Raistone today announced a collaboration with Mastercard set to simplify business-to-business (B2B) finance payments and speed up access to working capital for small- and-medium-sized businesses ("SMBs").
Using Mastercard's virtual card technology, Raistone will tap into secure payment innovation to streamline finance approval processes that can exclude SMBs from accessing essential funds needed to sustain and scale their business. This innovative use of virtual cards promotes diversity and inclusion by extending convenient financial tools to the companies that need them most.
The partnership enables automated financing to suppliers via virtual cards without requiring the involvement of their customers. In addition, women- and minority-owned business enterprises can join with no enrollment fees through the end of 2022.
"Together with Mastercard, Raistone is making it easier than ever for businesses to get paid on invoices that would otherwise take months for reimbursement. By using existing credit card rails and infrastructure, Raistone is able to reach and help businesses of all sizes, saving them both time and money so they can get back to doing what they do best," said Dave Skirzenski, CEO of Raistone. "We're excited to support small- and medium-sized businesses, particularly at a time when many companies are on the road to recovery or experiencing high growth."
Raistone's new virtual card program is being deployed directly to SMBs as well as integrated into customer-facing software provided by Raistone's large enterprise partners. A key advantage to SMBs is rapid sign-up through their existing platforms, enabling businesses to drastically reduce their operational burden and get paid in a matter of days.
Commenting on the collaboration, Claire Thompson, EVP Global Trade, Mastercard Enterprise Partnerships said, "We have a responsibility to advance a more equitable and sustainable future for organizations of all sizes, particularly when liquidity is vital during volatile times. Integrating Mastercard's virtual card technology within Raistone's customer facing software, allows us to significantly improve cashflow through quicker payments, supporting daily operations and fueling growth. With an embedded finance experience, we are accelerating easier access to secure working capital, ensuring that businesses have the means to manage and grow their business".