Payment management platform Bill.com has added Mastercard’s virtual cards to its automated accounts payable platform for small and midsize businesses in the US.
The deal with Mastercard is part Bill.com’s strategy to further digitise payments. It will promote Mastercard virtual cards as a new electronic alternative to checks.
Apart from ensuring quick funds transfer, payment through virtual card also provides suppliers the data required to match payments with receivables.
Bill.com SVP of product Bora Chung said: “We’re excited to partner with Mastercard as a leading global payment company that has blazed new ground in business payments for small and midsize companies. Our goal to enable automated electronic disbursements and collections is completely aligned with Mastercard’s vision of a world beyond cash and checks.”
Mastercard North America small business lead Ginger Siegel said: “With the partnership with Bill.com, we can bring the benefits of virtual cards to hundreds of thousands of smaller enterprises in the United States.
“Virtual cards are more secure and provide transparency into cash in-flows and out-flows, which is critical to the growth of all small businesses.”
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By GlobalDataBill.com noted that the new faster payment option has been integrated into its accounts payable workflow on the cloud-based platform.
In February this year, Bill.com and American Express joined forces to launch an automated accounts payable (AP).
