Mastercard Debuts Platform to Help Small Businesses Consolidate Digital Tools

Mastercard has introduced a new platform designed to help financial and service providers offer their small business customers a way to consolidate the digital tools they use to run and grow their businesses.

The Mastercard Biz360 platform provides a “one-stop shop” that allows business owners to access new features while also integrating their existing digital tools, the company said in a Tuesday (Nov. 12) press release emailed to PYMNTS.

“Mastercard Biz360 is the time-saving solution that small businesses need to focus on what matters most — running their business and serving their communities,” Jane Prokop, executive vice president and global head of small and medium enterprises at Mastercard, said in the release.

Through Biz360, financial and service providers can offer their small business customers a single destination that brings together operational tools, subscriptions and payment gateways; automation of administrative tasks; personalized business performance reports; and customer engagement tools for creating personalized email and marketing campaigns as well as websites, according to the release.

The integration requires only minimal effort from the providers and their small business customers, per the release.

To bring this solution to small businesses, Mastercard has partnered with small business FinTech platform Hello Alice and technology platform vcita, according to the release.

The company aims to expand Biz360 to more markets in 2025 in collaboration with additional providers, per the release.

In an earlier, separate effort to help small businesses, Mastercard partnered with Bluevine on the June launch of a small business credit card that provides 1.5% cash back on all business purchases, merchant discounts and a range of business tools.

The card is designed to provide an alternative to business credit cards and corporate expense cards that are designed for large companies and personal cards that can make it difficult for small business owners to manage expenses and forecast their financials.

In December 2023, Mastercard said its Strive fund awarded nearly $2 million in grants to organizations that support small businesses.

The Strive Innovation Fund will support 11 organizations around the world, including those focused on “innovative digital solutions that support small businesses’ growth in environmental sustainability and data for market access,” the firm said.