![070524-cp-web-oped-CreditCardOp-1](https://bloximages.newyork1.vip.townnews.com/coloradopolitics.com/content/tncms/assets/v3/editorial/5/b8/5b89a7fe-3990-11ef-962f-c3ed877211ec/6685d8e9350e6.image.jpg?resize=150%2C193 150w, https://bloximages.newyork1.vip.townnews.com/coloradopolitics.com/content/tncms/assets/v3/editorial/5/b8/5b89a7fe-3990-11ef-962f-c3ed877211ec/6685d8e9350e6.image.jpg?resize=200%2C258 200w, https://bloximages.newyork1.vip.townnews.com/coloradopolitics.com/content/tncms/assets/v3/editorial/5/b8/5b89a7fe-3990-11ef-962f-c3ed877211ec/6685d8e9350e6.image.jpg?resize=225%2C290 225w, https://bloximages.newyork1.vip.townnews.com/coloradopolitics.com/content/tncms/assets/v3/editorial/5/b8/5b89a7fe-3990-11ef-962f-c3ed877211ec/6685d8e9350e6.image.jpg?resize=300%2C387 300w, https://bloximages.newyork1.vip.townnews.com/coloradopolitics.com/content/tncms/assets/v3/editorial/5/b8/5b89a7fe-3990-11ef-962f-c3ed877211ec/6685d8e9350e6.image.jpg?resize=400%2C516 400w, https://bloximages.newyork1.vip.townnews.com/coloradopolitics.com/content/tncms/assets/v3/editorial/5/b8/5b89a7fe-3990-11ef-962f-c3ed877211ec/6685d8e9350e6.image.jpg?resize=540%2C696 540w, https://bloximages.newyork1.vip.townnews.com/coloradopolitics.com/content/tncms/assets/v3/editorial/5/b8/5b89a7fe-3990-11ef-962f-c3ed877211ec/6685d8e9350e6.image.jpg?resize=640%2C825 640w, https://bloximages.newyork1.vip.townnews.com/coloradopolitics.com/content/tncms/assets/v3/editorial/5/b8/5b89a7fe-3990-11ef-962f-c3ed877211ec/6685d8e9350e6.image.jpg?resize=664%2C856 750w)
![070524-cp-web-oped-CreditCardOp-2](https://bloximages.newyork1.vip.townnews.com/coloradopolitics.com/content/tncms/assets/v3/editorial/9/37/937fbdba-3990-11ef-ad79-ffbb4bbac9c6/6685d91bd867e.image.jpg?resize=150%2C200 150w, https://bloximages.newyork1.vip.townnews.com/coloradopolitics.com/content/tncms/assets/v3/editorial/9/37/937fbdba-3990-11ef-ad79-ffbb4bbac9c6/6685d91bd867e.image.jpg?resize=200%2C267 200w, https://bloximages.newyork1.vip.townnews.com/coloradopolitics.com/content/tncms/assets/v3/editorial/9/37/937fbdba-3990-11ef-ad79-ffbb4bbac9c6/6685d91bd867e.image.jpg?resize=225%2C300 225w, https://bloximages.newyork1.vip.townnews.com/coloradopolitics.com/content/tncms/assets/v3/editorial/9/37/937fbdba-3990-11ef-ad79-ffbb4bbac9c6/6685d91bd867e.image.jpg?resize=240%2C320 300w)
We are two brothers who, despite the many impediments, own a successful cleaning, recovery and construction services business in Summit County.
This is odd to say, but one of the main impediments to our business is something we don’t do — and that is take credit card payments from our customers.
All of us, in one way or another, experience the exorbitant costs and damaging effects that the lack of competition in the credit card industry has on our wallets. For us as owners of Perfect Service Cleaning Contractors, it hurts our bottom line and, more importantly, our customers. We really dislike not being able to offer the most convenient forms of payment, but our customers also loathe the fact that to accept credit cards our business either would eat the swipe fees or pass them on. Neither is acceptable, and our business suffers for it.
Stay up to speed: Sign up for daily opinion in your inbox Monday-Friday
But there is some hope of relief. The Credit Card Competition Act (CCCA) is before Congress right now, and it cannot be overstated how important this legislation is to our business, and nearly every small business in the country. The CCCA is projected to save merchants $16.4 billion annually.
At its core, the CCCA addresses the monopoly exercised by major credit card networks, chiefly Visa and Mastercard, which command more than 80% of the market. These behemoths have systematically gouged American consumers and businesses through centralized control over swipe fee rates, driving up costs year after year.
The consequence? The average household shells out more than $1,100 annually in swipe fees alone, an egregious burden that disproportionately hurts small businesses like ours and low-income families, many of whom already struggle with the high cost of living in mountain resort communities like Summit County.
The CCCA would also result in a shift towards a more competitive marketplace. By creating increased competition in credit card network routing, this legislation empowers merchants to seek out lower fees, enhanced security, and superior service from a variety of providers. Visa and Mastercard would no longer wield unchecked authority; instead, routing over alternative networks like NYCE, Star, and Shazam would become available to merchants and small businesses like ours. In this ecosystem of choice, competition becomes the catalyst for efficiency, innovation, and, crucially, cost savings.
As a result, small businesses like ours across Colorado stand to benefit immensely. For many merchants, swipe fees represent a significant operational expense, often eclipsing healthcare costs, rent, and utilities. By freeing them from the stranglehold of monopolistic pricing, the CCCA injects vitality into our communities, fostering an environment where entrepreneurship can thrive. Colorado businesses specifically are projected to save more than $300 million a year, underscoring the transformative impact this legislation could have on local economies.
For our business — and many others like ours that currently don’t take credit card transactions — freedom from the credit card monopoly means a whole new world of opportunities. We can offer our customers the payment choices they deserve and have the chance to substantially grow our business. That means more jobs, growth, tax revenue and choices for Summit County. To continue with business as usual is to side with Visa and Mastercard, further entrenching their unfair market strength and making things worse for small merchants and businesses.
The CCCA enjoys broad support from diverse stakeholders, consumer advocacy groups and small business associations. Its passage represents a rare opportunity for bipartisan cooperation, allowing lawmakers to deliver tangible relief to their constituents while safeguarding our nation’s economic and security interests.
The CCCA would deliver sorely needed relief to American consumers and businesses in Colorado and across the country. I hope our U.S. Sens. Michael Bennet and John Hickenlooper will push for its passage this year.
Javier Gaspar and Jesus Gaspar are co-founders of Perfect Service Cleaning Company PerfectServiceCC.com/about-us/. Known as the Flying J Brothers, Javier and Jesus operate Perfect Service Cleaning Contractors throughout Summit County including Dillon, Frisco, Breckenridge and Keystone, as well as in Vail in Eagle County.