Mastercard Works with VersaPay to Introduce
Virtual Card Receivables Service to
Help Suppliers Effectively and Efficiently Reconcile B2B
Payments
PURCHASE, NY and TORONTO,
July 9, 2019 /CNW/ - Companies around
the world are benefiting from digitizing aspects of their business
operations, but for many companies, managing incoming payments from
customers can be a labor-intensive challenge. That's why, today,
Mastercard is launching a Virtual Card Receivables Service, a way
to digitize the reconciliation of virtual card payments for
businesses of all sizes.
The Virtual Card Receivables Service will aggregate information
from Mastercard Issuers related to Virtual Card payments by their
corporate customers and compile it into one comprehensive file,
available in a digital format that is preferred by suppliers,
including Microsoft Excel and CSV. This creates a digital data
source that suppliers can more easily integrate into ERP systems or
use for cash flow forecasting.
Focusing on the pain points of suppliers, Mastercard is working
with VersaPay, a leading provider of cloud-based invoice-to-cash
solutions, to provide a solution that eliminates the manual process
of reconciling incoming payment information.
"As more companies turn to Virtual Card payments, we're focused
on simplifying processes and enhancing the user experience across
the ecosystem. Our new Virtual Card Receivables Service does just
that for suppliers," said Jeff
Feuerstein, senior vice president, Commercial Products,
Mastercard. "By simplifying card reconciliation, we're helping
suppliers streamline their accounts receivable processes, making
data available faster and with the same security and privacy
standards we uphold for all Mastercard products and services."
Traditionally, a virtual card number used for the payment is
emailed or faxed to a supplier; without standard, digital formats
for receiving payments, buyers resort to more analogue delivery
methods and suppliers are forced to manually reconcile information
for each invoice. While these unique virtual card numbers are
secure and can be accompanied by valuable data such as invoice
numbers and SKU information, accepting them can strain resources
for accounts receivable departments of suppliers. By streamlining
the approach to existing reconciliation processes, Mastercard is
helping to improve the overall payment experience between buyers
and suppliers.
"We are excited to work with a global payments leader like
Mastercard," stated Craig O'Neill,
chief executive officer of VersaPay. "Through our joint initiative,
we will improve the experience of accepting virtual credit cards
for businesses across the US, Canada, and around the globe."
Mastercard's Virtual Card Receivables Service is available
globally to financial institutions and fintech partners for their
corporate customers.
About Mastercard
Mastercard (NYSE:
MA), www.mastercard.com, is a technology company in the global
payments industry. Our global payments processing network
connects 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
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Blog and subscribe for the latest news on
the Engagement Bureau.
About VersaPay
VersaPay (TSXV: VPY) is a
Fintech company and leading provider of cloud-based invoice-to-cash
solutions, enabling businesses to provide a superior customer
experience, get paid faster, streamline financial operations, and
dramatically reduce DSO and costs. VersaPay ARC is the new standard
in accounts receivable and collections management with a customer
self-service environment to view invoices online, collaborate on
inquiries and disputes, and facilitate secure online payments
(EFT/ACH and credit card). Businesses gain access to a suite of
powerful tools that enable efficient collections, cash application
and real-time insight into accounts receivable. VersaPay ARC
automatically reconciles payments and account information through
integrations with a wide range of ERPs and accounting software
providers. More information about VersaPay is available at
www.versapay.com or under the Company's profile on SEDAR at
www.sedar.com.
SOURCE VersaPay Corporation