Payments giant Mastercard has partnered with Billtrust, a B2B order-to-cash software and digital payment solution provider, to launch the Mastercard Receivables Manager.
The Mastercard Receivables Manager is a new automated solution that streamlines the way businesses accept and process virtual card payments.
This complements Mastercard’s virtual card platform as the company provides choice in payments to players across the ecosystem and accelerates the digitization of B2B transactions across buyers and suppliers.
Suppliers will no longer need to manually capture and enter virtual card details to reconcile the vast number of digital payments received.
Instead, 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 with efficiency and accuracy.
This also gives suppliers new advantages, including the ability to drive early payments and improve overall visibility of their cash flow.
Mastercard Receivables Manager is currently available for U.S.-based customers, with its availability expanding to several other markets beginning later this year.
“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.”
said Chad Wallace, Global Head of Commercial Solutions at Mastercard.
Featured image credit: Edited from Freepik