When MasterCard WolrdWide and Advanta Corp. begin issuing the PayPassâ¢-enabled Advanta MasterCardÂ® Small Business card in September, it will be the first small business credit card to be equipped with PayPass contactless payment technology. This new small business card can help small business owners and business professionals keep track of their business expenses, while offering the speed and convenience of PayPass âtap and go' functionality when making purchases at participating merchants.
âThe new Advanta MasterCard Small Business credit card with PayPass will deliver immediate benefits to small business owners who routinely find themselves constrained for time and juggling multiple priorities,â Dennis Alter, Advanta's Chairman and chief executive officer (CEO), said in a statement launching the new card. âWith PayPass their purchasing experience will be quick, easy and safe, allowing them to spend more time focused on their business.â
In addition, Advanta is working with MasterCard to identify the merchants that small business owners do business with in order to grow acceptance of contactless payment cards. The Advanta MasterCard Small Business card includes the traditional magnetic stripe technology and can be used at the over 24 million MasterCard-acceptance locations around the world.
The new card combines the worldwide acceptance of the existing Advanta MasterCard Small Business card with the added functionality of PayPass contactless payments. This technology allows customers to simply tap their PayPass-enabled Advanta business credit card on a specially-equipped terminal that utilizes a radio frequency (RF) chip to complete their transaction at participating retailers and restaurants. Payment is processed quickly and easily without the hassle of swiping a card, fumbling for cash or signing a receipt. Moments after a customer taps the PayPass-enabled business card, account details are communicated to the terminal and then processed through MasterCard WorldWide's secure network for clearing and settlement.
As of second quarter 2006, there were nearly 10 million PayPass, including McDonald's, 7 Eleven, CVS, Duane Reade, Sheetz and Regal Entertainment Group. Interest in PayPass has not been limited to retail establishments. PayPass technology has proved popular in sports facilities as well, and PayPass is now accepted in many major League Baseball and National Football League stadiums, as well as at numerous golf events.
âWhen MasterCard developed this technology, its benefits were most easily associated with simplifying transactions for the everyday consumer. But it has become very clear that the small business owner can benefit from PayPass just as easily,â said Ann Camarillo, executive vice president, MasterCard WorldWide. âNow, small business owners will spend less time standing in line and more time on what it takes to successfully run their business.â