FinTech Raistone on Tuesday (April 5) teamed up with Mastercard to streamline business-to-business (B2B) finance payments and accelerate working capital for small- and medium-sized businesses (SMBs), using Mastercard’s virtual card technology, according to the joint press release.
Raistone will lean on Mastercard to speed up and secure the finance approval process, which can often exclude SMBs from accessing the money they need to scale their businesses, the press release says. The Raistone-Mastercard collaboration “promotes diversity and inclusion by extending convenient financial tools to the companies that need them most,” according to the announcement.
The partnership gives automated financing to suppliers using virtual cards without getting their customers involved. Women- and minority-owned businesses can join with no enrollment fees through the end of the year, the press release says.
“Raistone is making it easier than ever for businesses to get paid on invoices that would otherwise take months for reimbursement,” said Dave Skirzenski, CEO of Raistone, in the joint press release. “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.”
The new Raistone virtual card will be integrated into customer-facing software by the company’s large enterprise partners. It features rapid signup through the company’s existing platforms, reducing the operational burden and getting them paid in a few days, the joint press release says.
“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,” said Claire Thompson, EVP Global Trade, Mastercard Enterprise Partnerships, in the joint announcement.
“Integrating Mastercard’s virtual card technology within Raistone’s customer-facing software allows us to significantly improve cash flow 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,” she said.
Related: Trax, Raistone Team on Invoice Payment Extensions
In February, Raistone and transportation spend management company Trax Technologies teamed up to give Trax customers terms that let them pay invoices 150 days after the dates sought on invoices, with Trax making the payment to cover the gap.
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