Mastercard Making It Easier for Businesses to Accept... - Card Issuers News


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Card Issuers » Mastercard Making It Easier for Businesses to Accept Virtual Cards

Mastercard Making It Easier for Businesses to Accept Virtual Cards

The content is accurate at the time of publication and is subject to change.

Going digital when it comes to key aspects of day to day operations is on the agenda for many businesses these days, but when it comes to managing payments from their customers it can eat up a lot of precious time. The fact that time is money for businesses is something Mastercard is well aware of having just launched a Virtual Card Receivables Service so they can reconcile virtual card payments digitally.

The Virtual Card Receivables Service can be used by businesses of all sizes and types and is seen as a way to help them streamline payments. “As more companies turn to Virtual Card payments, we’re focused on simplifying processes and enhancing the user experience across the ecosystem. Our new Virtual Card Receivables Service does just that for suppliers,” said Jeff Feuerstein, senior vice president, Commercial Products, Mastercard.

“By simplifying card reconciliation, we’re helping suppliers streamline their accounts receivable processes, making data available faster and with the same security and privacy standards we uphold for all Mastercard products and services,” he added.

How it works

When businesses use the Virtual Card Receivables Service the system will aggregate the payment information made by virtual cards in the Mastercard network. They will then create a comprehensive file where all the information is warehoused.

The file will be available in a variety of formats, so businesses can choose the one that works for them. These formats include both Microsoft Excel and CSV. In turn, they can then quickly and easily assimilate it into their ERP systems, as well as use the information to predict their levels of cash flow going forward.

Doing away with having to reconcile incoming payment data is also on the agenda for Mastercard, and to make this possible they have teamed up with VersaPay, a provider of cloud-based invoice-to-cash solutions. This collaboration will hopefully get rid of the need to reconcile these payments manually.

“We are excited to work with a global payments leader like Mastercard,” stated Craig O’Neill, chief executive officer of VersaPay. “Through our joint initiative, we will improve the experience of accepting virtual credit cards for businesses across the US, Canada, and around the globe.”

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Mastercard and OpenText Partner Up
Mastercard and OpenText Partner Up

Posted: July 24, 2019

Mastercard and OpenText, a developer of information management software, are partnering up to help businesses increase their fiscal productivity when navigating global supply chains. Initially, they are rolling out this new software to the… Continue reading

A New Credit Card For Nonprofits From Charity Charge
A New Credit Card For Nonprofits From Charity Charge

Posted: June 26, 2019

Different kinds of companies have different needs, and this is something Charity Charge, a public benefit corporation, knows well, and in keeping with this theme, they are launching a new credit card just for nonprofits. Commerce Bank is… Continue reading

Mastercard's New True Name Card is Game Changer
Mastercard's New True Name Card is Game Changer

Posted: July 04, 2019

It’s gay pride month and in keeping with this theme Mastercard will be rolling out the new True Name card, which lets people who are non-binary and/or transgender have their chosen name on their card rather than having to use the name they… Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
The Citi Rewards+℠ Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap.
For Excellent, Good Credit
Earn unlimited 1.5% cash rewards on all purchases.
For Good, Excellent Credit
See Rates & Fees
Perfect credit not required for approval; we may approve you when others won’t
For Fair/Bad Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!