NEW YORK--(BUSINESS WIRE)--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.
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.