Advanta will offer small business owners a credit card with MasterCard PayPass contactless functionality. Billed as the first Paypass-enabled card specifically designed for small businesses, it will debut in September of this year.
Advanta Launches First MasterCard® Small Business Credit Card Featuring PayPass™ Contactless Payment Technology
‘Tap and Go’ Functionality Offers Speed and Convenience to Small Business Owners
PURCHASE, NY and SPRING HOUSE, PA, August 15, 2006 – MasterCard Worldwide and Advanta Corp. (NASDAQ: ADVNB; ADVNA), one of the nation’s largest issuers (through Advanta Bank Corp.) of MasterCard business credit cards to small businesses and business professionals, announced today that they will begin issuing the PayPass™-enabled Advanta MasterCard® Small Business card in September. This marks 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’ ‘tap and go’ functionality when making purchases at participating merchants.
“The 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,” said Dennis Alter, Advanta’s Chairman and CEO. “With PayPass their purchasing experience will be quick, easy and safe, allowing them to spend more time focused on their business.”
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.
“When 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,” said Ann Camarillo, executive vice president, MasterCard Worldwide. “Now, small business owners will spend less time standing in line and more time on what it takes to successfully run their business.”
As of Q2 2006, there were nearly 10 million PayPass cards and devices in the market and approximately 32,000 merchant locations around the world that accept 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.
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.
For more information about MasterCard PayPass, visit www.mastercard.com/paypass
Advanta focuses on the small business market and related community, providing funding and support to the nation’s small businesses and business professionals through innovative product offerings and services. Using its direct marketing and information-based expertise, Advanta identifies potential customers and provides a high level of service tailored to the needs of small businesses. Advanta is one of the nation’s largest issuers (through Advanta Bank Corp.) of MasterCard business credit cards to small businesses and business professionals. Since 1951, Advanta has pioneered many of the marketing techniques common in the financial services industry today, including remote lending and direct mail, affinity and relationship marketing. Learn more about Advanta at www.advanta.com.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes close to 14 billion payments each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard Worldwide serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercardworldwide.com.