Mastercard Unveils Automated Solution for Streamlined Virtual Card Payments

PURCHASE, N.Y., July 24, 2023 (VSNewsNetwork.com) - Mastercard has announced the launch of Mastercard Receivables Manager, a novel automated solution aimed at streamlining the way businesses accept and process virtual card payments. The latest innovation is designed to bolster Mastercard’s virtual card platform, offering more choice in payments and accelerating the digitization of B2B transactions across buyers and suppliers.

As more businesses shift away from traditional paper-based payment processes towards digital alternatives, virtual cards have gained significant traction. According to reports, over 90% of suppliers now prefer receiving digital payments over checks. Despite this, the increased volume of virtual card payment processing has left accounts receivable teams struggling, underscoring the critical need for an automated solution. The Mastercard Receivables Manager addresses this by making virtual card transactions more efficient, secure, and cost-effective. Suppliers no longer need to manually capture and enter virtual card details for reconciliation.

"By automating manual processes, we're transforming the way accounts receivable teams operate and bridging the gap between buyers’ virtual card preferences and suppliers’ acceptance challenges," stated Chad Wallace, global head of Commercial Solutions at Mastercard. The new product, developed in partnership with B2B order-to-cash software and digital payments market leader Billtrust, is designed to optimize acceptance at scale, thereby increasing card spending opportunities for businesses.

Learn more about Mastercard Receivables Manager here.

Source: Mastercard via Business Wire