In a first-of-its-kind solution for the credit card giant, Mastercard has reportedly launched a new mobile app for small businesses in Hong Kong to facilitate B2B trade.
Reports on Wednesday (Sept. 21) revealed the rollout of the Mastercard Commercial Network App, connected to Mastercard Commercial Cards, that lets SME users manage their supplier relationships.
Features on the app include the management of supplier payment terms and access to supplier products directories. The app also offers a “Pay Now” feature for small businesses to collect payments faster, which enables companies to receive payment in about two days, according to Mastercard. Further, the new tool comes with security features via Mastercard SecureCode technology.
“We developed and launched the Mastercard Commercial Network App in Hong Kong to empower local small and medium-sized business owners to better manage their businesses, including working capital and creating business opportunities,” said Mastercard Division President of Hong Kong, Macau and Taiwan Hiang Choong in a statement. “Access to funds is the lifeblood of every business and the foundation for future growth.”
According to reports, Mastercard’s app targets B2B buyers across a range of industries, including catering, import and export businesses, retail and others. More than 100 sellers have integrated onto the Mastercard Commercial Network, the company said.
In a separate statement, Edward Chan Kwok Man, the founder of German Pool and one of the merchant partners on the network, pointed to the ability for the app to strengthen cash flow management of his business.
“The Mastercard Commercial Network App provides reliable support for businesses in multiple aspects,” the executive stated. “We can be assured that payments are collected safely in a timely manner, minimizing risks associated with handling customer cash payments.”