Business in Bahrain is now streamlined with EazyPay's implementation of Mastercard's Receivables Manager for B2B transactions, enhancing the efficiency and convenience of cross-business monetary exchanges.
Mastercard Unveils Global Availability of Receivables Manager for Enhanced B2B Payments
Mastercard has announced the widescale global availability of its Receivables Manager, a tool designed to automate and streamline the acceptance and reconciliation of virtual card payments for merchants. The solution, first introduced in 2021, has been developed to address the challenges faced by suppliers managing high volumes of virtual card payments, offering significant benefits for efficiency, security, and cost-effectiveness.
Automating B2B Virtual Card Receivables
Mastercard Receivables Manager automates what was traditionally a manual and error-prone process, reducing administrative costs by up to 50% and improving cash flow predictability by decreasing days sales outstanding. The tool integrates seamlessly with major ERP systems like Oracle Fusion Cloud and SAP, enabling straight-through processing that minimizes human intervention and manual workload for merchants.
Streamlining Payments and Reconciliation
The solution enhances efficiency by automating virtual card acceptance and reconciliation, making payments more secure, efficient, and cost-effective for businesses to accept. New features such as multi-language support and secure card-on-file capabilities further support global digital commerce and simplify reconciliation for suppliers across different regions.
Benefits for Merchants and Payment Service Providers
By delivering a faster, more innovative B2B payment experience, Mastercard Receivables Manager helps merchants meet the increasing demand for digitized payment processes—a priority for 93% of B2B suppliers—while addressing existing challenges in supplier reconciliation that affect nearly half of suppliers. Payment service providers benefit from greater flexibility in offering B2B payment innovations through Mastercard’s complementary Commercial Direct Payments system that fully automates virtual card payments and reconciliation.
A Commitment to Efficiency
Mastercard is committed to delivering value-added services that help acquirers and their merchants operate more efficiently. The Intelligence report "Virtual Mobility: How Mobile Virtual Cards Elevate B2B Payments" found that virtual cards can deliver security, efficiency, and return on investment to B2B payments.
Expansion and Collaboration
In Bahrain, the company EazyPay will use Mastercard Receivables Manager to automate B2B virtual card receivables for merchants. Previously, in June 2021, Mastercard and EazyPay worked together to equip SMBs and micromerchants with online payment technologies and access to financial services. Mastercard Gateway, previously known as Mastercard Payment Gateway Services (MPGS), has also been used to enhance EazyPay's eCommerce offerings.
In July 2023, Mastercard Receivables Manager made its debut, marking a milestone in the company's commitment to delivering innovative solutions that cater to the evolving needs of businesses in the digital age. With this new tool, merchants can expect to benefit from reduced manual processing errors, operational cost savings, accelerated payment cycles, and improved supplier satisfaction through automation and integration with enterprise systems.
- Mastercard Receivables Manager, now globally available, automates and streamlines the acceptance and reconciliation of virtual card payments for merchants, thereby reducing administrative costs, improving cash flow predictability, and addressing the challenges faced by suppliers managing high volumes of virtual card payments.
- The solution integrates seamlessly with major ERP systems like Oracle Fusion Cloud and SAP, enabling straight-through processing that minimizes human intervention and manual workload for merchants, making payments more secure, efficient, and cost-effective for businesses.
- With features such as multi-language support and secure card-on-file capabilities, the solution further supports global digital commerce and simplifies reconciliation for suppliers across different regions.
- Mastercard Receivables Manager helps merchants meet the increasing demand for digitized payment processes, while payment service providers benefit from greater flexibility in offering B2B payment innovations.
- Mastercard continues to expand its solutions portfolio, recently collaborating with EazyPay in Bahrain to automate B2B virtual card receivables, and integrating Mastercard Gateway to enhance EazyPay's eCommerce offerings, demonstrating a commitment to delivering innovative solutions that cater to the evolving needs of businesses in the digital age.
