“The pandemic has brought into very clear focus how commercial trading partners are struggling, with cash flow challenges due to payment slowdowns among the biggest contributors,” says Dean Leavitt, founder and CEO of Boost Payment Solutions. “Finding ways to preserve working capital has become an ever more difficult challenge.” Levitt shares how his firm has identified “hotspots” across the broad spectrum of industries where buyers and suppliers are challenged and found ways to help.
So far, 2020 has been a year of transformational events on many levels, including a resounding impact on how the world conducts business, which has changed and established new norms for how and where we work. As a result of these worldwide changes and the challenges faced by businesses of all shapes and sizes, we began to think more about the ways in which we communicate the value proposition we provide across the B2B payments ecosystem. This “new thinking” has been the single most significant change our organization has made in response to the pandemic, as it directly impacts just about every facet of the organization.
The pandemic has brought into very clear focus how commercial trading partners are struggling, with cash flow challenges due to payment slowdowns among the biggest contributors. Finding ways to preserve working capital has become an ever more difficult challenge.
But slowdowns in payments are not just due to cash flow problems. The pandemic has made things as simple as going into the office and writing a check, or opening up the mail to receive and deposit a check, a real issue for businesses that have not yet digitized their operations and still rely on manual processes.
By identifying these “hotspots” across the broad spectrum of industries where buyers and suppliers are challenged, we have been able to help companies and institutions that have been struggling during the pandemic. Boost has traditionally focused its business development efforts on a vertical or geographic approach through strong partner relationships – and while that go-to-market strategy remains intact, our most recent approach has allowed us to be even more responsive to a company’s immediate challenges, offering products and solutions that have an immediate impact on companies’ ability to conduct business in an unfamiliar world.
Boost has always focused on the importance of digitization and automation in the AP and AR world. We’ve now evolved into an organization that is even more confident that commercial card programs, coupled with optimized B2B payments technologies and processes, can address the many points of friction faced by businesses today, including the efficient management of payments through digitization, automation and access to much-needed credit to pay the bills. Regardless of the industry, company size or financial position of an organization, the optimized use and acceptance of commercial cards makes them uniquely positioned to address many of the pain points companies face today — and even more so during these unprecedented times.