Mastercard Launches Comprehensive Digital Payment Solution For Small and Midsized Businesses
June 08 2017 - 5:30AM
Business Wire
The Mastercard B2B Hub with AvidXchange Helps
Businesses Manage Invoices, Payments, and Supplier
Relationships
Mastercard today announced The Mastercard B2B Hub, an innovative
solution that enables small and midsized businesses to optimize
their invoice and payment processes with accounts payable and
payment automation tools that improve the speed, ease and security
of their commercial payments.
A majority of all B2B payments in the U.S. are still made via
check with manual payment processes. While larger companies have
benefited from sophisticated accounts payable solutions, many small
and midsize companies still need automated solutions to process
invoices and pay suppliers efficiently rather than using checks.
The Mastercard B2B Hub will improve these processes for companies
who want to more effectively manage their accounts payable
activities.
The Mastercard B2B Hub, delivered through card issuers, is an
end-to-end automated solution that meets the payment needs of small
and midsized companies. It leverages digital tools and resources to
maximize electronic payments across cards and data-enriched ACH.
With The Mastercard B2B Hub, companies will no longer be burdened
with the costs of manual accounts payable and payment processes. In
addition to driving cost efficiencies, The Mastercard B2B Hub
enables a more secure electronic payment experience, provides
enhanced data and insights, offers easier reconciliation, and meets
the funding needs of companies.
“Midmarket and small businesses are growth engines of our
economy. The Mastercard B2B Hub is the latest way we are working to
meet the broader payment needs of this segment,” said Colleen
Taylor, executive vice president of new payments business for
Mastercard. “We see this solution as helping organizations maximize
every minute and every dollar that they invest in their business.
The comprehensive automated payment experience we deliver will help
improve supplier relationships and accelerate the conversion of B2B
payments from paper checks to electronic payments.”
The Mastercard B2B Hub will first launch in the U.S. later this
year with AvidXchange as its execution partner. AvidXchange is an
industry leader in automating invoice and payment processes with
integrations into more than 130 accounting and other back office
systems across its 5,500 customers in North America.
“The combination of our invoice and payment automation
capabilities and Mastercard's proven commercial payment solutions
will elevate the payment experience for midmarket and small
companies. This opportunity is huge with over 350,000 businesses
sized in this underserved segment,” said Michael Praeger, chief
executive officer of AvidXchange. “We are very excited to be the
partner in delivering The Mastercard B2B Hub to card issuers and we
look forward to working together to bring its capabilities to
market.”
Mastercard will also take a minority stake in AvidXchange as
part of its Series F funding round subject to meeting closing
conditions.
About Mastercard
Mastercard (NYSE:MA), www.mastercard.com, is a technology
company in the global payments industry. We operate the world’s
fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in
more than 210 countries and territories. Mastercard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on Twitter
@MastercardNews, join the discussion on the Beyond the Transaction
Blog and subscribe for the latest news on the Engagement
Bureau.
About AvidXchange™
AvidXchange revolutionizes the way companies pay their
bills. Serving more than 5,500 clients throughout North America,
AvidXchange is an industry leader in automating invoice and
payment processes for midmarket companies spanning multiple
industries including Real Estate, Non-Profit, Financial Services,
Energy, and Construction. AvidXchange has been recognized as one of
the 50 fastest-growing private companies in the Charlotte area for
four consecutive years, as well as ranked among Deloitte’s Fast 500
this past year. In the midst of record growth, AvidXchange has
remained true to its most valued competitive advantage—its people.
AvidXchange has been recognized as one of the Best Places to Work
in Charlotte for eight consecutive years. For more information,
contact AvidXchange at 800.560.9305
or info@AvidXchange.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170608005305/en/
Mastercard Media:Jim Issokson,
914-249-6286James.Issokson@mastercard.com
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