This release at the Mastercard newsroom announces a partnership between Mastercard and Verizon Business to issue a business card through FNBO. The product will be called the Verizon Business Mastercard and will be available to select existing Verizon Business wireless customers. We recently released member research on the small business card market space in the U.S., where we saw continued growth during the pandemic. These credit products are made available in a multitude of ways through all the major card issuing institutions and are a popular channel for small businesses to expand credit availability and augment cash flow needs.
“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,” said Tami Erwin, CEO of Verizon Business. “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.”
Small business cards are typically feature-rich as well, and in this case there are rewards options, with no annual fee or foreign transaction fees. The release goes into more of these features. Although a large number of businesses in the U.S. do utilize this type of credit product set, there is still substantial room for growth, especially through exiting business relationships.
“Today’s small business owner is looking for smarter, relevant, and customized digital financial products that accelerate their operations and make their lives easier,” said Chiro Aikat, Executive Vice President, Products & Engineering, North America at Mastercard. “We’re proud to extend our relationship with Verizon and FNBO to connect the small business segment through meaningful technology and benefits.”…
“FNBO has a rich history of helping small businesses grow and succeed, so we are excited to partner with such a respected brand as Verizon on the launch of their first program for small business,” said Jerry J. O’Flanagan, Executive Vice President, Partner Segment at FNBO.’
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group