Mastercard is modernizing supplier reconciliation and streamlining virtual card payments with Mastercard Receivables Manager, its automated solution that makes virtual cards more efficient, secure and cost-effective for businesses to accept.
To give payment service providers greater flexibility in how they offer B2B payment innovations, Mastercard is also introducing Commercial Direct Payments, an advanced straight-through processing solution that fully automates virtual card payments and reconciliation.
“Businesses today expect simple, secure, and seamless ways to pay and get paid, with many turning to virtual cards to meet those expectations,” says Marc Pettican, global head of corporate solutions, Mastercard, “To support our clients wherever they are on their modernization journey, we’re thrilled to bring to market another simple path to receivables automation, and to fuel the consumerization of B2B payments around the world in the process.”
Key takeaways:
· Together, the expanded offerings deliver a fast, innovative B2B payment experience for both buyers and suppliers at an opportune time when embracing the digitization of commercial payments is increasingly moving from optional to essential.
· According to a recent global Mastercard survey, 93% of B2B suppliers shared that digitizing payment processes is a top priority for their business, while two-thirds still acknowledge regularly falling short of buyer payment expectations.
· Commercial Direct Payments is a new card network-agnostic solution that powers accounts receivable automation for suppliers, and optimizes digital payment opportunities for buyers increasingly looking to pay by card. When the buyer initiates a card payment, Commercial Direct Payments enables it to be processed directly with the supplier’s acquirer, eliminating all manual steps for making and receiving payments. The funds are automatically deposited into the supplier’s account and the detailed remittance data can be seamlessly integrated into the AR workflow.
- Suppliers can easily reconcile payments using the rich remittance data that can flow directly into their ERP systems, freeing up resources to focus on more strategic tasks.
- Issuers and acquirers can quickly unlock the benefits of straight through processing without the need for multiple costly and time-intensive connections with one another. Commercial Direct Payments streamlines this process by providing a single connection to Mastercard and enabling the flow of secure, standardized payment and remittance data between issuers and acquirers.
- Buyers have the flexibility to pay with physical or virtual cards to improve cash flow, while suppliers can get paid securely, efficiently, and on time.
