American Express has announced a new collaboration with Boost Payment Solutions, aimed at optimising virtual card payments for US-based suppliers.
The partnership will allow American Express merchants to access Boost’s patented Straight-Through Processing (STP) solution at no extra cost, automating the often tedious process of handling virtual card transactions.
Virtual cards, which replace physical card numbers with tokenised, single-use digital versions, are becoming an increasingly popular payment method. They offer security and efficiency, especially in business-to-business (B2B) transactions.
However, many suppliers are still manually processing virtual card payments. This involves opening emails, copying card numbers and entering them into Point-of-Sale (POS) systems – a time-consuming process prone to errors.
With B2B virtual card transactions expected to account for 52% of all US commercial card spending by 2025, automation has never been more crucial.
To address this, American Express and Boost Payment Solutions have introduced Boost Intercept, a fully automated virtual card processing system. For qualified American Express merchants, the system eliminates the need for manual entry, ensuring a seamless and faster payment process.
Streamlining payment for smoother cash flow
By automating virtual card payments with Boost Intercept, suppliers can streamline their payment process, improving cash flow and reducing the time between payment authorisation and settlement. This faster payment cycle benefits businesses of all sizes, helping them manage their finances more effectively.
Colleen Taylor, President of Merchant Services for American Express in the US, comments “We’re always looking for ways to support our merchants.
“This collaboration with Boost allows us to offer straight-through processing for virtual cards, making the process faster and more efficient for everyone involved.”
For suppliers, the automation not only speeds up payments but also enhances security. Since virtual cards are created with unique details for each transaction, merchants don’t have to worry about handling sensitive card data, minimising the risk of data breaches.
Reducing errors and saving time
Another major advantage of Boost Intercept is its ability to reduce human errors. The system automates each step of the payment process, from receiving to parsing and processing.
This reduces the risk of mistakes that often occur with manual data entry, ensuring accurate and reliable information every time.
Detailed transaction data accompanies each payment, simplifying reconciliation efforts for suppliers. This level of precision helps suppliers match payments with invoices more easily, streamlining their accounting process and saving time.
Automating these tasks can lead to significant time savings for businesses. According to the Amex Trendex B2B Edition, among US businesses that have adopted payment automation, 36% reported saving their finance teams an average of 9.9 hours per week – adding up to more than 500 hours a year.
Dean M. Leavitt, CEO and Founder of Boost Payment Solutions, adds “We are thrilled to partner with American Express to provide suppliers with a more efficient and secure way to handle virtual card payments.
“This collaboration highlights our commitment to empowering businesses with the tools they need to thrive in today’s fast-paced environment.”
A win for both sides of the transaction
For both buyers and suppliers, the benefits of this collaboration are clear. Buyers have long enjoyed the convenience of virtual cards and now suppliers can access similar benefits.
The partnership between American Express and Boost helps suppliers reduce payment cycles, improve cash flow and minimise errors – all without additional costs.
By simplifying virtual card transactions and automating processes, this collaboration is set to change the way B2B payments are handled, making it easier for businesses to manage their payments quickly, securely and efficiently.
As the demand for virtual cards continues to rise, American Express and Boost Payment Solutions are leading the way in modernising the payment landscape for businesses across the US.
