Why Mastercard has hope for small business' recovery
It's clear that many small merchants were not prepared for this level of disruption, even if they may have had access to the necessary technology before going into lockdown. And the coronavirus wasn't the only threat they faced; hackers took quick advantage of the chaos, now that there were so many new retailers going online.
For a company like Mastercard, this rapid shift to digital payments was a delicate process. Small businesses needed to make the transition safely, while also keeping up with payment trends that were beyond their control — such as the sudden, sharp interest in contactless payments.
These trends are being echoed in B2B payments as well, where small businesses — which normally write 8x as many checks as consumers — were also forced to change the way they obtain supplies and pay vendors.
All told, this is a complex category with a lot at stake. And for Mastercard to succeed, it can't lose sight of any of these issues.
Host: Michael Moeser, Senior Analyst, PaymentsSource
Guest: Ginger Siegel, North America Small Business Lead, Mastercard