Boost Payment Solutions Empowers Enterprise Buyers to Conveniently Pay Global Suppliers using Commercial Cards with Boost 100XB

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Sep 11, 2024, 09:04 ET

New cross-border payments solution enables buyers and commercial card issuers to simplify global supplier transactions for quicker payments and lower cost of capital

NEW YORK, Sept. 11, 2024 /PRNewswire/ -- Boost Payment Solutions, the global leader in B2B payments, today announced Boost 100XB, an innovative new cross-border payments solution for US-issued commercial cards. Boost 100XB, an industry first for enterprise-level businesses, was developed to simplify and streamline buyers' international transactions, allowing the use of existing U.S.-issued commercial cards to pay suppliers in over 180 countries worldwide. International payments pose challenges for corporate buyers, as many suppliers abroad don't accept commercial cards and transaction costs can be high. With Boost 100XB, companies can streamline international card-based payments by leveraging their current commercial cards, eliminating the need for costly and complex secondary banking relationships in their suppliers' countries. This solution also empowers financial institutions and program managers who issue commercial cards on U.S.-based banking identification numbers (BIN) to expand the reach of those programs into affordable cross-border payments, delivering added value to new and existing card customers.

In today's globalized economy, the ability to move funds internationally is critical for companies of all sizes. According to FXC Intelligence, the cross-border payments market is expected to grow by 53% by the end of the decade. When sending cross-border payments, buyers face many challenges, including managing the complexity of overseas suppliers and their payment methods, lack of transaction visibility, high transaction costs, and security/compliance risk and payment delays.

"For too long, businesses around the world have been underserved by an outdated and inefficient international payments system. As the payment landscape continues to evolve and become more complex, sophisticated businesses are enjoying the operational efficiencies, cost effectiveness and enhanced security offered through the use and acceptance of virtual credit cards," said Dean M. Leavitt, Founder and CEO of Boost Payment Solutions. "By creating innovative commercial card solutions, like Boost 100XB, we are delivering buyers a cross-border solution that allows businesses to optimize payment processes, gain improved spend visibility and focus on growth rather than challenges related to moving money around the world."

Boost 100XB allows buyers to enjoy the various benefits of paying suppliers around the globe with their U.S.-issued card for which card acceptance was previously unavailable. Transactions are not subject to expensive cross-border card fees, allowing both buyers and suppliers to save significant transaction costs while maximizing the working capital benefits of cards. Boost 100XB is part of the Boost 100 platform, which empowers buyers and commercial card issuers to have ultimate flexibility over their card program and enable up to 100% of their AP spend to be migrated to card. Other key benefits of Boost 100XB include:

Simplify global payments: Buyers can pay suppliers around the world using existing U.S.-issued cards eliminating the need for a foreign banking identification number (BIN).
Eliminate cross-border transaction fees: Boost 100XB transactions are not subject to expensive cross-border card assessment fees, allowing buyers to save significant costs while maximizing opportunities for card spend. Buyers can also choose who pays for the transaction fees, or it can be shared between the buyer and supplier.
Payment flexibility: Buyers can set payment terms that best fits the unique preferences of each supplier relationship while still maintaining the control and efficiency needed to capture all opportunities for card spend. Transaction fees can be covered by the buyer, supplier, or shared between the parties.
Secure and seamless automation: all Boost 100XB transactions are processed via Boost Intercept®, Boost's patented straight-through processing (STP) platform, offering end-to-end automation and security for both the buyer and supplier, eliminating cumbersome manual processes and data entry.
Free supplier onboarding: best-in-class quick and easy supplier enrollment support is provided at no additional cost.

Boost 100XB is currently available for corporate cardholders with U.S.-issued commercial cards making payments to suppliers in over 180 countries and regions around the world. Boost plans to continue expanding its global partner network and adding new receiving corridors in the near future.

Additional information on Boost 100XB is available at: www.boostb2b.com/boost-100xb

About Boost
Boost Payment Solutions is the global leader in B2B payments with a technology platform that seamlessly serves the needs of today's commercial trading partners. Our patented technology solutions bridge the needs of buyers and suppliers around the world, eliminating friction and delivering process efficiency, payment security, data insights, and revenue optimization. Boost was founded in 2009 and operates in 180+ countries.

Please visit us at http://www.boostb2b.com

SOURCE Boost Payment Solutions