MasterCard Giving 40 Million Micro And Small Merchants Access To ePayments

Jul 20, 2016

In 2015, MasterCard set its Universal Financial Access 2020 goal to connect 40 million micro and small merchants to its electronic payments network in the upcoming 5 years.

MasterCard’s Universal Financial Access 2020 Commitment

Since 2013, over 200 million people, who were previously excluded from MasterCard’s financial mainstream, have gotten access to programs and services provided by the company. The number is going to reach at least 500 million by 2020.

MasterCard has formed a broad-based collaboration with entities in the public and private sectors. This enables the company to bring the advantages and security of electronic payments to those who are unbanked around the world.

Merchants interested in payment processing should turn to a reputable processor like eMerchantBroker to open a low-cost and reliable merchant account for their companies. EMB is the top rated high risk payment processor in the US and has an A+ rating with the Better Business Bureau (BBB).

MasterCard Across the Globe

The Direct Express® program, which is a partnership between the US Department of Treasury, Comerica Bank, and MasterCard, aims to help people in the US access account information without difficulty. The program provides federal benefit payments electronically and has also launched a mobile app. Given MasterCard’s worldwide collaboration:

  • In partnership with Rwanda’s government, MasterCard aims to fast-track the country’s move to bring 90% of its citizens in the financial mainstream.
  • MasterCard is helping Egypt’s government roll out a digital ID program that links citizens’ national ID to the currently used national mobile money platform. This will enable 54 million Egyptians to become involved in the formal electronic economy thanks to a single, user-friendly cashless program.
  • In Bangladesh, MasterCard, Western Union, BRAC Bank, and bKash, the fastest growing provider of mobile financial services in Bangladesh, have launched an international remittance service. The latter allows 22 million customers registered in bKash’s to receive international remittances directly into their bKash mobile wallet.
  • In Albania, Ghana, Mozambique, Lesotho, and Democratic Republic of Congo, MasterCard, Vodaphone, and HomeSend have enabled the real-time, mobile receipt of remittances by M-Pesa users.

Helping Micro and Small Merchants

Some large-scale programs have had limited success in the initial stage. This is because most micro and small merchants do not accept electronic payments. According to Ajay Banga, president and CEO of MasterCard, enabling micro and small merchants to connect to electronic payments will result in faster adoption and usage of modern financial tools for those who are unbanked. Additionally, it will truly affect people’s everyday life.

MasterCard has recently announced its efforts to expand the use of electronic payments by micro, small and medium enterprises through the partnership with the IFC, a member of the World Bank Group. Thanks to the “Financing Facility for Acceptance Development”,  specific challenges faced by banks and the mentioned businesses will be addressed with an emphasis on Latin America, parts of Europe, Asia, the Middle East, and Africa.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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