American Express and Boost Payment Solutions Bring Optimized Virtual Card Payments to Suppliers
American Express (NYSE: AXP) has announced a new collaboration with Boost Payment Solutions to provide commercial virtual Card processing services to U.S. merchants accepting American Express. Qualified merchants will have access to Boost Intercept®, Boost's patented Straight-Through Processing (STP) solution, at no additional cost. This initiative aims to streamline the acceptance of American Express virtual Cards and address challenges associated with manual processing.
The collaboration comes as virtual cards are expected to account for 52% of U.S. commercial card spend by 2025. Boost Intercept® automates the entire process, potentially leading to better cash-flow management and more efficient operations for suppliers. The solution can help reduce payment cycles, improve reconciliation efforts, and save time for finance teams.
American Express (NYSE: AXP) ha annunciato una nuova collaborazione con Boost Payment Solutions per fornire servizi di elaborazione di carte virtuali commerciali ai commercianti statunitensi che accettano American Express. I commercianti qualificati avranno accesso a Boost Intercept®, la soluzione brevettata di Straight-Through Processing (STP) di Boost, senza costi aggiuntivi. Questa iniziativa mira a semplificare l'accettazione delle carte virtuali American Express e a risolvere le difficoltà associate all'elaborazione manuale.
La collaborazione arriva mentre si prevede che le carte virtuali rappresenteranno il 52% della spesa commerciale con carte negli Stati Uniti entro il 2025. Boost Intercept® automatizza l'intero processo, portando potenzialmente a una migliore gestione del flusso di cassa e operazioni più efficienti per i fornitori. La soluzione può contribuire a ridurre i cicli di pagamento, migliorare gli sforzi di riconciliazione e risparmiare tempo per i team finanziari.
American Express (NYSE: AXP) ha anunciado una nueva colaboración con Boost Payment Solutions para proporcionar servicios de procesamiento de tarjetas virtuales comerciales a los comerciantes estadounidenses que aceptan American Express. Los comerciantes calificados tendrán acceso a Boost Intercept®, la solución patentada de procesamiento directo (STP) de Boost, sin costo adicional. Esta iniciativa tiene como objetivo agilizar la aceptación de las tarjetas virtuales de American Express y abordar los desafíos relacionados con el procesamiento manual.
La colaboración se produce cuando se espera que las tarjetas virtuales representen el 52% del gasto comercial con tarjetas en EE. UU. para 2025. Boost Intercept® automatiza todo el proceso, lo que potencialmente conduce a una mejor gestión del flujo de efectivo y operaciones más eficientes para los proveedores. La solución puede ayudar a reducir los ciclos de pago, mejorar los esfuerzos de conciliación y ahorrar tiempo para los equipos de finanzas.
아메리칸 익스프레스(American Express, NYSE: AXP)는 부스트 결제 솔루션(Boost Payment Solutions)과 협력하여 아메리칸 익스프레스를 수락하는 미국 상인들에게 상업용 가상 카드 처리 서비스를 제공한다고 발표했습니다. 자격을 갖춘 상인은 추가 비용 없이 부스트의 특허 기술인 Boost Intercept®를 이용할 수 있습니다. 이 이니셔티브는 아메리칸 익스프레스 가상 카드의 수락을 간소화하고 수동 처리와 관련된 문제를 해결하는 것을 목표로 합니다.
이 협력은 가상 카드가 2025년까지 미국 상업 카드 지출의 52%를 차지할 것으로 예상되는 가운데 이루어졌습니다. Boost Intercept®는 전체 프로세스를 자동화하여 공급업체의 현금 흐름 관리 개선과 더 효율적인 운영으로 이어질 잠재력이 있습니다. 이 솔루션은 결제 주기를 줄이고, 조정 작업을 개선하며, 재무 팀의 시간을 절약하는 데 도움을 줄 수 있습니다.
American Express (NYSE: AXP) a annoncé une nouvelle collaboration avec Boost Payment Solutions pour fournir des services de traitement de cartes virtuelles commerciales aux commerçants américains acceptant American Express. Les commerçants qualifiés auront accès à Boost Intercept®, la solution brevetée de traitement direct (STP) de Boost, sans coût supplémentaire. Cette initiative vise à simplifier l'acceptation des cartes virtuelles American Express et à résoudre les problèmes liés au traitement manuel.
