Mastercard Track: new B2B payment service launched

This service makes B2B payments work faster and smarter for businesses

Mastercard Track Business Payment Service

Mastercard Track: new B2B payment service launched. Source: shutterstock.com

Mastercard has launched its Track Business Payment Service, which enables greater control over transactions. Besides, it provides automated reconciliation for suppliers and application of all payment options approved by them.

Along with that, Mastercard Track allows buyers and suppliers to manage their payments more efficiently. For instance, suppliers can manage how they get paid for different invoices for different buyers. At the same time, buyers can optimize payment with improved reconciliation. It will help to manage cash flow and capture early payment discounts.

The service is managed through a single platform that minimizes the need for a manual and time-consuming interaction between buyers and suppliers.

When we started work on Mastercard Track Business Payment Service, we looked at the persistent problems in B2B payments and asked ourselves how we could solve them for the benefit of buyers and suppliers. We realized that we needed to apply the techniques that work so well in consumer payments: delivering value to both buyers and suppliers, embracing standardization, driving scale by working with the most capable partners and by creating incentives to drive behavioral changes by the participants
James Anderson, executive vice president of Global Commercial Products at Mastercard

We’ve reported that Mastercard’s company RiskRecon will help small businesses across Canada protect themselves during the coronacrisis. Since they moved their activities online, Canadian small businesses are currently facing greater exposure to cyber threats.

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