Mastercard unveils the Mastercard Receivables Manager, an automated solution to streamline the acceptance and processing of virtual card payments for businesses. The new product aims to optimize the reconciliation of digital payments, providing suppliers with increased efficiency, early payment options, and improved visibility of cash flow.
24 July 2023 – Mastercard, a leading global payment solutions provider, has unveiled its latest innovation, the Mastercard Receivables Manager. This groundbreaking automated solution aims to revolutionize the acceptance and processing of virtual card payments for businesses, providing a seamless and efficient platform for B2B transactions.
In response to the increasing demand for digital payment methods, Mastercard’s virtual card platform has gained significant traction in B2B payments, with over 90% of suppliers expressing a preference for receiving digital payments over traditional checks. However, this shift has also presented challenges for accounts receivable teams, necessitating an automated solution to handle the surge in virtual card payment processing.
With the introduction of Mastercard Receivables Manager, suppliers can now process virtual card transactions more efficiently, securely, and cost-effectively. The product eliminates the need for manual entry of virtual card details, streamlining the reconciliation of digital payments received from various issuers. The remittance data is automatically matched to open invoices, seamlessly integrated into Enterprise Resource Planning (ERP) systems, thus facilitating a smoother and more accurate invoice reconciliation process. Suppliers will also gain valuable advantages, such as the ability to drive early payments and obtain improved visibility into their cash flow.
Chad Wallace, the global head of Commercial Solutions at Mastercard, emphasized that this launch marks a significant milestone in the company’s commitment to delivering seamless, digital-first experiences within the B2B payments ecosystem. By automating manual processes, Mastercard aims to bridge the gap between buyers’ preference for virtual cards and suppliers’ challenges in accepting them.
To implement this innovative solution, Mastercard has partnered with Billtrust, a renowned B2B order-to-cash software, and digital payments market leader. The Mastercard Receivables Manager requires minimal effort for implementation, allowing acquirers to swiftly enter the market and empowering suppliers to embrace virtual card payments with simplicity and ease. This optimization of acceptance at scale will undoubtedly increase card spend opportunities for businesses.
Initially available to U.S.-based customers, Mastercard Receivables Manager is a global product innovation, with plans for expansion to several other markets later this year.