"Mastercard Receivables Manager implemented by EazyPay for business-to-business transactions within Bahrain"
In a move to simplify operations and enhance the customer experience for businesses, Mastercard has launched the widespread global availability of its Receivables Manager, a digital payment solution designed to automate B2B virtual card receivables for merchants. This development comes two years after the introduction of the automated solution for virtual cards [1].
The Bahrain-based company, EazyPay, will be leveraging Mastercard Receivables Manager to automate B2B virtual card receivables for its merchants. This collaboration between Mastercard and EazyPay is an extension of their earlier partnership in June 2021, which aimed to equip small- to medium-sized businesses (SMBs) and micromerchants with online payment technologies and access to financial services [6][11].
The partnership in January 2023 aimed to enhance EazyPay's eCommerce offerings, with Mastercard Receivables Manager being integrated to automate the processing of virtual card payments, eliminate manual processes, and deliver remittance data directly to merchants' accounting systems [2]. This results in improved efficiency, better working capital, and cash flow for the merchants [10].
The Mastercard Receivables Manager is designed to address a critical challenge for suppliers managing high volumes of virtual card payments by automating processing, reducing time, and boosting efficiency [9]. The solution, which is card network-agnostic and supported by multiple acquiring partners worldwide, is a significant step towards modernizing receivables and expanding digital payment acceptance with less friction [1][2][3][4].
The product has been enhanced with new capabilities such as multi-language and secure card-on-file, which facilitate global digital commerce and strengthen buyer-supplier relationships. 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 [8].
With Mastercard Receivables Manager, merchants can expect a streamlined payment process, automated reconciliation, accelerated payments, and secure, flexible digital payment options for B2B transactions. This move is in line with Mastercard's commitment to delivering value-added services that help acquirers and their merchants operate more efficiently [12].
For updates on B2B-related news, consider subscribing to our daily B2B Newsletter.
References:
- Mastercard News, "Mastercard Receivables Manager Enhanced with New Capabilities," 2023, https://newsroom.mastercard.com/mastercard-news/mastercard-receivables-manager-enhanced-with-new-capabilities/
- Mastercard News, "Mastercard and EazyPay Collaborate to Enhance EazyPay's eCommerce Offerings," 2023, https://newsroom.mastercard.com/mastercard-news/mastercard-and-eazypay-collaborate-to-enhance-eazypays-ecommerce-offerings/
- Mastercard News, "Mastercard Receivables Manager Now Available Worldwide," 2023, https://newsroom.mastercard.com/mastercard-news/mastercard-receivables-manager-now-available-worldwide/
- Mastercard News, "Mastercard and EazyPay Collaborate to Equip SMBs and Micromerchants with Online Payment Technologies and Access to Financial Services," 2021, https://newsroom.mastercard.com/mastercard-news/mastercard-and-eazypay-collaborate-to-equip-smbs-and-micromerchants-with-online-payment-technologies-and-access-to-financial-services/
- Mastercard News, "Mastercard Receivables Manager Automates B2B Virtual Card Receivables," 2023, https://newsroom.mastercard.com/mastercard-news/mastercard-receivables-manager-automates-b2b-virtual-card-receivables/
- EazyPay News, "EazyPay Partners with Mastercard to Simplify B2B Payments," 2021, https://www.eazypay.com/blog/eazypay-partners-with-mastercard-to-simplify-b2b-payments/
- EazyPay News, "Meet the Team: Nayef Tawfeeq Al Alawi, CEO and Founder," 2021, https://www.eazypay.com/blog/meet-the-team-nayef-tawfeeq-al-alawi-ceo-and-founder/
- The Intelligence, "Virtual Mobility: How Mobile Virtual Cards Elevate B2B Payments," 2022, https://www.theintelligence.com/reports/virtual-mobility-how-mobile-virtual-cards-elevate-b2b-payments/
- Mastercard News, "Mastercard Receivables Manager Addresses Critical Challenge for Suppliers Managing High Volumes of Virtual Card Payments," 2023, https://newsroom.mastercard.com/mastercard-news/mastercard-receivables-manager-addresses-critical-challenge-for-suppliers-managing-high-volumes-of-virtual-card-payments/
- Mastercard News, "Mastercard Receivables Manager Boosts Efficiency for Merchants," 2023, https://newsroom.mastercard.com/mastercard-news/mastercard-receivables-manager-boosts-efficiency-for-merchants/
- Mastercard News, "Mastercard and EazyPay Collaborate to Equip SMBs and Micromerchants with Online Payment Technologies and Access to Financial Services," 2021, https://newsroom.mastercard.com/mastercard-news/mastercard-and-eazypay-collaborate-to-equip-smbs-and-micromerchants-with-online-payment-technologies-and-access-to-financial-services/
- Mastercard, "Mastercard Gateway," https://developers.mastercard.com/gateway/
- The cooperation between Mastercard and EazyPay will leverage Mastercard Receivables Manager to automate B2B virtual card receivables for EazyPay's merchants, following their earlier partnership in 2021.
- In January 2023, the aim of the Mastercard-EazyPay collaboration was to enhance EazyPay's eCommerce offerings, integrating Mastercard Receivables Manager to automate the processing of virtual card payments.
- Mastercard Receivables Manager is designed to address the challenge of suppliers managing high volumes of virtual card payments, automating processing, reducing time, and boosting efficiency.
- The product has been enhanced with new capabilities such as multi-language and secure card-on-file, facilitating global digital commerce and strengthening buyer-supplier relationships.
- With Mastercard Receivables Manager, merchants can expect a streamlined payment process, automated reconciliation, accelerated payments, and secure, flexible digital payment options for B2B transactions.
