More than a year after announcing the launch of MasterCard Track, a B2B digital platform for improving global trade among small businesses, MasterCard has unveiled new plans to modernize business-to-business transactions even further. The new MasterCard Track Business Payment Service expands the focus of the digital platform for faster payments and data collection.
What Is MasterCard Track?
In 2018, MasterCard launched Track, a business-to-business platform to simplify and speed up global trade. The platform, powered by Microsoft Azure, connected buyers and suppliers with each other, lenders, and other networks.
Business-to-business transactions largely remain outdated despite rapid advancements in the rest of the business world. Manual invoicing and paper checks remain common with administrative costs nearing $500 billion. According to MasterCard, nearly 50% of all business-to-business transactions, or nearly $58 trillion, are still done on paper.
MasterCard Track partnered with nine procure-to-pay providers and business-to-business networks to help organizations maintain, exchange, and retrieve data about themselves and their partners. Track helps facilitate communication by connecting networks in a single platform.
What Is the Track Business Payment Service?
The Track Business Payment Service represents a new branch of the MasterCard Track platform that focuses on payments rather than networking and communication. The MasterCard Track Business Payment Service is the first commercial and global open-loop service built to automate business-to-business payments. The service modernizes payment processing by helping buyers and suppliers overcome outdated systems and improve the way businesses pay and get paid.
The Track Business Payment Service works as a single connection to combine multiple modern payment solutions with a focus on faster payments and real-time data collection.
All Payment Types in One Service
The Track Business Payment Service represents a new branch of the MasterCard Track platform that focuses on payments rather than networking and communication. The MasterCard Track Business Payment Service is the first commercial and global open-loop service built to automate business-to-business payments. The service modernizes payment processing by helping buyers and suppliers overcome outdated systems and improve the way businesses pay and get paid.
The Track Business Payment Service works as a single connection to combine multiple modern payment solutions with a focus on faster payments and real-time data collection.
Availability Begins in 2020
The MasterCard Track Business Payment Service is set to roll out across the world, beginning in the U.S. market in the first half of 2020. The service will be available to merchants and supplier partners who can incorporate it within existing products. Currently, the service is being piloted by partners including B2B payments optimizer Boost, payment solutions providers TSYS and CSI, Accounts Payable automation provider AvidXchange, and Accounts Receivable software providers HighRadius, YayPay, and VersaPay.
Frequently Asked Questions
What is Mastercard’s new global B2B service?
Mastercard’s new global B2B service is a suite of products and services that allows businesses to send and receive payments more efficiently and securely. Mastercard Track can be used by businesses of all sizes, in all industries, and all countries.
Who can use Mastercard’s new global B2B service?
Mastercard Track can be used by businesses of all sizes, in all industries, and all countries.
How does Mastercard’s new global B2B service work?
Mastercard Track works by using a network of banks and financial institutions to facilitate payments between businesses. This network allows businesses to send and receive payments quickly and securely, regardless of their location.
What are the benefits of using Mastercard’s new global B2B service?
There are many benefits to using Mastercard Track, including:
● Faster payments: Mastercard Track can help businesses send and receive payments up to 24 hours faster than traditional methods.
● Increased security: Mastercard Track uses the latest security technology to protect payments from fraud and theft.
● Reduced costs: Mastercard Track can help businesses reduce the costs associated with sending and receiving payments.
● Improved cash flow: Mastercard Track can help businesses improve their cash flow by making it easier to track and manage payments.
Who can use Mastercard Track Business Payment Service?
Mastercard Track Business Payment Service can be used by businesses of all sizes, in all industries, and all countries.
Here are some additional details about Mastercard Track Business Payment Service:
● Mastercard Track Business Payment Service allows businesses to send and receive payments using virtual cards. Virtual cards are one-time-use cards that are created for each payment. This helps to reduce fraud and improve security.
● Mastercard Track Business Payment Service is available through a network of banks and financial institutions.
● To get started with Mastercard Track Business Payment Service, you will need to contact your bank or financial institution.
