Mastercard Inc., in a new Mastercard Signals report released this week, notes the worldwide significance of small and midsize businesses.

“SMEs are the lifeblood of the global economy — they account for 90% of enterprises and half of the workforce,” the report says.

Jane Prokop, executive vice president, global head of small and medium enterprises, Mastercard

But despite their vital presence, the Signals report notes that SMEs too often operate in need of the latest and most useful digital financial management tools, ranging from managing orders and invoicing to guarding against cyber attacks and accessing financing. The report adds that financial services or fintech firms often find it difficult to serve the diversified SME market’s wide-ranging needs.

Mastercard announced this week that it is out to overhaul small and midsize businesses’ access to the business management tools they need. Noting that it recently met its goal of bringing 50 million micro, small and midsized businesses into the digital economy through online payment acceptance, Mastercard says it’s offering its new Biz360 application suite as a “comprehensive digital solution” designed to let fintech providers equip their small and midsized business customers “with a simplified way to manage the most critical aspects of running and growing a business.”

“We’re committed to empowering small businesses for the digital future by providing the innovative technologies they need to succeed,” says Jane Prokop, executive vice president and global head of small and medium enterprises.

Mastercard says SMEs find friction in using digital tools

In a study report it released last year, Mastercard noted that 75% of small businesses use digital tools in their daily operations, and that two-thirds of them listed “a seamless, digital experience as critical to their business.”

But it added, “The experience is far from frictionless with 25% of small business owners burdened by using more than six different platforms.”

In a separate Foundry report released in June, Mastercard noted that “small businesses revealed that they are using up to four different tools to manage their invoicing alone.”

Mastercard’s Biz360 digital features

Biz360’s and capabilities include:

⦁ A client portal where small business owners can “manage and cultivate customer relationships, boost loyalty through personalized email and marketing campaigns, and enhance their digital presence with website creation capabilities.

⦁ Personalized business performance reports, “allowing business owners to unlock valuable insights that help guide more informed decision making.

⦁ Automating administrative tasks and integrating business management tools into a single platform, allowing entrepreneurs to “focus on strategic, revenue-generating activities.”

⦁ The ability to consolidate digital operational tools, subscriptions and payment gateways into single digital experience instead of relying on siloed technologies.

Prokop says Biz360 “is designed to support small businesses at every stage of growth, allowing a small business owner to select the subscription tier best fit for their needs. The platform subscription cost is determined by the distribution partner.”

Mastercard adds that deploying and integrating the Biz360 suite “requires minimal effort from both [fintech] providers and their small business customers.”

Mastercard rolls out Biz360 with Hello Alice

To initially roll out Biz360, Mastercard will collaborate with Hello Alice, a small business fintech platform. Hello Alice describes its operation as an online platform that guides business owners “through every step of their entrepreneurial journey by providing knowledge, funding, networks and peer-to-peer connections with more than 1 million small business owners.” Its website includes links to business services, including an application for a Hello Alice Small Business Mastercard.

“We’re committed to empowering Main Street by equipping American small business owners with the tools they need to succeed in today’s fast-paced, digitally-driven economy,” says Elizabeth Gore, co-founder and president at Hello Alice.

Mastercard is also collaborating with vcita, a digital technology platform designed for organizations that serve the small businesses in such areas as customer engagement, payment collection and time management.

“Our collaboration with Mastercard facilitates the digitization of operations, helping small businesses maximize growth and customer satisfaction,” says Itzik Levy, vcita’s founder and CEO.

Going forward, Mastercard says it “aims to broaden Biz360’s reach across additional markets in 2025 and expand the platform’s capabilities to address the evolving needs of small business owners.”

Paul Demery is a Digital Commerce 360 contributing editor covering B2B digital commerce technology and strategy. [email protected].

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