In a dynamic era of digital transformation, Mastercard is leading the way with its groundbreaking innovation, Mastercard Receivables Manager. This cutting-edge solution is set to redefine the landscape of virtual card payments for businesses, offering speed, security, and cost-effectiveness in the acceptance and processing of these transactions. As the preference for virtual card payments continues to surge, Mastercard Receivables Manager emerges as a game-changer, addressing the evolving needs of the B2B ecosystem and propelling the digitization of transactions between buyers and suppliers.
The Rise of Virtual Cards in B2B Payments
In today’s digital-first landscape, enterprises are increasingly inclined to replace traditional paper-based payment methods with more efficient alternatives. Virtual cards have rapidly gained traction in the realm of B2B payments, with a remarkable 90% of suppliers expressing their preference for digital payments over conventional checks, along with the associated invoice information.1 However, this shift towards innovative technology has brought forth a new challenge – the demand for an automated solution that can seamlessly process the influx of virtual card payments.
Disruptive Solution by Mastercard: Empowering Efficiency and Security
Mastercard Receivables Manager emerges as the answer to the complex dynamics of virtual card payment processing. This revolutionary solution has been meticulously crafted to enhance the efficiency, security, and cost-effectiveness of virtual card transactions. Gone are the days of manual data entry and reconciliation for suppliers. Mastercard Receivables Manager streamlines the entire process by consolidating virtual card payments from various issuers.
The result? Remittance data is automatically matched with open invoices, meticulously formatted, and seamlessly delivered to Enterprise Resource Planning (ERP) systems. The outcome is a newfound ease in reconciling invoices, coupled with heightened accuracy and efficiency. The solution also opens the gateway for suppliers to drive early payments and gain comprehensive insights into their cash flow dynamics.
Chad Wallace, the global head of Commercial Solutions at Mastercard, emphasizes the significance of this milestone, stating, “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.”
A Powerful Partnership: Mastercard and Billtrust
Recognizing the pivotal role of partnerships in driving innovation, Mastercard has joined forces with Billtrust, a pioneer in B2B order-to-cash software and digital payments. This collaboration has resulted in the delivery of Mastercard’s latest commercial solution, Mastercard Receivables Manager. One of the notable advantages of this partnership is the seamless implementation of the solution, enabling acquirers to swiftly enter the market and empowering suppliers to effortlessly embrace virtual card payments. The result is an optimized acceptance process on a grand scale, opening doors to increased card spending opportunities for businesses.
Unleashing the Future: Global Expansion and Beyond
Mastercard Receivables Manager isn’t just a solution; it’s a testament to Mastercard’s commitment to shaping the future of payments. While currently available for U.S.-based customers, the reach of this global innovation is set to expand to several other markets later this year. With its focus on efficiency, security, and seamless integration, Mastercard Receivables Manager promises to revolutionize the way businesses approach virtual card payments, driving growth and innovation across the B2B landscape.
In a world where digital transformation is reshaping the contours of commerce, Mastercard Receivables Manager stands at the forefront, leading the charge towards a new era of B2B payments that are fast, secure, and designed to meet the evolving needs of businesses worldwide.
