Business Payment Service

What is Business Payment Service

Business Payment Service - BPS - is an exciting new bill pay solution brought by Mastercard ® - also referred to as Mastercard Track ™ Business Payment Service. The Service's directory could also help popularize new payment methods like Real-Time Payments (RTP), positioning MasterCard to help drive innovation in the industry. Because the Service has a directory of suppliers, currently over 200 million suppliers in 2020, it can potentially enable those suppliers to say they accept RTP, making it easy for buyers to take advantage and possibly driving them to adopt RTP. All U.S. businesses ( Billers ) primarily, and also those around the world, can now enroll and receive payments from their Customers (Payers) using Credit Cards, ACH, Real-Time Payments, Bank Transfer (even inter-bank, meaning the Payer and Biller can have different banks), Venmo, Zelle and more! MasterCard first announced its Business Payment Service in 2018. It's not meant to replace banks' existing bill payment offerings but, supplement with additional payment methods, real-time messaging to all parties involved, bill presentment, online reporting, etc.  Payers may be using the new new bill pay service but not recognize the title of "Business Payment Service". The reason is that financial institutions offering the service may use their own trade names to market their online / mobile bill pay services to their depositors. Similar to the "Direct Biller" method in Bill Pay Exchange (BPX) through the modernization of Mobile & Online Banking Bill Payments - also referred to as Bank Mobile Bill Pay App. Business Payment Service BPS uses request to pay or request for payment overlay solutions or invoices sent to the Payer, via text, email or regular mail. BPE allows Payers to login to a centralized dash-board to view all their bills and pay either one-time or recurring.

Payers, both individuals and companies, can use MasterCard's bill payment service website or mobile app to easily pay suppliers, view bill details in rich data format, receive due-date notifications and payment confirmations, and pay bills including how much and when to pay. Payments flowing through Mastercard Track also will have purchase and invoice details attached, a longstanding advantage of commercial card payments that more rudimentary B2B payment methods like ACH traditionally lacked. Suppliers receive access to an additional billing and payment channel, which will reduce the cost of mailing paper bills and processing checks, provide faster reconciliation, and lower customer support costs because of added payment transparency. Plus, suppliers will be able to integrate their accounting systems with the payment data provided by Business Payment Service.

Suppliers/Billers need rich data exchanges, including itemized revenue transaction data, not just batch deposit summaries afforded them via direct connect banking. Track™ Business Payment Service magnificently delivers this expanded data. Our Today Payments API, an award-winning software innovation, automates the process of recording the rich, complex data efficiently within QuickBooks® desktop and online, existing treasury management systems (TMS), ERPs, commercially available accounting software and internal systems of the Suppliers/Billers.

How to Enroll in Business Payment Service

All Buyers / Suppliers on the Business Payment Service network have to actively enroll. Buyers can access the MasterCard Track Business Payment Service via Buyer Payment Agents. Supplier can get listed via Supplier Payment Agents. Enrollment can be through their current payment processor. But, what if, as a Supplier, you currently only accept Credit/Debit Cards as payments but want to now offer your Buyers additional payment methods such as Same-Day ACH or Real-Time Payments? You may either contact your payment provider or enroll directly with us for the additional payment methods.

QuickBooks ® in Business Payment Service

Up to now, Direct Connect for QuickBooks Desktop and Web Connect for QuickBooks Desktop and QBO Online Bank, "Bank Feeds" are only the "Batch" and after-fact details with Sync Transactions. We have two ways for Revenue, either way by Invoices, Statements, or "Quick Sales", QuickBooks users to either using SecureQBPlugin.com for Card, ACH, A2A and Real-time Payments or Today Payments as a Supplier Payment Agent with authorized by Mastercard. Only "Bank Feeds" the only the daily batch by type of revenue source. Our systems use the itemized details for Customers in QuickBooks without using "matching" and syncing.

About Mobile Business Payment Service

• Business Payment Service payments are SAFE:

  • bank-to-bank transactions, using bank login authorization, are the most secure method of funds transfer available.

  Business Payment Service payments are FAST:

  • 24/7/365 payments and access to funds anytime.

  Business Payment Service payments are EFFICIENT:

  • The platform makes digital payments effortless and more efficient. We drive efficiencies and cost savings.

  Business Payment Service payments are EASY TO USE:

  • It connects users across the globe all through one digital hub.

Our Real-Time Payment Platform