Businesses are choosing virtual cards for B2B payments.  “This shift towards emerging tech has left accounts receivable teams struggling to keep pace.” (Mastercard)

Mastercard (NYSE: MA) has launched a new automated solution called Mastercard Receivables Manager, aimed at streamlining businesses’ acceptance and processing of virtual card payments. As virtual cards gain popularity in B2B transactions, the need for an efficient and secure payment processing solution has grown.

The cards giant has partnered with Billtrust to deliver this solution, which complements the company’s virtual card platform and speeds up the digitization of B2B transactions for both buyers and suppliers. Suppliers will no longer need to manually capture and enter virtual card details to reconcile the vast number of digital payments received. (Mastercard Newsroom)

This new product eliminates the manual entry of virtual card details for suppliers, automatically matching remittance data to invoices and delivering it to their ERP systems.

The solution also offers benefits such as improved cash flow visibility and the ability to drive early payments for suppliers.

Receivables Manager is available initially to U.S.-based customers with plans for expansion to other markets later on.

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