American Express has announced a new service by Boost Payment Solutions which aims to offer commercial virtual card processing to US merchants who accept American. Through this move, American Express merchants who qualify are set to have access to Boost Intercept, the company’s patented Straight-Through Processing (STP), at no additional cost.

Also, the partnership aims to allow suppliers to simplify the acceptance of American Express virtual cards and reduce the issues associated with the manual processing of virtual cards. Even if virtual cards provide a dynamic option that substitutes a physical card number with a tokenised, one-time-use digital version, in B2B payments, some suppliers continue to process virtual card payments manually, including the opening of each email and copying the tokenised card number in their POS terminal. By introducing Boost Intercept, the two companies plan to support merchants during this time when the volume of virtual card transactions increases, making automation more essential for suppliers. Boost Intercept’s capabilities Qualified American Express merchants can now utilise Boost Intercept to automate the entire end-to-end process while also mitigating the manual work previously associated with processing virtual card payments via email.

By automating the process, merchants can minimise the time spent between when a payment is authorised and when funds settle, as well as enable their business to run more efficiently and securely. The solution is offered free of additional cost to qualified American Express merchants and focuses on positively impacting automation to businesses of sizes. Furthermore, the partnership forged between Boost and American Express works towards allowing the latter’s suppliers to benefit from increased efficiency, accelerated payment processing, and an augmented customer experience. When commenting on the announcement, representatives from Boost Payment Solutions underlined that the current move further assists their company’s commitment to equipping suppliers with payment tools that can help them advance their operations in the business environment.

Additionally, American Express mentioned that the firm is working on increasing support for its network of merchants, with backing businesses representing a focal point of its strategy. The company has been focusing its efforts on investing in proprietary supplier capabilities and entering partnerships, including recent ones with UniPaaS and Ecobank, to augment supplier experiences. Source: Link .