The U.S. small business landscape is changing, and it can be attributed to a lot of factors: evolving financial technology, regulation, digitization of commerce and payments and the like.
But there’s one particular phenomenon behind the shifting small business population that U.S. Bank notices, according to the FI’s senior vice president of retail payment solutions, Cathi Stanton.
“We’ve been talking a lot internally about this phenomenon about how many Baby Boomers are going to be exiting their businesses,” she said in a recent interview with PYMNTS. “We see in the next five years or so that there is going to be a lot more changing of hands of businesses — that’s especially a time where you see that the way business is done changes.”
In response to this trend, U.S. Bank struck a partnership with MasterCard, giving the bank’s small business clients access to the MasterCard Business Network — an online portal of resources and tools for small business owners to manage their finances and operations.
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