Mastercard Introduces a Fast, Safe and Cost-Effective Solution for Businesses to Accept Virtual Card Payments
July 24 2023 - 7:00AM
Business Wire
Today, Mastercard announces the launch of Mastercard Receivables
Manager, a new, automated solution that streamlines the way
businesses accept and process virtual card payments. The innovation
complements Mastercard’s virtual card platform as the company
provides choice in payments to players across the ecosystem and
accelerates the digitization of B2B transactions across buyers and
suppliers.
In an increasingly digital-first world, more businesses are
looking to replace cumbersome paper-based payment processes.
Virtual cards are rapidly gaining momentum in B2B payments, with
over 90% of suppliers reporting that they prefer receiving a
digital payment – and the related invoice information - over
checks.1 However this shift towards emerging tech has also left
accounts receivable teams struggling to keep pace with increased
virtual card payment processing, underscoring the critical need for
an automated solution.
Mastercard Receivables Manager was developed to make virtual
card transactions more efficient, secure and cost-effective to
process. Suppliers will no longer need to manually capture and
enter virtual card details to reconcile the vast number of digital
payments received. Instead, the new product consolidates these card
payments from all issuers so the remittance data can automatically
be matched to open invoices, and formatted and delivered for their
Enterprise Resource Planning (ERP) systems - making it easier for
suppliers to reconcile invoices with efficiency and accuracy. This
also gives suppliers new advantages, including the ability to drive
early payments and improve overall visibility of their cash
flow.
“This is a significant milestone in our journey to deliver more
seamless, digital-first user experiences to the B2B payments
ecosystem,” said Chad Wallace, global head of Commercial Solutions
at Mastercard. “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.”
Mastercard has partnered with Billtrust, a B2B order-to-cash
software and digital payments market leader, to deliver its latest
commercial solution. Requiring minimal implementation effort,
Mastercard Receivables Manager enables acquirers to quickly
get-to-market and empowers suppliers to receive virtual card
payments with simplicity and ease, thereby optimizing acceptance at
scale and increasing card spend opportunity for businesses.
Mastercard Receivables Manager is a global product innovation
that is currently available for U.S.-based customers, with
availability expanding to several other markets beginning later
this year.
Learn more about Mastercard Receivables Manager.
About Mastercard Mastercard is a global technology
company in the payments industry. Our mission is to connect and
power an inclusive, digital economy that benefits everyone,
everywhere by making transactions safe, simple, smart and
accessible. Using secure data and networks, partnerships and
passion, our innovations and solutions help individuals, financial
institutions, governments and businesses realize their greatest
potential. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
Source
[1] RMPG: Virtual Card Benchmark Survey Results, 2022
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Media Contact Alison Berman 646.941.0215 |
alison.berman@mastercard.com
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