Mastercard has expanded its services to small businesses, introducing new tools to assist companies with payments, getting financing, defending themselves against cyber criminals, and more.
According to Ginger Siegel, North America Small Business Lead at Mastercard International, “This drive comes as small businesses attempt to adapt to an increasingly digital business environment.”
The labor shortage has made it increasingly harder for many small firms to get the required employees. However, despite being overburdened, companies must evolve to satisfy client needs, such as the capacity for digital interaction and payment processing.
According to a recent PwC Global survey, 89% of the banking, financial technology, and payments businesses polled believed that the continued rise of e-commerce would necessitate a sizable investment in online payment solutions.
With various services targeted towards small businesses, many of which are part of its Mastercard Digital Doors program, Mastercard is attempting to address these difficulties. The initiative, which debuted as an online business resource center during the pandemic, offers tools to assist small businesses in opening online shops, accepting digital payments, boosting their cybersecurity, and carrying out other business operations in an increasingly digital environment.
With a new Marketing Hub platform that helps connect small businesses with service providers chosen to help them achieve their needs, Digital Doors has recently expanded to include more resources to help small business owners promote their operations.
The second-largest pain point for small and medium-sized businesses is finding new customers, despite 47% of companies saying they are in “growth mode,” according to a Mastercard study.
The Digital Door Marketing Hub also offers savings on additional services that assist companies with their marketing and advertising initiatives and 20% off specific Hootsuite services designed to increase social media marketing. For instance, the deal with FedEx allocates 40% off selected FedEx Express shipping services and 20% off selected FedEx Ground shipping services.
The collaboration between Mastercard Digital Doors and the Global Cyber Alliance is another vital service it offers. The Cybersecurity Toolkit for Small Businesses from the Global Cyber Alliance provides scanning tools to find and evaluate gaps in data encryption and website security, which can assist small firms in guarding against online fraud and damaging internet traffic.
Mastercard also offers education and coaching initiatives for small firms, including a collaboration with Hello Alice, a platform that assists entrepreneurs in navigating financial and other problems.