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U.S. Bank’s MasterCard Offering A First For SMEs

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In what U.S. Bank says is the first of its kind in the U.S., the financial institution is now providing its small business clients with access to MasterCard’s Business Network and launching new small business card products at the same time.

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The venture, announced Thursday (Jan. 4), means small business owners using U.S. Bank can be linked to MasterCard’s Business Network in a consolidated website. Together, the organizations provide SMEs with advice, tools and support to help entrepreneurs manage operations. The network focuses on helping business owners manage costs and ease friction in financial management.

According to U.S. Bank, the solution will combine with its existing Payment Controls solution, a mechanism for small business owners to track and manage employee spend on their business credit cards.

In addition to linking SMEs with the MasterCard Business Network, U.S. Bank also announced three new small business credit card offerings: the U.S. Bank Business Edge Cash Rewards World Elite MasterCard, the U.S. Bank World Elite MasterCard Company Card and the U.S. Bank MasterCard Community Card.

“The annual Small Business Survey from U.S. Bank indicates small business owners want services that help them efficiently manage their finances,” said U.S. Bank Retail Payment Solutions Senior Vice President Cathi Stanton in a statement. “The new MasterCard Business Network and Payment Controls from U.S. Bank are a response to what our customers have told us they need.”

For the businesses that use any of the three new cards, U.S. Bank added that these business owners can also access solutions offered by the MasterCard Business Network, including a rebate program, an online community of resources and U.S. Bank payment controls.

The collaboration also brings the U.S. Bank MasterPass Wallet, a digital wallet to help small business owners make secure, efficient purchases online.

Only weeks ago, U.S. Bank incorporated more of its card products into Apple Pay, including its suite of small business cards.

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