Exclusive tie-ups with upSWOT and FinalPrice addresses cashflow pain point, the biggest challenge faced by SMEs
Mastercard annouces partnerships with fintech platform upSWOT and travel booking app FinalPrice to support small and medium sized businesses with solutions around cashflow, the segment’s number one issue.
Throughout Covid-19, many SMEs were forced to quickly navigate through an unknown landscape. One of the main changes many businesses underwent was the switch to digital. And although some SMEs were reluctant to do so at first, currently, 70% have either added new digital capabilities or enhanced their existing digital services commerce channels.
However, the digital transformation did not stop many players in the SME ecosystem from hitting bumps in the road, and in-turn, businesses suffered severe knock-on effects often times around cashflow. In fact, regardless of industry or size 82% of small businesses go under due to insufficient management of cashflow. For this reason, Mastercard own solutions, as well as valuable partnership enhancements, are key in relieving such pressures so that businesses can run more smoothly.
The latest examples of this are partnerships with the upSWOT platform and the FinalPrice application:
- As lockdown measures start to ease across the region, and we move into the recovery phase, transparency around cashflow will be more valuable than ever to an SME’s business running smoothly. Mastercard’s collaborationwith upSWOT providessoftware, which analyses key data and behaviors. It allows SMEs to be proactive in managing and mitigating cash flow related challenges with forecasting capabilities and by offering real-time relevant recommendations. In addition, banks can use this tool to gain further insight into clients’ finances in order to provide a personalised approach.
- With countries opening up again travel restrictions are beginning to lift as well. However, travel is also one of the biggest expenses to a small businesses. Convenient travel booking app FinalPrice takes the sting out of the process by offering cash back on travel expenses. The brand revolutionised the Online Travel sector when it became the first Online Travel Agency to come out with a subscription-based “travel as a service.” It provides the lowest and best prices on travel by aggregating offers from numerous suppliers in hotels, airlines, and car rental companies. There are no hidden fees, and through the Mastercard partnership SMEs across in Europe are able to return to business travel and gain access to the best prices with exclusive cash back up to 35%.
