American Express has announced a new offering by Boost Payment Solutions to provide commercial virtual Card processing services to US 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. T
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his collaboration will enable suppliers to streamline acceptance of American Express virtual Cards and minimise 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 tokenised, 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 tokenised card number in their Point-of-Sale (POS) terminal.
The increasing volume of virtual card transactions is making automation more important for suppliers.
52% of US 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 authorised and when funds settle, potentially leading to improved cash-flow management.
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By GlobalDataBy automating each step, receiving, parsing and processing, suppliers can help their business run more efficiently and safely. This is because 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.
