Texas fintech rides Mastercard Track to streamline supplier payments

Large companies tend to call the shots in how they pay suppliers, and their unique requirements can create obstacles for smaller businesses looking to submit invoices and collect payments from big organizations.

Austin, Texas-based Invoiced saw the problem through the eyes of its clients, thousands of midsize companies who use the fintech’s platform to automate their accounts receivables.

“It was an ongoing multi-network problem we needed to solve when our clients wanted faster ways to accept payments from large corporations and government agencies,” said Adam Weinroth, Invoiced’s chief marketing officer and head of partnerships.

Invoiced solved the problem by forming a strategic partnership with Mastercard Track Business Payment Service, the open-loop network that supports a vast network and business directory of buyers and suppliers.

The integration announced last month enables large buyers to leverage Mastercard Track's technology to remit payments directly from their own accounts payable systems to Invoiced, streamlining both the invoicing and collections process, according to Weinroth.

The move also expands Mastercard Track's global network by adding thousands of Invoiced’s clients who collectively transact with more than 1 million buyers, he added.

The move is a significant milestone for Invoiced, which launched in 2013 with a concept called Invoice Generator that gave suppliers a quick way to send a professional-looking invoice via a PDF.

“This method of creating a fast invoice became very popular, and we eventually expanded into the whole continuum of invoicing, billing and collections for middle-market suppliers,” Weinroth said.

"Partnerships with leading innovators like Invoiced enable suppliers and buyers around the world to take advantage of financial automation," said David Trecker, Mastercard's senior vice president of B2B payments, in a press release.

Invoiced’s API-based platform is now available in 92 countries and processes more than $2 billion in receivables on behalf of clients.

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