MasterCard Helping Small Banks
0 170 04/23/2019
MasterCard, Urban FT, and the payment services subsidiary of the Independent Community Bankers of America have introduced a card services program, “Community Access,” to help small banks with payments. What about you? Are you interested in a merchant loan for your financial needs? This article is about all this.
MasterCard Venture to Help Small Banks
The mentioned program is responsible for setup and compliance, as well as issuing the card and its fulfillment, opening an instant account and cardholder support.
The goal of the program speaks of another example of the ICBA aimed at helping their members fight the competition with bigger banks. In 2018, the ICBA introduced a fintech accelerator focused on community banks, which enabled the startups to get access to member banks.
When it comes to MasterCard, the company is now concentrated onPOS (point-of-sale) financing. MasterCard has acquireda fintech firm calledVyze. As a result, the payments giant represents an end-to-end platform designed to make it easier for merchants to get access to working capital.
According to Richard Steggall, Urban FT’s chief executive, Community Access allows community banks to truly compete with the larger, national banks. This can be done through a product offering that can provide communities with tools, features, and support that’s more than those offered by the large ones.
As MasterCard reports, Vyze’s platform helps merchants get connected witha number of lenders. This allows their customers toget a broader variety of credit options both over the internet and in-store.What’s more, this can result in up to 90% approval rates of financing, which is much higherthan the industry average.
On a side note, POS financing represents a $1.8 trillion opportunity, according to figures from Accenture.
Payments Ecosystem: Merchant Loan
According to Blake Rosenthal, Mastercard’s executive vice president of global acceptance, not only consumers but also businesses are looking for the best choice and service to use anytime they’d need this.
Back in February, the WSJ reported that Visa and MasterCard were interested in making interchange fees on card transactions in the U.S. higher. In fact, these small processing fees are the very source of the largest part of the revenue that both companies raise, which would be closely related to merchants and fintech startups. Well, what are you, as a merchant, doing to overcome financial hardships and take your business to the next level without major challenges?
Why not turn to a reputable alternative online lender for secure and affordable business funding? In fact, a true merchant financing provider can help you get easily approved for a merchant loan at the cheapest rates and with the best terms.
Colleen Taylor, executive vice president, New Payment Flows at Mastercard, says that faster payments have been dwelling in40 years of inertia the U.S. payments infrastructure. On top of that, there’re a number of well-rooted misconceptions and thoughts that’re away from being true. So, it’s important to eliminate them beforethe adoption of real-time payments can start to be a success.
Finally, the players in the payments ecosystem such as banks and businesses should build their own strategies aimed at modernization the services for institutions and customers.
Author Bio:As the FAM account executive, Michael Hollis has funded millions by using merchant loan solutions. His experience and extensive knowledge of the industry has made him finance expert at First American Merchant.
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