Mastercard revealed the introduction of Mastercard Receivables Manager, a new tool that simplifies the way companies handle virtual card payments.
The new technology enhances Mastercard’s virtual card service by offering more payment options to everyone involved and speeding up the process of converting business-to-business transactions into digital form for both buyers and suppliers.
Mastercard Receivables Manager was created to enhance the efficiency, safety, and affordability of processing virtual card transactions.
Suppliers will no longer have to manually record and input virtual card information in order to balance numerous digital payments they receive. Instead, this new product combines all card payments from different providers. Allowing the payment details to be automatically matched with outstanding invoices.
The information is then organized and sent to the supplier’s ERP systems, making it simpler for them to accurately reconcile invoices with greater speed and precision.
This also helps suppliers in new ways, such as:
- Being able to get paid early and have better knowledge of their cash flow.
Global head of Commercial Solutions at Mastercard, Chad Wallace, 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.
Mastercard has joined forces with Billtrust, a top provider of software. And digital payment solutions for business transactions, to offer a new commercial solution.
With Mastercard Receivables Manager, implementation is easy and fast for acquirers, allowing suppliers to effectively receive virtual card payments. This system streamlines payment acceptance and expands opportunities for businesses to increase their card spending.
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