Boost Payment Solutions, New York, NY

Company: Joseph Studios
Company Description: Our Intelligence-Based Marketing strategies deliver real results!
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Financial Services - Medium
Nomination Title: Boost Payment Solutions - the only fintech acquirer exclusively focused on the B2B marketplace

1. Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since January 1 2020, OR written answers to the questions for this category? (Choose one):

   Written answers to the questions

2. If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
    
3. If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):

   Total 197 words used.

   Headquartered in New York, Boost is the only fintech acquirer exclusively focused on solutions for the B2B marketplace. As the B2B electronic payments leader, Boost optimizes how commercial card payments are initiated, processed, received, and reported. Boost's technical innovations have transformed commercial cards into a cost-effective, scalable, and secure alternative to traditional checks, wires, and ACH. Boost features a global footprint that serves a broad spectrum of industries. With its suite of proprietary technology-enabled solutions, Boost is reinventing how commercial card payments are initiated, accepted, and processed, delivering process efficiency, payment security, data insights and revenue optimization for thousands of companies around the world. Boost was founded in 2009 and operates in 35+ countries.

   Boost Intercept®, Boost’s patented straight-through processing (STP) platform is the ideal solution to process virtual card B2B payments for issuers, eliminating manual workflows with end-to-end payment and data automation. Breaking the mold of traditional rigid credit card pricing constructs, Dynamic Boost® offers buyers and suppliers pricing flexibility based on business rules that fit their mutual needs. The Boost solutions address card acceptance pain points in the B2B sector through their unique platform and their strategic alliances with card issuers, acquirers and card networks.

4. If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2020 that you wish to bring to the judges' attention (up to 250 words):

   Total 250 words used.

   Faced with unprecedented growing demand for digital corporate payment solutions in 2020, Boost set out to help their clients globally to transition from traditional payments to dynamic virtual cards. The COVID-19 crisis and the resulting post-pandemic supply chain issues and overall global economic pressures have significantly impacted the commercial payments industry. Changes in how businesses operate accelerated the move to digital solutions, while the shift to remote work has highlighted the challenges with legacy payment methods that are reliant on manual processes. Boost has been a key partner for many companies, utilizing their patented payments technology to introduce end-to-end automation, reduce processing expenses, protect sensitive data and prevent fraud. In 2021 Boost grew their total active relationships by 78%, processing payments for over 2.2 million invoices. 

   In 2020, Boost secured a partnership with Visa as a B2B partner providing dynamic pricing options and drive increaseed commercial card use and acceptance. Within the past year, Boost has been able to announce a global partnership with Mastercard, designed to advance commercial card payments in the United States, Canada, Brazil, United Kingdom, Western Europe, Mexico and Australia. Boost was also able to raise a $22 Million Series C Round, led by Invictus Growth Partners to accelerate the use and growth of digitized B2B payments globally. 

   With the highly diverse supply chain outside of nearshore regions and well-established trade routes, Boost’s patented solutions are capable of mitigating the risk of defaulted payments for suppliers and buyers globally, keeping business transactions flexible and secure.

5. If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):

   Total 248 words used.

   Boost Payment Solutions is the only FinTech acquirer focused exclusively on the B2B market and has proven through its esteemed partnerships with Mastercard and Visa that their platform is the advanced solution to digitized payment in the B2B sector. 

   Boost recently streamlined how Mastercard pays its suppliers worldwide with a unique solution for optimized commercial card use and acceptance. Boost Intercept digitizes Mastercards’ commercial card payments, settling them automatically with the supplier’s depository banks, while payment notifications and detailed remittance reports are sent to suppliers. Mastercard now pays suppliers with its commercial card products via Boost in over 30 countries, enjoying significant rebates and generating working capital by its card payment program. 

   Unlike other supplier enablement providers that focus solely on current card acceptors, Boost Payment Solutions targets all suppliers on a buyer’s AP file, regardless of their previous acceptance practices or policies. This approach ensures the unique benefits that Boost is able to offer suppliers: Improved cash flow, elimination of manual workflows, minimized acceptance cost, actionable data and insights, and increased data security. 

   Operating in over 35 countries, Boost provides well executed supplier enablement campaigns, specifically designed to expand card acceptance and establish timely payments, optimized working capital, operational efficiencies, easy integration and reduced fraud exposure for buyers globally. 

   Virtual card payments significantly reduce the risk of fraud for businesses. In comparison, 66% of organizations using checks as a payment method have been subjected to attempted/actual fraud, while digital payment solutions reduce that risk down to 3%. 

6. You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):

   Total 250 words used.

   Boost is the payment company that other payment companies trust for B2B. To make paying suppliers easier and to reap the benefits of using its commercial card platform, Mastercard needed to migrate its supplier network onto cards. To do so, Mastercard’s procurement team, led by Mr. Josh McNally, introduced its suppliers to Boost Intercept, which made card acceptance and remittance reporting a completely passive and simple experience for both parties.

   By using commercial cards, Mastercard receives cash-back rebates and significantly expands its working capital and expediting international and cross border payments as easily as domestic ones.

   “We are driving new B2B acceptance through our global partnership with Boost Payment Solutions.”

   Michael Miebach, CEO of Mastercard

   “As the leading global commercial card network, it was imperative that we migrate our own payments to suppliers over to a Mastercard product and Boost’s technology and supplier enablement capabilities, coupled with our own, allowed that to happen seamlessly. With Boost, we were able to offer our global suppliers a friction-free commercial card acceptance experience.”

   Josh McNally, Vice President Payment Technology and Solutions Mastercard

   In 2021, Boost won the FIS Impact Award for Partner of the Year. Boost was recognized for its use of the Worldpay by FIS platform to convert virtual and other commercial card payments into a seamless and fully automated straight-through processing experience for buyers, suppliers and B2B intermediaries.

   Boost 

   Boost Case study and further information

   The Boost Intercept Card-Centric Technology Platform

   FIS Impact Awards: Boost Payment Solutions

   Boost Newsroom