Other advantages include:
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.
Getting started is easy. If you are already a Boost customer, just email us at firstname.lastname@example.org or contact us using the form on this page and let us know the customer that you want to accept payments from via your Boost account. We’ll then verify and confirm your account information, and begin automating your payments. No further action is needed on your part.
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.
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.
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.
Transactions through Boost will not be delayed, regardless of transaction size. Boost processes multi-million dollar card payments almost every day. Boost processes the virtual card payments for Fortune 100 companies and thousands of smaller companies, too.
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.
No, these payments would be processed by Boost and there will be no fees from any other processor that you use. You would not be paying two sets of card fees.
There are no monthly or other charges beyond the per-transaction fees. If there are no payments processed by Boost in a given month, there will be no charges from Boost for that month. There is no long-term commitment to use Boost – you can use your Boost account when you want and you are free to switch processors at any time.
Net Settle is the most popular funding option and provides the net of the payment amount after any card fees are deducted. There is no debit required. The Gross/Net Settle option deposits the full amount of the payment into the bank account and debits out the fees. It is a bit easier to reconcile, but requires the company to provide Boost the ability to debit the applicable bank account. Boost will provide a remittance report to let the merchant know the invoices paid on the day after the payment is submitted by the buyer. Boost will also provide an enhanced remittance report on the expected day of funding that shows the gross amount funded, the card fees and the net amount of the payment, typically broken out by invoice. Reconciliation will be straightforward with whichever funding method you choose.