La collaboration intervient alors que l'on s'attend à ce que les cartes virtuelles représentent 52 % des dépenses en cartes commerciales aux États-Unis d'ici 2025. Boost Intercept® automatise l'ensemble du processus, ce qui peut potentiellement conduire à une meilleure gestion de la trésorerie et à des opérations plus efficaces pour les fournisseurs. La solution peut contribuer à réduire les cycles de paiement, à améliorer les efforts de conciliation et à faire gagner du temps aux équipes financières.
American Express (NYSE: AXP) hat eine neue Zusammenarbeit mit Boost Payment Solutions angekündigt, um vercommercialisierte virtuelle Kartenverarbeitungsdienste für US-Händler bereitzustellen, die American Express akzeptieren. Qualifizierte Händler haben kostenlosen Zugang zu Boost Intercept®, der patentierten Straight-Through Processing (STP) -Lösung von Boost. Dieses Initiativ zielt darauf ab, die Akzeptanz von American Express virtuellen Karten zu vereinfachen und die Herausforderungen der manuellen Verarbeitung zu bewältigen.
Die Zusammenarbeit erfolgt, da erwartet wird, dass virtuelle Karten bis 2025 52% der Ausgaben für kommerzielle Karten in den USA ausmachen werden. Boost Intercept® automatisiert den gesamten Prozess, was potenziell zu einer besseren Cashflow-Management und effizienteren Abläufen für die Anbieter führen kann. Die Lösung kann helfen, Zahlungszyklen zu verkürzen, die Abstimmungsbemühungen zu verbessern und Zeit für die Finanzteams zu sparen.
- Collaboration with Boost Payment Solutions to streamline virtual Card acceptance
- Provision of Boost Intercept® at no additional cost to qualified merchants
- Potential for improved cash-flow management and faster payment processing
- Automation of virtual Card payments can save finance teams an average of 9.9 hours per week
- None.
Insights
This collaboration between American Express and Boost Payment Solutions represents a significant step in streamlining B2B payments, particularly in the virtual card space. The key points to consider are:
- The partnership addresses a growing market: virtual cards are expected to account for
52% of U.S. commercial card spend by 2025. - By automating virtual card processing, AXP is tackling a major pain point for suppliers, potentially improving adoption rates and transaction volumes.
- The offering comes at no additional cost to qualified merchants, which could drive uptake and strengthen AXP's merchant relationships.
- Improved efficiency could lead to faster payment cycles, benefiting both AXP and its merchant network in terms of cash flow and customer satisfaction.
While this move doesn't directly impact AXP's revenue streams, it positions the company favorably in the competitive B2B payments landscape. By enhancing its value proposition to merchants, AXP could see increased loyalty and potentially higher transaction volumes in the long term. However, the immediate financial impact may be , making this a strategic rather than financial play in the short term.
This partnership signifies American Express's strategic positioning in the evolving B2B payments ecosystem. Key market implications include:
- Addressing a critical market need: With
52% of U.S. commercial card spend projected to be on virtual cards by 2025, AXP is aligning with market trends. - Competitive advantage: By offering Boost's STP solution at no additional cost, AXP differentiates itself from competitors in the B2B payments space.
- Market expansion potential: Streamlining virtual card acceptance could attract more suppliers to the AXP network, potentially expanding its market share.
- Efficiency gains: The reported average time savings of 9.9 hours per week for businesses using payment automation could be a strong selling point for AXP's B2B solutions.
This move could strengthen AXP's position in the B2B payments market, potentially leading to increased transaction volumes and market share. However, the full impact will depend on adoption rates and the ability to convert improved supplier experiences into tangible business growth for AXP.
The collaboration leverages Boost’s patented Straight-Through Processing (STP) solution to address supplier challenges with manual processing of virtual Card payments
(Photo: Business Wire)
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
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
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 –
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:
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
Source: American Express
FAQ
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