Verizon Business, Mastercard expand SMB offerings

Inspired by growing demand for anywhere commerce, Verizon Business has embarked on multiple payments initiatives, powered by industry-leading payments and financial brands. In June 2022, the company disclosed it would partner with Mastercard and First National Bank of Omaha to issue the Verizon Business Card, a product designed to reward small to midsize business owners for office supply, technology, fuel and other everyday purchases for business-related items, according to Tami Erwin, CEO of Verizon Business.

"Mastercard has been a key partner to us on our journey to help our customers of all sizes transform their businesses and ensure they are truly future-ready," she said in a statement. "We are pleased to expand this partnership to include FNBO and bring this small business credit card to our customers at a time when we know they are seeking new avenues to expand their business, manage costs and maximize their use of new technologies to solve challenges to drive growth."

Encouraging Verizon Business wireless customers with less than 100 lines and an online account to apply for the Verizon Business Mastercard, issued by FNBO, Erwin said that users could earn and redeem rewards through the program, which has no annual fee and offers theft protection, enhanced security and a range of business apps and tools.

5G connectivity

Chiro Aikat, executive vice president, products & engineering, North America at Mastercard, described the company's partnership with Mastercard as multi-faceted as the companies explore ways to leverage Verizon's 5G connectivity and Mastercard's global network. The Internet of Things (IoT), for example, affords numerous opportunities to enhance sensor connectivity with edge computing to power fintech, payments and banking, he noted, while helping SMBs create immersive commerce experiences.

"Today's small business owner is looking for smarter, relevant, and customized digital financial products that accelerate their operations and make their lives easier," he said, citing the following examples:

• Connected device payments: Tap on Phone and other payments-enabled devices enable businesses to turning qualifying smartphones and tablets into acceptance devices.

• Touchless retail shopping: Autonomous in-store checkouts, powered by Verizon 5G and Mobile Edge Computing, reduce hardware dependencies, speed deployments and create new use cases, such as mobile updates, voice and video ordering, and more.

• Physical and digital convergence: Digital networks personalize the consumer shopping experience and access control for unattended retail stores and home door locks.

• SMB digital readiness: 5G mobility, business internet and near real-time edge computing can be customized for SMBs through Mastercard's Digital Doors curriculum to help businesses meet customer needs.  

• Enhanced bill pay: Bill Pay Exchange enables Verizon to streamline bills paid through digital banking channels, digitize paper bills and deliver a mobile-first solution to Verizon customers.

• Fraud protection: The ability to quickly identify and mitigate fraud is provided to Verizon SMB customers through built-in technology from Ethoca, a Mastercard company.

Linda Kirkpatrick, president, North America at Mastercard, observed that partnering with Verizon is helping drive consumer, business and bank connectivity globally and at scale. "Emerging technology such as 5G and Mobile Edge Computing will undoubtedly reshape how we interact with each other, making it all the more critical for these exchanges – particularly payments – to be trusted and anticipate further changes," she said.

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