Erwin Mosqueda, owner of Top Gun M.O.T. Design Services, expressed concerns that the Credit Card Competition Act (CCCA) could negatively impact small businesses by threatening secure and dependable payment processing. He made this statement during a testimony to the Senate Judiciary Committee.
“The CCCA could have severe consequences for small businesses like mine that rely on secure, dependable, and rewarding payment processing,” said Mosqueda. “I respectfully ask you to consider the impact this legislation would have on the small businesses that are the backbone of our economy.”
According to the National Association of Convenience Stores (NACS), the CCCA aims to increase competition among credit card networks to reduce swipe fees charged to merchants. The bill seeks to introduce more options beyond the dominant Visa and Mastercard networks, giving merchants a choice of payment processing networks. However, critics argue it could lead to unintended consequences for small businesses.
The Independent Community Bankers of America (ICBA) reported that the CCCA could undermine payment security by forcing small banks to use less secure networks. This could increase the risk of fraud and reduce the reliability of payment processing for small businesses. Financial institutions and small businesses have expressed concern about potential disruptions in established payment systems.
According to the Florida Small Business Development Center (SBDC), legislation affecting payment processing fees could significantly impact small businesses in Florida. Small businesses that rely on secure and consistent transaction systems may face operational disruptions if network security standards are weakened. Florida’s economy, heavily reliant on small businesses, could experience negative effects if the CCCA is enacted.
Mosqueda is based in Miami, Florida, where he owns Top Gun M.O.T. Design Services. He has extensive experience in business management and technical operations, specializing in innovative design solutions. His leadership has been integral to the company’s success in the competitive Miami business environment.
