This week, we are celebrating 50 years of National Small Business Week in the United States. But, here at MasterCard, we view every day as “Small Business Day,” not just one day or one week. That focus drives us to support small business owners with the best tools and insights to grow their business.
Just look at how significant small businesses are for our economy. Today, they account for 99.7 percent of all firms in the U.S. They are not only a driving force for innovation, but also create almost two thirds of all new jobs.
However, too many small businesses close for lack of funding or the right business tools to help make their business succeed. Other businesses are struggling with changing consumer habits and the impact of new technologies.
For me, the greatest impetus to supporting these firms is that small businesses don’t think of themselves as small – just as not having finished growing yet. In fact, solutions and tools that are based on electronic payments can help facilitate that growth, from offering easy savings to providing instant access to benchmark analytics. Owners can empower their employees with business cards for company purchases or travel, extending the trust with secure cards that have controls and alerts built into them. Moreover, the emergence of mobile POS-devices such as Square and iZettle has made it much easier for small businesses to accept payments – increasing their revenues and saving time and hassle.
The most important thing electronic payments can do for a small business, especially when combined with online banking and other tools, is enabling better cash flow management, essentially freeing the owner to concentrate on the most critical issue: acquiring new customers and retaining existing ones.
This is why we support small businesses everywhere, every day of the year, in every way we can.