To design the Mastercard Receivables Manager, Mastercard collaborated with Billtrust, a provider of B2B order-to-cash software and digital payment services.
The new offering aims to enable businesses to accept and process virtual card payments. The new product comes as an addition to the company’s virtual card platform.
Via the Mastercard Receivables Manager, the company offers a response to the shift towards the digitalisation of payments by extending payment options for players in the ecosystem and by facilitating the automation of B2B transactions between buyers and suppliers.
This new offering specifically addresses a pain point in the industry – the need for an automated virtual card payment processing solution.
According to data from the official statement, virtual cards are particularly popular in the B2B payments industry, as 90% of suppliers prefer receiving digital payments over checks. However, the recent adoption of virtual cards has caused accounts receivable teams to face challenges in keeping up with the demand.
By leveraging the Mastercard Receivables Manager, suppliers will reportedly no longer need to manually capture and enter virtual card details to reconcile the volume of digital payments received.
What is more, the new offering reportedly consolidates card payments from all issuers so that the remittance data can automatically be matched to open invoices and formatted, then delivered to the Enterprise Resource Planning (ERP) system. Consequently, suppliers are expected to reconcile invoices faster and more accurately.
An additional advantage is that the suppliers can drive early payments and improve the visibility of their cash flow.
According to the official press release, the Mastercard Receivables Manager requires minimal implementation. The new solution purportedly seeks to help acquirers to enter the market and enable suppliers to receive virtual card payments, streamlining acceptance on a larger scale and enhancing card spending potential for businesses.
Even though it is designed as a global product, the Mastercard Receivables Manager is currently solely available for US-based customers. However, it will be made available to several other markets later in 2023.
This is not the only tailored solution Mastercard introduced in 2023 to tackle industry pain points. Earlier in 2023, the company announced that it started using AI-backed tools to fight real-time payment scams via its ‘Consumer Fraud Risk’ product.
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