PURCHASE, N.Y.— Mastercard has introduced Mastercard Receivables Manager, a new, automated solution the company says streamlines the way businesses accept and process virtual card payments, the company announced.
The solution, Mastercard said, complements the company’s virtual card platform as Mastercard 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,” Mastercard said in a statement. “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. 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.”
Reasons for Development
According to the company, 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,” Mastercard said. “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.”
Mastercard said it has partnered with Billtrust, a B2B order-to-cash software and digital payments market leader, to deliver the commercial solution.
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