Bill.com to add Mastercard virtual cards to platform
Business payments software provider Bill.com will offer Mastercard virtual cards as part of its automated accounts payable platform for small and midsize businesses.
The addition of Mastercard virtual cards provides another electronic alternative to checks as Bill.com continues to digitize payments. In addition, payments with virtual cards provide faster availability of funds to suppliers, along with data needed to match payments with receivables.
“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," Bora Chung, senior vice president of product at Bill.com, said in a Tuesday press release. "Our goal to enable automated electronic disbursements and collections is completely aligned with Mastercard’s vision of a world beyond cash and checks."
The new faster payment option is integrated into the Bill.com accounts payable workflow on the cloud-based platform. Bill.com says its customers could save more than 50% of the time it typically takes to handle accounts payable, allowing them to spend more time growing their businesses and less time on administration.
“Our goal is to empower small business owners with the right tools and resources to run their business," Ginger Siegel, North America small business lead at Mastercard, said in the release. "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.”
Bill.com landed a similar deal with American Express two months ago in offering Vendor Pay, a system for B2B payments using Amex virtual account numbers.
Palo Alto, Calif.-based Bill.com recently completed an $88 million funding round led by Franklin Templeton, with Mastercard and Fidelity Investments Canada ULC among the other participants.
The new funding will allow Bill.com to continue to grow its network of more than three million members paying and getting paid with the company's digital platform. The company says it handles more than $60 billion in annual B2B payment volume.