New MasterCard initiative set to help UK businesses

MasterCard have recently released a new initiative which is going to be able to make procurement processes easier. The scheme has been released as part of a drive by the government in order to make this procurement process more efficient.

The development by MasterCard was announced two months ago and it is thought it will provide a significant boost to businesses in the UK. The idea is that it is going to open up procurement of government contracts to smaller companies by optimising the way they are paid.

The idea behind the improved procurement system is that it is going to speed up electronic procurement as well as purchase cards. It is designed to be a very robust system and it is going to deliver a secure, efficient and fast service.

The system has been called Purchase and Pay. It is going to be available from banks which issue MasterCard’s and it is going to be a part of the Government Procurement Card Framework Contract.

The development is going to allow agencies, government departments, and non-departmental bodies to access a greater range of suppliers. It also is going to bring a whole new market of smaller companies to the government’s attention and increase competitiveness within the marketplace. It is going to make the process of payment much faster by introducing instant payments via an electronic mechanism which is completely secure.

The system is completely integrated with the governments eMarketplace and it is embedded into the system so that a virtual card can be used. This will not only mean a very secure system, but it will also encourage transparency in government contracts. The system is also beneficial for all parties as it has spending limits and various management options that can be customised by the users.

Small businesses are now going to be able to accept electronic payments securely through the MasterCard Merchant Solution. As previously mentioned this is a very secure system and will also mean everything is kept track of nicely. The president of MasterCard has said, “This new system shows how MasterCard is on the cutting edge of new developments.”