of financial controllers say accounts payable is a priority for improvement1
Mastercard B2B Hub? helps eliminate accounts payable inefficiencies and frustrations
Even in today’s digital-savvy world, for many middle-market companies, paying bills is still a manual, expensive and time-consuming process. And it’s not easy for suppliers either; a lack of data and automation makes it challenging to match a payment to an invoice. Mastercard B2B Hub? helps solve these issues and more.
The B2B Hub? services team has delivered significantly higher than average conversion rates to ePayables – 40% versus 10% industry average for a financial institution’s payables program.
Target new untapped segments in a holistic way
The B2B Hub? is designed to address the specific needs of the 350,000 middle-market customers that have trillions of invoice payments a year, with clear benefits of helping to increase accounts payable efficiency and control.
Meet the growing customer demand
The B2B Hub? enables financial institutions to answer the growing demand of middle-market companies for innovative products to improve their business payments.
Optimizes the bottom line with an end-to-end platform that automates accounts payable, which can help decrease invoice processing cost by 50%.
Free up resources
Reduces manual work, freeing up time and resources required to manage invoices and payments, allowing employees to focus on growing the business further.
Help increase visibility into payment statuses, the ability to manage cash flow, and access to data.
Flexible payment options
Suppliers can choose how they get paid—cards, check, or ACH – helping them to get paid faster, which can increase working capital.
Enhanced data provides improved reconciliation of payments received.
Help increase visibility of invoice status and removes uncertainty of when payments will be received.
New Opportunities in B2B Payments
Mid-market companies make more than two-thirds of their payments on checks but they are costly and time consuming. Technological advances provide an opportunity to offer new solutions that help to streamline payments, reduce cost, and potentially increase revenue for middle-market companies. It’s no surprise that 63.5% of controllers say that accounts payable is a priority for improvements. Learn how a holistic, fully automated accounts payable and payment solution creates value for Financial Institutions and their middle-market clients.
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1 Institute of Financial Management (IOFM) 5 Enterprise benefits of migrating to electronic B2B Payments, 2016