The collaboration leverages Boost’s patented
Straight-Through Processing (STP) solution to address supplier
challenges with manual processing of virtual Card payments
As part of its ongoing investment in its B2B
(business-to-business) network and in enhancing buyer and supplier
capabilities, American Express (NYSE: AXP) today announced a new
offering by Boost Payment Solutions, a global leader in B2B
payments, to provide commercial virtual Card processing services to
U.S. merchants who accept American Express. Qualified American
Express merchants will now have access to Boost Intercept®, Boost’s
patented Straight-Through Processing (STP) solution, at no
additional cost. This collaboration will enable suppliers to
streamline acceptance of American Express virtual Cards and
minimize the challenges associated with manual processing of
virtual Cards.
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While virtual cards offer a dynamic payment option that replaces
a physical card number with a tokenized, one-time-use digital
version, in B2B payments, some suppliers are still processing
virtual card payments manually, including the opening of each email
and copying the tokenized card number in their Point-of-Sale (POS)
terminal. The increasing volume of virtual card transactions is
making automation even more essential for suppliers, as 52% of U.S.
commercial card spend is estimated to be on virtual cards by
2025.*
Now, with Boost Intercept® for qualified American Express
merchants, the end-to-end process is entirely automated,
eliminating the manual work previously associated with processing
virtual Card payments via e-mail. The automated process can shorten
the time between when a payment is authorized and when funds
settle, potentially leading to better cash-flow management. By
automating each step -- receiving, parsing and processing –
suppliers don’t just save time, they also help their business run
more efficiently and safely: as virtual Cards are generated with
unique details for a specific transaction, merchants do not have to
worry about handling sensitive payment and Card data from
buyers.
Provided at no additional cost to qualified American Express
merchants , Boost Intercept® brings the positive impact of
end-to-end automation to businesses of all sizes, and helps
suppliers enjoy similar benefits that buyers do when it comes to
virtual Cards: faster, more efficient payments.
- From delayed payments to timely payments. Automating virtual
Card payments with Boost Intercept® can help reduce payment cycles
and improve cash flow management, helping suppliers receive the
funds more quickly.
- From data entry errors to reliable information. Boost
Intercept® automates and therefore simplifies reconciliation
efforts, with detailed transaction data accompanying each payment,
making it easier for suppliers to match payments with
invoices.
And from a supplier staffing perspective, data shows that
automating digital payments can save precious time compared to
manual processes: According to the Amex Trendex B2B Edition**, of
the U.S. businesses who said that payments automation is saving
their finance team’s time (36%), the average reportedly saved was
9.9 hours per week, or more than 500 hours per year.
This new collaboration with Boost aims to empower American
Express suppliers with enhanced efficiency, accelerated payment
processing, and an improved customer experience.
American Express
On-the-Record:
“American Express is always working to increase support for our
network of merchants, as backing businesses has been core to our
strategy for decades. We invest in proprietary supplier
capabilities, as well as partnerships to improve supplier
experiences,” said Colleen Taylor, President, Merchant Services –
U.S., at American Express. “That’s why we’re excited to partner
with Boost to extend the benefits of straight-through processing,
as virtual card transactions are on the rise. This collaboration
benefits businesses on both sides of a B2B transaction because the
process needs to work seamlessly for everyone involved.”
Boost Payment Solutions
On-the-Record:
“This collaboration underscores our commitment to empowering
suppliers with payment tools that can help them thrive in today's
fast-paced business environment,” said Dean M. Leavitt, Founder and
CEO of Boost Payment Solutions. “We admire American Express’
commitment to providing innovative and comprehensive payment
solutions for their clients and are thrilled to team up with them
to provide a simpler, smarter and safer option for accepting
American Express B2B virtual Cards.”
Learn More
American Express has both proprietary and partner virtual Card
solutions to meet all of its customers' needs, and American
Express’ collaboration with Boost Payment Solutions is the most
recent example of how the company is bringing automated accounts
payable (AP) and accounts receivable (AR) solutions to its network.
American Express One AP®, American Express’
proprietary accounts payable solution, which allows businesses to
pay their suppliers via multiple different payment rails, including
virtual Cards, which can bring enhanced security to payments
processes.
For more information on the American Express and Boost Payment
Solutions partnership visit www.boostb2b.com/americanexpress.
*Mercator Advisory Group, February 2023. **Amex Trendex: B2B
Edition, 2023.
About American Express
American Express is a globally integrated payments company,
providing customers with access to products, insights and
experiences that enrich lives and build business success. Learn
more at americanexpress.com and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, X.com/americanexpress, and
youtube.com/americanexpress.
Key links to products, services and corporate sustainability
information: personal cards, business cards and services, travel
services, gift cards, prepaid cards, merchant services, Business
Blueprint, Resy, corporate card, business travel, diversity and
inclusion, corporate sustainability and Environmental, Social, and
Governance reports.
About Boost Payment Solutions
Boost Payment Solutions is the global leader in B2B payments
with a technology platform that seamlessly serves the needs of
today’s commercial trading partners. Our patented technology
solutions bridge the needs of buyers and suppliers around the
world, eliminating friction and delivering process efficiency,
payment security, data insights, and revenue optimization. Boost
was founded in 2009 and operates in 180+ countries.
Please visit us at http://www.boostb2b.com
Location: U.S.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241001493531/en/
Media American Express Meg Martin meg.martin@aexp.com
Boost Payment Solutions Tara Lefave Stred (Three Rings Inc)
tstred@threeringsinc.com
American Express (NYSE:AXP)
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