Mastercard launches ‘Receivables Manager’ to streamline virtual card payments for businesses
By Delisha Fernandes
Mastercard has launched Mastercard Receivables Manager, an automated solution streamlining how businesses accept and process virtual card payments.
“This is a significant milestone in our journey to deliver more seamless, digital-first user experiences to the B2B payments ecosystem,” said Chad Wallace, global head of Commercial Solutions at Mastercard. “We’re bridging the gap between buyers’ virtual card preferences and suppliers’ acceptance challenges by automating manual processes and transforming how accounts receivable teams operate.”
Mastercard has partnered with Billtrust, a B2B order-to-cash software and digital payments provider, to deliver its latest commercial solution. Requiring minimal implementation effort, Mastercard Receivables Manager enables acquirers to quickly get to market and help suppliers receive virtual card payments with simplicity and ease, optimising acceptance at scale and increasing card spending opportunities for businesses.
The offering complements Mastercard’s virtual card platform as the company provides payment choices to players across the ecosystem, accelerating the digitisation of B2B transactions across buyers and suppliers.
Mastercard Receivables Manager was developed to make the process of virtual card transactions more efficient, secure, and cost-effective. Suppliers will no longer need to manually capture and enter virtual card details to reconcile the vast number of digital payments received.
Additionally, 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 efficiently and accurately. This also gives suppliers new advantages, including the ability to drive early payments and improve overall cash flow visibility.
Mastercard Receivables Manager is a global product innovation currently available for US-based customers, with availability expanding to several other markets beginning later this year.
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