov, the Credit Card Competition Act of 2023 (S.1838) proposes changes to the current credit card system by requiring large financial institutions to enable at least two networks for processing transactions. The bill aims to reduce merchant costs by increasing competition among credit card networks. However, many businesses and consumers have expressed satisfaction with the current system and concern about disrupting established benefits.

A study conducted by the Electronic Payments Coalition found that the Credit Card Competition Act could cost the U.S. economy approximately $227 billion and result in the loss of 156,000 jobs. The study highlights that small businesses, which often rely on credit card rewards to cover operational expenses, would face higher costs and reduced access to credit due to the proposed legislation.

NerdWallet reported that opponents of the Credit Card Competition Act argue that reducing interchange fee revenues may lead credit card issuers to scale back or eliminate rewards programs such as cash back and travel points, which are funded by these fees. They claim this could diminish consumer benefits without guaranteeing lower retail prices.

Airlines for America reported that the Credit Card Competition Act of 2023 could negatively impact Michigan's travel and tourism industry. The organization argues that increased processing costs resulting from the bill might lead to higher airfare and reduced service availability, affecting both consumers and local businesses reliant on air travel.

Meritt runs Merritt Roofing LLC, a company based in South Carolina providing residential roofing services. The business focuses on quality work and customer satisfaction, with Meritt emphasizing operational efficiency and value-added services. His company is locally owned and operated.