Payment technologies pioneer Mastercard came together with Octet and made the Mastercard Commercial Payments Platform available to commercial enterprises. The platform enables commercial cardholders to make payments with their cards and benefit from installment opportunities, even if the businesses they will make purchases do not have a POS device. Likewise, B2B businesses that do not have a POS device can also accept cards and offer installments through this platform.
With the effect of the pandemic, the digitalization process of small and medium-sized enterprises (SMEs) is gaining momentum. SMEs, which turn to digital adaptation to maintain their commercial presence, need more support in digital transformation than large-scale enterprises. Especially in collection and payment, SMEs are looking for alternative methods. At this point, the installment and maturity options offered by credit cards come to the aid of SMEs in their corporate shopping. A supporter of SMEs’ digital transformation and sustainable growth, Mastercard came together with its commercial payments solution partner Octet and introduced the “Mastercard Commercial Payments Platform” to the use of businesses. The platform helps SMEs grow their business by managing their business transactions in real time, more securely and more efficiently.
FREE ADDED VALUE WITH MASTERCARD COMMERCIAL PAYMENTS PLATFORM
Commercial cardholders SMEs who are members of the Mastercard Commercial Payments Platform benefit from online payment solutions offered by Mastercard and its business partner Octet, which are only used for business-to-business shopping, without paying a membership fee. Mastercard and Octet allow all businesses, regardless of scale, to register on the platform and enter this platform for their business-to-business shopping, and make collections or payments securely over the internet. All transactions carried out on the platform, which has been open for use with the assurance of Mastercard for a while, are carried out through Octet, a payment institution licensed by the BRSA and reporting to the CBRT.
IT WILL EASE THE COMMERCIAL LIFE OF SMEs
Commercial cardholder SMEs, who need financial support the most, can sign up to the Mastercard Commercial Payments Platform, pay with credit cards and benefit from installment payments, even if their suppliers do not have a POS device. SMEs have the privilege of determining their own payment terms with the platform that enables easy management of all procurement transactions and commercial documents thanks to the online transaction flow. They can benefit from options such as cash payment discount or payment in installments.
The Mastercard Commercial Payments Platform, which offers payment facilities not only to the buyer but also to the seller in commercial shopping, enables SMEs who sell to their customers to pay by credit card. In addition, they are able to offer their buyers the option to make installments under the conditions they determine, and to benefit from free installments offered by banks. Sellers, on the other hand, can collect all their payments instantly, even in installments.
IT APPEALS TO ALL SMEs
The platform, which draws attention as an online application that provides an advantage especially to small and medium-sized businesses that do not use POS devices frequently or do not want to obtain POS devices from every bank, is open to the use of all SMEs and creates a digital and seamless commercial experience for its users.
Yigit Caglayan, General Manager of Mastercard Turkey and Azerbaijan, stated that SMEs gained a significant momentum in digitalization in the first period of the pandemic and said, “With digital transformation, we aim to make the existence of not only large companies, but also micro, small and medium-sized enterprises sustainable. We developed the Mastercard Commercial Payments Platform with our commercial payments partner Octet so that SMEs, which contribute greatly to the national economy, have advantages in commercial payments. While the payments realized in inter-institutional commercial activities represent a very large share in total payments in terms of volume, only 13-15% of these payments are made by card. Even this percentage is equivalent to one-fifth of total card payments today. Therefore, in the digital transformation journey of SMEs, we attach great importance to digitization in order to make it easier for them to receive or make payments. The online Octet Portal, which is open to the use of all commercial card holders, will take the digital transformation of SMEs in Turkey to another dimension with the credit card payment and installment opportunities it offers to both buyers and sellers.”
Derya Ekemen Fidan, General Manager of Octet Turkey, stated that they are very happy with the cooperation they have made with Mastercard and that either the buyer or the seller will experience secure collection and payment privileges with Octet, Mastercard’s commercial payments partner, adding, “Due to the pandemic, the duration of payment terms has changed between companies all over the world. Extended maturities and undelivered collections affected all markets. With COVID-19, the rate and speed of realization of trade without touching money has increased. With this cooperation, a merchant using Octet will be able to accept payment by card, even if they do not have a POS, and will be able to offer installments to their customers. The buyer, on the other hand, will be able to pay by card even if the seller does not have a POS and can set the installment terms he wishes. Both buyer and seller will be happy.”
AKBANK COMMERCIAL CARD CUSTOMERS WILL BENEFIT FOR THE FIRST TIME IN TURKEY
Akbank became the first partner bank of the Mastercard Commercial Payments Platform in Turkey. Seeing the difficulties of SMEs in accessing technological support compared to large institutions, the duo of Mastercard and Octet will join forces with Akbank to bring the Mastercard Commercial Payments Platform to SMEs that have commercial cards within Akbank.
Axess Business owners with the Mastercard logo will benefit from the launch-specific +2 installments and special discounts on this platform.
With the cooperation of Mastercard and Akbank, it is aimed to expand the use of technological support provided to SMEs and to provide a breath of fresh air to business-to-business shopping with the installment opportunities it provides. The platform, which offers the opportunity of digitalization in the trade of SMEs, will stimulate business-to-business exchanges.
Source: Sabah / Translated by Irem Yildiz