MasterCard launch a new service for small business owners

MasterCard and the Western Union announced a dedicated international payments service that will increase the flexibility with which small and medium-sized businesses can conduct cross-border trade.

The new direct foreign exchange capability will be provided by Western Union Business Solutions, the business payments unit of the Western Union Company, and available to all companies that use the MasterCard Business Network, an online resource that helps streamline business operations and enhance productivity for small and mid-sized businesses.

“Our new service with Western Union will give small and medium-sized businesses an added option for situations when a vendor may not accept credit card payments, or when business card limits may be insufficient for a specific invoice.” said Jay Singer, group head, U.S. commercial products, MasterCard.

The joint offering will be available in the United States. Customers will have access to a dedicated online foreign payments portal at www.mastercardbusinessnetwork.com, which will feature benefits including:

• The ability to send international payments in over 135 currencies directly from their bank account to a foreign recipient’s bank account from a computer, tablet or mobile phone;
• Real time quotes and transparent and competitive foreign exchange pricing;
• Dedicated customer service available 24 hours a day, seven days a week.

“We view the introduction of this service to American small business owners as the first of several opportunities across the globe to support this segment’s money transfer needs,” said Carlo Enrico, group executive, strategy and development, MasterCard.

According to the International Trade Administration report, US Exporting Companies, SMEs accounted for 97 percent of identified importers in 2011, figure which demonstrates how significant they are to the American economy.

In 2011, MasterCard and the Western Union Company announced a global agreement to help make electronic payments, including prepaid cards and money transfers, more efficient and convenient for consumers around the world.