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.
You will have access to enhanced reporting with full remittance and settlement details. Reports are available in a CSV format for easy download through the Moneris® Merchant Direct® portal.
Yes. With Boost Intercept, all live card data is encrypted and tokenized and the supplier is 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 are processed on the Boost Intercept platform.
No, the funding process is completely automatic. Virtual cards from your customers are automatically processed through the Boost Intercept platform and the funds are deposited directly into your preferred 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.
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.