Small Business Owner Warns of Threat from Payment Processing Fees

A small business owner in Montgomery has written an open letter to Sen. Katie Britt, expressing concerns about the impact of payment processing fees on community-focused businesses.

The writer, who is the co-founder of Prevail Coffee, a specialty coffee roaster and café brand with locations across Alabama and Georgia, argues that these fees are a major obstacle to the growth and survival of small businesses like theirs. He notes that credit card processing fees would be the highest paid employee on his payroll, if it were an actual employee.

The writer also emphasizes the importance of getting stablecoin and crypto policy right, as he believes that this could help local economies keep more value circulating locally instead of being extracted by large financial institutions. He argues that the current legislative framework already addresses risks associated with stablecoin and crypto policy, but that large financial incumbents are pushing for tighter restrictions that would protect their fee revenue and market control.

The writer proposes a different approach that would allow communities to keep more value circulating locally, and believes that this could be achieved through smart guardrails that don't shut down innovation. He also notes that the current market structure framework will open up opportunities to bolster community bank deposits, which he sees as a positive development.