As more customers are choosing alternative payment methods, some businesses are struggling to keep pace and process these transactions at the pace expected of them. To help with this burden, the global payment conglomerate, Mastercard is launching its Mastercard Receivables Manager, a new, automated solution.
Complementing Mastercard’s virtual card platform, the Mastercard Receivables Manager streamlines the way businesses accept and process virtual card payments. 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. In fact, over 90 per cent of suppliers report 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. This underscores the critical need for an automated solution.
Following the launch, Chad Wallace, global head of commercial solutions at Mastercard said: “This is a significant milestone in our journey to deliver more seamless, digital-first user experiences to the B2B payments ecosystem. 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.”
Integrating Mastercard Receivables Manager
Partnering with Billtrust, a B2B order-to-cash software and digital payments organisation, Mastercard Receivables Manager is making 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. Therefore, the remittance data can automatically be matched to open invoices, and formatted and delivered for their Enterprise Resource Planning (ERP) systems. This, in turn, makes 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.
Through Mastercard’s partnership with Billtrust, Mastercard Receivables Manager requires minimal resources to implement.
It enables acquirers to quickly get-to-market and empowers suppliers to receive virtual card payments with simplicity and ease. Consequently, it optimises acceptance at scale and increases card spend opportunities 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.
