Mastercard it’s launching widescale global availability of 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.” – accordng to the press release.
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.
“Businesses today expect simple, secure, and seamless ways to pay and get paid – with many turning to virtual cards to meet those expectations,” said 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.”
Empowering suppliers with enhanced virtual card acceptance
Since its launch just two years ago, Mastercard Receivables Manager has been levelled up with new capabilities such as multi-language and secure card-on-file to support digital commerce around the world. Now available globally, acquiring partners are embracing the innovation to modernize supplier virtual card acceptance experiences across major card networks and help customers strengthen buyer-supplier relationships.
Elavon and Run Payments are among the many innovative payment providers in the United States offering Mastercard Receivables Manager to address manual processing and reconciliation challenges – which some 42% of suppliers across the nation note as top barriers to acceptance.
EazyPay is also one of the first acquiring partners in the Middle East to offer the solution to transform accounts receivable workflows for their customers in Bahrain.
Taking the manual out of Commercial payments
„The next wave of B2B payment innovation is here – and many payment service providers are already embracing it. 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.” – the company said.
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.
The entire B2B payment process becomes smooth and hassle-free, bringing key benefits to ecosystem players, including:
. Driving supplier efficiency with automated reconciliation: 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.
. Unlocking automated B2B payment processing at scale: 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.
. Strengthening buyer-supplier relationships: 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.
Commercial Direct Payments is a global product innovation initially available in the U.S., with Sakon as the first launch customer.
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