Boost Payment Solutions, which works in optimizing payment cards, is partnering with Visa to give commercial card issuers, cardholders and suppliers more automation and flexibility in their experiences, according to a press release.
The partnership will give Visa clients access to straight-through processing and an automatic reconciliation process, which will help expand card use and participation, the release stated.
Boost is currently the only FinTech acquirer focused solely on B2B payments, according to the release. The partnership with Visa will make use of Boost's programs Dynamic Boost, which uses rules-based pricing for commercial card payments, and Boost Intercept, which is a platform for straight-through processing.
Visa clients will now have access to more flexible pricing models, which could entice suppliers historically reticent about pre-set pricing and manual processes that have been associated with commercial card acceptance.
Dean M. Leavitt, founder and CEO of Boost Payment Solutions, spoke with PYMNTS recently about the importance of commercial card programs and how they have become vital for accounts payable (AP) departments. He said that while corporates might have already been using cards for things like travel payments, using them to settle supplier invoices has been rare. Now, that's changing, and Leavitt said financial service providers are guiding businesses to expand the card usage toward those supplier payments.
The benefit of putting more reliance on commercial cards is that payment delays can happen without denying the suppliers access to funding they need, particularly during the pandemic's turbulent economy.
Leavitt said in the release that the company looks forward "to helping Visa's commercial clients grow their card programs by maximizing commercial card acceptance through Boost’s technology-enabled solutions and time-tested supplier enrollment processes.”
Abhishek, vice president and global head of B2B Acceptance with Visa Business Solutions, said the partnership will "expand the universe of suppliers that accept Visa commercial card products."
“Boost's innovative approach to commercial card payments creates an opportunity for businesses to pay invoices with Visa commercial card products and realize payment automation benefits through a wide network of accepting suppliers," he said, according to the release.