Methodology

Insights based on anonymized and aggregated Mastercard transaction data were used to support the small business growth analysis. Robust privacy and data protection controls were applied prior to making the insights accessible. 

The analysis examined Mastercard Spend Volumes at a benchmark peer set of small-to-medium businesses against a benchmark peer set of large businesses in Richmond from 2019 to 2022. This analysis only included businesses that had card acceptance capabilities and debit or credit transactions made on Mastercard network products during the evaluation period; as a result, metrics are not comprehensive of total spend or business growth in Richmond. 

The transactions measured in the analysis included online and in-person Mastercard transactions processed by Richmond businesses. An active business was defined as any business with a valid Mastercard transaction in that month or year, depending on the timeline required for the relevant analysis component.

Small and medium businesses are classified using a model created by the Mastercard Economics Institute which considers several financial attributes to define a small business. The classification considers twelve attributes, including number of customers served, number of transactions, and number of locations. The classification is also customized to national and industry levels, as small business classifications are not universal across these two areas. While this classification covers both small and medium businesses, the population is primarily made up of small businesses.