Mastercard announced the release of Mastercard Receivables Manager, a brand-new, automated solution that simplifies the acceptance and processing of payments made using virtual cards by businesses.
The development supports Mastercard’s virtual card platform, which speeds up the digitization of business-to-business transactions between suppliers and buyers while giving stakeholders in the ecosystem more payment options.
More companies are seeking to replace time-consuming paper-based payment methods in today’s digital-first environment. Over 90% of suppliers claim they would rather receive a digital payment – with the associated invoice information – than a cheque. Virtual cards are quickly gaining traction in B2B payments.
To increase the speed, security, and affordability of processing virtual card transactions, Mastercard Receivables Manager was created. To reconcile the enormous volume of digital payments received, suppliers won’t have to manually capture and enter virtual card information.
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The new product instead aggregates these card payments from all issuers so that the remittance data can automatically match to open invoices, be formatted, and delivered to their Enterprise Resource Planning (ERP) systems. This makes it simpler for suppliers to reconcile invoices accurately and efficiently. Additionally, this grants suppliers new benefits, such as the capacity to encourage early payments and enhance their total cash flow visibility.
This is a significant milestone in our journey to deliver more seamless, digital-first user experiences to the B2B payments ecosystem. We’re bridging the gap between buyers’ virtual card preferences and suppliers’ acceptance challenges by automating manual processes and transforming the way accounts receivable teams operate
Chad Wallace, Global head of Commercial Solutions at Mastercard.
For the delivery of its most recent business solution, Mastercard has teamed with Billtrust, a B2B order-to-cash platform and market leader in digital payments.
Mastercard Receivables Manager’s short installation effort enables acquirers to quickly enter the market and equips suppliers to take virtual card payments with ease and simplicity, maximizing acceptance at scale and expanding the possibilities for businesses to spend money on cards.
