Introducing Mastercard Receivables Manager, an automated solution for businesses to streamline virtual card payment acceptance and processing.
Some firms are finding it difficult to keep up with the demand for alternative payment options and complete transactions at the required rate. The worldwide payment giant Mastercard is introducing its Mastercard Receivables Manager, a brand-new, automated solution, to lessen this strain.
The Mastercard Receivables Manager automates the acceptance and processing of virtual card payments for businesses, complementing Mastercard’s virtual card platform. More firms are aiming to replace time-consuming paper-based payment processes in an increasingly digital world. In B2B payments, virtual cards are gaining popularity quickly. In fact, over 90% of suppliers say they would rather have a digital payment and the associated invoice data than a check.
However, because of the growing processing of virtual card payments, this shift towards developing technology has also made it difficult for the accounts receivable teams to stay up. This emphasizes how urgently needed an automated solution is.
“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, following the launch. By automating tedious processes and changing the way accounts receivable teams work, we are bridging the gap between buyers’ demands for virtual cards and suppliers’ acceptance issues.
Mastercard Receivables Manager integration
By collaborating with Billtrust, a provider of B2B order-to-cash software and digital payments, Mastercard Receivables Manager is improving the speed, security, and affordability of processing virtual card transactions.
To reconcile the enormous volume of digital payments received, suppliers won’t have to manually capture and enter virtual card information. The new product, on the other hand, combines these card payments from all issuers. For their Enterprise Resource Planning (ERP) systems, the remittance data can therefore be automatically matched to open invoices, prepared, and distributed. As a result, suppliers find it simpler to efficiently and accurately reconcile bills.
Additionally, this grants suppliers new benefits, such as the capacity to encourage early payments and enhance their total cash flow visibility.
The implementation of Mastercard Receivables Manager takes a minimum amount of resources thanks to Mastercard’s cooperation with Billtrust.
It makes it possible for acquirers to launch rapidly and gives providers the freedom to accept virtual card payments with ease. As a result, it maximizes acceptance at scale and expands the potential for businesses to take card payments.
Mastercard Receivables Manager is an international product innovation that is now offered to U.S. clients and will start to be made accessible in numerous other markets later this year.