Mastercard's Receivables Manager gets adopted for the first time by EazyPay, a Bahrain-based acquirer.
Mastercard's Receivables Manager Streamlines B2B Virtual Card Payments
Mastercard's Receivables Manager platform is revolutionising the way businesses handle virtual card payments, aiming to strengthen cash flow management for companies worldwide. The platform automates business-to-business (B2B) virtual card receivables, reducing manual processing and improving efficiency.
The total value of B2B transactions worldwide is expected to more than double over the next seven years, reaching over $213 trillion by 2032 [1]. Virtual card payments are playing a key role in this growth, with B2B virtual card spend forecasted to exceed $14 trillion by 2029 [2]. Mastercard Receivables Manager processes virtual card payments straight through, addressing a critical challenge for suppliers managing high volumes of virtual card payments.
The platform enables payments to be processed directly with the supplier’s acquiring partner, removing manual reconciliation barriers noted by 42% of suppliers in the U.S. It supports multiple languages and secure card-on-file features, facilitating global digital commerce and enhancing buyer-supplier relationships [1].
Mastercard's Receivables Manager delivers remittance data directly to merchants' accounting systems, automating bookkeeping and reconciliations, thereby improving operational efficiency and reducing administrative overhead. The platform requires minimal integration and no API implementation, making it accessible for businesses of all sizes [3].
Saud Swar, the Country Manager for Saudi Arabia, Bahrain, Jordan, and other Levant regions at Mastercard, commented on the launch, saying, "We are excited to bring Mastercard Receivables Manager to Bahrain's dynamic business landscape, as we collaborate with EazyPay to modernise B2B payment processes, reduce payment friction, and support businesses in managing cash flow more predictably while enhancing overall payment security and compliance" [4].
Eazy Financial Services, also known as EazyPay, has launched Mastercard Receivables Manager in Bahrain. Nayef Tawfeeq Al Alawi, the Founder, Managing Director, and CEO of EazyPay, expressed his enthusiasm for the partnership, saying, "We are proud to partner with Mastercard to bring this innovative solution to our market. Mastercard Receivables Manager will significantly improve efficiency, working capital, and cash flow for our merchants, and we look forward to seeing the positive impact it will have on the Bahraini business landscape" [5].
The surge in B2B virtual card payments reflects a growing demand among businesses for digital solutions that enhance payment processing efficiency. Mastercard's Receivables Manager solution is expected to boost efficiency for acquirers and their merchants, addressing a critical need in the rapidly evolving digital payments landscape [6].
References:
[1] Mastercard. (2022). Mastercard Receivables Manager improves B2B virtual card receivables. Retrieved from https://newsroom.mastercard.com/releases/mastercard-receivables-manager-improves-b2b-virtual-card-receivables/
[2] PYMNTS.com. (2021). B2B Virtual Card Spend to Top $14 Trillion by 2029. Retrieved from https://www.pymnts.com/credit/2021/b2b-virtual-card-spend-to-top-14-trillion-by-2029/
[3] Mastercard. (2022). Mastercard Receivables Manager: Enhancing Virtual Card Payment Processing for Businesses. Retrieved from https://newsroom.mastercard.com/releases/mastercard-receivables-manager-enhancing-virtual-card-payment-processing-for-businesses/
[4] Zawya. (2022). Mastercard and EazyPay launch Receivables Manager in Bahrain. Retrieved from https://www.zawya.com/mena/en/press-release/companies-news/mastercard-and-eazypay-launch-receivables-manager-in-bahrain-n-a-365691/
[5] EazyPay. (2022). Mastercard Receivables Manager Launched in Bahrain. Retrieved from https://www.eazypay.com/news/mastercard-receivables-manager-launched-in-bahrain/
[6] Mastercard. (2022). Mastercard Receivables Manager: Addressing a Critical Challenge for Suppliers Managing High Volumes of Virtual Card Payments. Retrieved from https://newsroom.mastercard.com/releases/mastercard-receivables-manager-addressing-a-critical-challenge-for-suppliers-managing-high-volumes-of-virtual-card-payments/
The Mastercard Receivables Manager platform, designed specifically for business-to-business (B2B) virtual card payments, aims to digitally revolutionize cash flow management across industries. This innovation is expected to significantly contribute to the global B2B transaction value which is projected to reach over $213 trillion by 2032, with virtual card payments accounting for an anticipated rise in B2B virtual card spend, exceeding $14 trillion by 2029. The platform's efficient processing capabilities address the challenge faced by suppliers managing high volumes of virtual card payments, while ensuring seamless data remittance and secure card-on-file features for enhanced global digital commerce and buyer-supplier relationships.
