B2B payments company Boost Payment Solutions has launched a platform designed to optimize card-based payments for medium- to large-sized enterprises.
Called Boost 100, this new solution aims to digitize and automate accounts payable (AP) processes, optimize working capital, and provide control and flexibility over card spend, the company said in a Monday (Oct. 16) press release emailed to PYMNTS.
Traditionally, buyers have had to navigate a mix of payment methods, including checks, wires, ACH and cards, when dealing with their suppliers, according to the release. This complex and time-consuming process has been a pain point for many businesses.
In fact, PYMNTS Intelligence has found that 81% of companies are investing or planning to invest in their accounts payable (AP) systems to improve their business processes. Both manufacturers and retailers are investing in digital payments to make finance and payment processes more efficient, according to “Digital Payments Technology: Investing in Payments Systems for the Digital Economy,” a PYMNTS and Corcentric collaboration.
To address the pain point of dealing with a mix of payment methods, Boost Payment Solutions developed Boost 100 to empower enterprise-level buyers to pay by card 100% of the time, regardless of how each supplier prefers to be paid, the release said.
The platform also helps users optimize working capital, capture incremental card spend, automate all payments and reduce costs for cross-border payments, per the release. In addition, Boost 100 offers supplier enablement strategies, security features, and analysis and advice from the company’s team of experts.
Dean M. Leavitt, founder and CEO of Boost Payment Solutions, said in the release that Boost 100 was built for buyers from large enterprises across industries who are facing challenges in managing payments to their large, diverse groups of suppliers.
“With the growing demand for faster and more efficient B2B payments, Boost 100 finally gives buyers more flexibility and control over their card spend and underscores how Boost continues to innovate and expand our suite of solutions to meet the digital payment needs of today’s businesses,” Leavitt said.
Boost 100 joins Boost Payment Solutions’ other offerings, including Boost Intercept, a patented straight-through processing technology, and Dynamic Boost, a patented, rules-based payment engine, according to the press release.
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