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Where Are Small Businesses in the Mobile Revolution?

Nearly 70 percent of Americans carry a mobile device. It’s no wonder, then, that within the SMB world, more and more owners are depending on their mobile phones and tablets to check business accounts and transfer funds. While National Small Business Week has come to an end, MasterCard will continue show support for SMBs in a Google Hangouts session with Bank of America, together offering crucial tips on how small businesses can leverage the power of mobile.

Small businesses owners are becoming increasingly reliant on mobile banking and transactions. According to a recent Bank of America blog post, small business owners (SBOs) are “outpacing the general U.S. population in almost every category of mobile activity.” About 63 percent of SBOs said they could not survive without their mobile phone, as indicated by a Forrester report. Bank of America also indicated that it has seen an increase in SBOs’ use of phones and tablets to manage business bank accounts and use of the mobile notification security feature. In addition, a high percentage of SBOs use their devices to conduct social media marketing.

These small business owners are also using tools to help them turn digital more quickly and securely. Among many is MasterCard’s Masterpass digital wallet app, which is enabling SMBs to accept credit cards. MasterCard indicated in a blog post that the question is no longer whether or not SBOs should invest in mobile marketing. It is now: “How can I create a successful mobile marketing strategy?”

“Mobile is really a way that small businesses can truly level the playing field with their larger competitors,” said Eugene DeSilva, SVP of Small Business, MasterCard, in the blog entry. “It’s important for SME’s to take advantage now, before they are left behind and find themselves struggling to catch up.”

Three ways SMBs can take advantage of mobile are the following:

1. Welcome Mobile Visitors: To ensure mobile visitors have pleasant experiences, businesses need to make certain that their sites work well on mobile from landing to sales confirmation pages. MasterCard’s Eugene DeSilva explained that to help ease this process, MasterPass strengthens a small business’ presence online and increases sales by giving customers a faster way to checkout.

2. Reach Out Via Text Messaging: Businesses should be able to reach customers immediately, wherever they are. They can do so by building opt-in text message lists, guaranteed to reach customers, many of whom carry their phones with them at all times.

3. Mobilize Your Email Campaigns: Clearly, people are reading their email on their mobile devices. Thus, it is important for businesses to understand how email works on mobile, and have a marketing strategy.

For more quick hints and long term strategies to help SMBs with their mobile game plan, join MasterCard and Bank of America for their Google Hangout session “Where is Your Small Business in the Mobile Revolution?” held on May 21st at 8:00 PM (EST) as part of their “Small Business Social Series.” The event will be hosted by MasterCard’s Eugene DeSilva and Kim Dushinski, Bank of America’s David Solis, and USA Today’s Steve Strauss. Sign up here



Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

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