Mastercard Unveils Updates To Its ‘Digital Doors’ Small Business Program
May 3, 2023
May is Small Business Month, and Mastercard did not disappoint: After the unveiling of “Digital Doors” small business program, several updates have been announced, among these a “marketing hub platform” and “new partnerships”.
These updates come at a highly stressful time for small and medium-sized businesses (SMBs) due to the pessimistic outlook about the economy and what it may entail for enterprises that do not have a safe financial cushion to fall into – as is the case of many.
The hub offers many more ‘amenities’, such as a lifetime discount for Triple Whale, a tool that helps manage Shopify shops with “easy-to-use dashboard, giving real-time insights needed to grow a brand.” Surely something invaluable for businesses that rely on this platform.
These solutions help to manage the anxiety in SMBs, as according to a PYMNTS/Enigma collaboration, “Main Street Health Q1 2023: Using Finance to Ease Recession Fears,” only 26% of businesses have access to more than two months of revenue in financing.
According to Charles Zhu, Enigma’s vice president of product data, SMBs are fortunate as many companies are working with modern payment technologies to revolutionize the cashless environment by “providing new funding routes for cash-strapped SMBs”.
Zhu adds that we are slowly but surely moving away from cash and that many other payment techniques are rising to the challenge, such as buy now, pay later (BNPL). This, he says, will lead to an explosion in the amount and kinds of financing that are available to SMBs.
It is fitting that May would be the month when SMBs hear good news; better tools are always a welcome asset when trying to thrive.