FREQUENTLY ASKED QUESTIONS
What is a Virtual Card?
Virtual credit cards are a flexible electronic payment method using 16-digit credit card numbers typically created for purchases at set amounts. Most commonly sent via email, they offer convenience, security, and speed in the B2B payments space. Virtual cards can improve accounts payable (AP) processes, benefitting both buyers and suppliers by streamlining day-to-day payments, and providing greater control over cash flows. They also offer more safeguards against fraud than traditional business credit cards.
Boost processes virtual cards in an automated way, eliminating manual processing steps.
What type of reporting is available?
Boost provides enhanced reporting with full remittance and settlement details. Reports are available in a CSV format or in the format of your accounting software and can be selected with the help of our customer service team after enrollment.
Does Boost alleviate PCI compliance concerns?
Yes. Boost suppliers are never exposed to 16-digit card numbers. All live card data is encrypted and tokenized and the supplier (and Boost) are never exposed to it. Only the last four digits of the card numbers are shared with the supplier for tracking purposes. Consequently, as card data is not shared with the supplier, the supplier is not beholden to PCI compliance requirements for the payments that Boost processes.
Do I need a credit card terminal or portal to receive payments from Boost?
No, the funding process is completely automatic, and the transactions will qualify at the lowest published B2B interchange rates. Virtual cards from your customers are automatically processed by Boost and the funds are deposited directly into your preferred bank account by Boost.
How long will it take to get funds into my bank account?
From the time when your customer sends the virtual card for payment, the funds will typically be in your bank account within 24 – 72 business hours depending upon the bank-to-bank relationships between Boost’s funding bank and your bank.
Can I use the Boost Intercept platform to accept credit card payments if I am in Canada?
Yes! Boost has been partnered with Moneris, Canada’s largest merchant acquirer, since 2015. Moneris B2B Pay is powered by the Boost Intercept platform providing the same fully automated payment processing solution for Canadian businesses looking to accept credit card payment from their commercial customers.
Special Pricing
Boost provides the lowest published interchange rates available
Accelerated Payment
Electronic payments with greater control over your accounts receivable
Simplified Reconciliation
Enhanced automated remittance provided with email notifications
Secure Payment Method
No credit card numbers to handle or protect
Automated Payment Processing
Payments are direct deposited to your bank account with no manual work
Reduction in Billing and Collection Costs
No lost checks or handling of paper checks
