American Express & Boost Payment Solutions offer virtual card payments

By Gloria Mathias

American Express has announced a new offering by Boost Payment Solutions, a global leader in B2B payments, to provide commercial virtual card processing services to US merchants who accept American Express.

Qualified American Express merchants will have access to Boost Intercept®, Boost’s patented Straight-Through Processing (STP) solution, at no additional cost. This collaboration will enable suppliers to streamline the acceptance of American Express virtual cards and minimise the challenges associated with manual processing.

While virtual cards offer a dynamic payment option that replaces a physical card number with a tokenised, one-time-use digital version, in B2B payments, some suppliers are still processing virtual card payments manually, including opening each email and copying the tokenised card number to their POS terminal.

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 computerised process can shorten the time between when a payment is authorised and when funds settle, potentially leading to better cash-flow management.

This new collaboration with Boost aims to empower American Express suppliers with enhanced efficiency, accelerated payment processing, and an improved customer experience.

“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 of Merchant Services, US, 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.”

“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.”