Unraveling the Hostility of Traditional Virtual Cards

Unraveling the Hostility of Traditional Virtual Cards

By CFO Tech Outlook | Tuesday, August 20, 2019

Craig O'Neill, CEO & Director

Mastercard has started working with VersaPay, a principal provider of cloud-based invoice-to-cash solutions, to offer a solution that can remove the manual processes of reconciling incoming payment data.

FREMONT, CA: “Everything boils down to convenience. In our personal lives, it is simple and convenient to pay for goods and services at the point-of-sale (POS) or through an e-commerce portal because, as consumers, we are typically making simple purchases and paying at the time of purchase. Conversely, B2B transactions are more complex, which makes it very difficult to provide a simple and convenient method to accept e-payments,” stated Craig O’Neill, CEO of VersaPay.

Organizations around the globe are leveraging the digitizing aspects present in their business operations, but for many of them, managing the incoming payments from customers can be a blue-collar challenge. To resolve such hostile problems, Mastercard has recently launched a Virtual Card Receivables Service that allows digitizing the settlement of virtual card payments for every business. Mastercard and VersaPay together are all set to improve the experience of accepting virtual credit cards for companies worldwide.

The latest Virtual Card Receivables Service can combine information from Mastercard issuers, who are connected to Virtual Card payments by their corporate customers. It then compiles the information into a single comprehensive file that can be accessed in a digital format preferred by suppliers such as Microsoft Excel and CSV. The process builds a digital data source that suppliers can conveniently integrate into ERP systems as well as use for cash flow forecasting.

Virtual Card payments tend to focus on simplifying processes and improving the user experience throughout the ecosystem with the new Virtual Card Receivables Service. By breaking the complexities of card reconciliation, the company is helping suppliers restructure their accounts receivable methods. It is making data access faster, and with the help of the existing security and privacy standards, they are maintaining the Mastercard products and services.

By reforming the conventional approach to the existing reconciliation processes, Mastercard is improving the overall payment experience between both the supplier and the buyer. The Virtual Card Receivables Service of Mastercard can be accessed globally by the financial institutions as well as the FinTech partners for their corporate customers.

Check this Out:Top Reconciliation Platform Companies

Mastercard is a tech company in the international payments industry with its global expense processing network that connects more than 210 countries and territories. Its products and solutions make day-to-do commerce activities easier, safer, and efficient for one and all.

VersaPay, on the other hand, is a FinTech company and was featured as one of the Top 10 Accounts Receivable Solution Providers of 2018 by CFO Tech Outlook. With its cloud-based invoice-to-cash solution it enables businesses to give superior customer experience, faster payments, updated financial operations, and reduced costs.

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