Mastercard continues to help SMEs recover and succeed through several avenues, including: leveraging its extensive network, insights, technology, partnerships and philanthropic funds. These resources deliver solutions around easing and providing cashflow management support, capital or digital services.
Throughout Covid-19, many SMEs were forced to quickly navigate through an unknown landscape. One of the main changes many businesses underwent was the switch to digital and 70% have either added new digital capabilities or enhanced their existing digital services commerce channels.
However, the digital transformation did not stop many players in the SME ecosystem from hitting bumps in the road, and in-turn, businesses suffered severe knock-on effects often times around cashflow. In fact, regardless of industry or size 82% of small businesses go under due to insufficient management of cashflow. For this reason, Mastercard has developed valuable partnerships, which are key in relieving such pressures so that businesses can run more smoothly.
As lockdown measures start to ease across the region, and we move into the recovery phase, transparency around cashflow will be more valuable than ever to an SME’s business.. Mastercard’s collaboration with upSWOT provides software, which analyses key data and behaviors. It allows SMEs to be proactive in managing and mitigating cash flow related challenges with forecasting capabilities and by offering real-time relevant recommendations. In addition, banks can use this tool to gain further insight into clients’ finances in order to provide a personalised approach.
Travel remains one of the largest expenses to a small businesses. Convenient travel booking app partner FinalPrice takes the sting out of the process by offering cash back on travel expenses. The brand revolutionised the Online Travel sector when it became the first Online Travel Agency to come out with a subscription-based “travel as a service.” It provides the lowest and best prices on travel by aggregating offers from numerous suppliers in hotels, airlines, and car rental companies. There are no hidden fees, and through the Mastercard partnership SMEs across Europe are able to return to business travel and gain access to the best prices with exclusive cash back up to 35%.
“2020 brought a whole host of new pressures and challenges for small businesses. Almost overnight the pandemic brought about radical change in the way consumers worked, shopped, socialised and interacted. Within a matter of weeks we accelerated five years into the future around digital adoption.” said Marcus O’Toole, VP Head Small Business Segment Solutions Europe at Mastercard. He added, “Our deep understanding of serving this segment and recognition of its challenges, particularly around cashflow management, allows us to enable customers to address the full spectrum of SME needs. We focus on delivering digital solutions, such as those offered in partnership with upSWOT and FinalPrice that simplify the process for small businesses so they are not merely surviving, but thriving.
Founded in January 2019, Upswot technology serves dozens of financial institutions helping them to build loyalty and grow engagement among their SMB clients.
The platform is a white-labeled business health dashboard which powers online/mobile banking platforms with 120 API-enabled apps. SMBs can connect their data for continuous, API-enabled access to QuickBooks, Xero, Salesforce, and 120+ other business critical SaaS applications to get accurate cashflow forecast, actionable inisghts, and personalized advice.
Data is aggregated in real-time and thousands of signals are analyzed to help SMBs better understand the health of their businesses via interactive dashboards.
On the back-end, Upswot surfaces meaningful data for relationship managers to upsell the right products and services while building more meaningful and longer-lasting relationships.
FinalPrice, finalprice.com, is a technology company in the travel industry. We are the Amazon Prime of travel. A subscription approach to travel offers better prices and better loyalty. No more ‘spend more to save more,’ or last minutes deals. People don’t have to be ‘Genius’ traveler to get fair prices. All the commissions we get from the suppliers (hotels/airlines/etc) are returned to travelers as a discount or cashback.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
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