Mastercard has launched a new tool to help businesses accept and process virtual card payments.
In a statement, the firm said it has introduced Mastercard Receivables Manager as an automated solution to complement its virtual card platform and accelerate the digitisation of B2B transactions across buyers and suppliers.
Virtual cards are rapidly gaining momentum in B2B payments. A recent RPMG Research survey reported thatover 90% of suppliers prefer receiving a digital payment, along with the related invoice information, over cheques. To keep up with the shift towards emerging tech, accounts receivable teams have also had to keep pace with increased virtual card payment processing.
According to the firm, Mastercard Receivables Manager has been developed to make virtual card transactions more efficient, secure and cost-effective to process. It means suppliers will no longer need to manually capture and enter virtual card details to reconcile the vast number of digital payments received.
Instead, remittance data is automatically matched to open invoices, and formatted and delivered for their Enterprise Resource Planning (ERP) systems with increased accuracy.
“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.
He added: “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.”
Mastercard has partnered with Billtrust, a B2B order-to-cash software, to deliver the solution. It is currently available for U.S.-based customers, with availability expanding to several other markets later this year.
