B2B electronic payment provider Boost Payment Solutions has formed a partnership with Mastercard designed to increase the use of commercial cards.
The company announced the partnership Wednesday (Nov. 3), saying it would initially focus on seven markets: the U.S, Canada, Mexico, Brazil, Western Europe, Australia and the U.K.
“Business-to-business (B2B) spending is believed to exceed $125 trillion worldwide,” Boost said in a Wednesday (Nov. 3) news release. “Today much of this spend remains entrenched in antiquated methods, with invoices in many regions of the world still being manually processed and reconciled.”
Boost says B2B providers like itself offer efficient and lower cost solutions for companies and their suppliers, leading to tens of billions of B2B payments converting to commercial card products, a phenomenon that it expects to accelerate with the alliance.
“Boost’s suite of technology-enabled solutions and proven supplier enablement strategies are designed to maximize commercial card use and acceptance globally,” said Boost Payment Solutions Founder and CEO Dean M. Leavitt. “We look forward to expanding our partnership with Mastercard and leveraging their global presence to drive operational efficiencies in the B2B payments space.”
The company says the global nature of the partnership showcases the opportunities waiting in these regions. It’s the latest in a series of collaborations between Mastercard and Boost, which has been a partner for Mastercard Track Business Payment Service since its launch.
Read more: Corserv, Boost Payment Solutions Join Forces To Expand Commercial Card Use
“We’re working with partners to help businesses optimize their working capital and drive efficiencies in their payments-related activities,” said Robert Luton, EVP, enterprise partnerships at Mastercard. “This effort with Boost will continue to support the shift from paper-based processes towards a more frictionless, digitized effort.”
Boost says it is expanding its global team to support the partnership, having already made key hires in each of the seven target regions.
As PYMNTS reported earlier this year, commercial card adoption is enjoying rapid growth, with companies seeking to digitize payments and access value-added opportunities not found with traditional ACH payments. These include the ability to integrate spending controls, automating expense management, and support for organizations who want to nudge their own suppliers toward card acceptance.
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