Today, Mastercard has unveiled the Mastercard Receivables Manager, an innovative solution that enhances the efficiency of virtual card payment processing for businesses. This development boosts the company’s virtual card platform, providing diverse payment options to stakeholders within the ecosystem, and speeding up the digital transformation of B2B transactions between buyers and suppliers.
As the business world leans heavily towards digital solutions, many companies are opting to discard outdated paper-based payment systems. Virtual cards are surging in popularity within the B2B payment sphere, with over 90% of suppliers expressing a preference for digital payments and associated invoice data, rather than traditional checks.1 This emerging trend, however, has caused a bit of a bottleneck for accounts receivable teams who are striving to keep up with the surge in virtual card payment processing, highlighting the crucial need for automation.
The Mastercard Receivables Manager was conceived to enhance the efficiency, security, and cost-effectiveness of virtual card transactions. Suppliers will now be able to bypass the laborious manual process of recording and entering virtual card information to reconcile the countless digital payments received. Instead, this novel solution amalgamates these card payments from every issuer, enabling the remittance information to be automatically matched to outstanding invoices and formatted for seamless integration with their Enterprise Resource Planning (ERP) systems. Consequently, suppliers can reconcile invoices with greater precision and speed, gain the ability to promote early payments and achieve a clearer picture of their cash flow.
Chad Wallace, Mastercard’s Global Head of Commercial Solutions, declared this a significant achievement in their ongoing effort to provide more streamlined, digital-first user experiences to the B2B payments ecosystem. He added, “We’re bridging the gap between the preference for virtual cards by buyers and the acceptance hurdles faced by suppliers, by replacing manual procedures with automation, thereby revolutionizing the functioning of accounts receivable teams.”
Mastercard has teamed up with Billtrust, a leading provider of B2B order-to-cash software and digital payments solutions, to roll out this new commercial product. The Mastercard Receivables Manager requires minimal setup and allows acquirers to swiftly enter the market. Furthermore, it simplifies the process for suppliers to accept virtual card payments, thereby optimizing acceptance on a large scale and broadening card spending opportunities for businesses.
This global product innovation, the Mastercard Receivables Manager, is currently available to customers in the U.S., with plans to extend its availability to several other markets later this year.
