A pioneering offer in the world of fintech
In 2009, Boost Payment Solutions launched its own platform to help buyers pay suppliers simply and cost-effectively, using commercial cards as the payment mechanism. “No one really offered this specific service, and despite significant hurdles we overcame, we began to expand globally.” explains René Stynen.
With its international team, and today present in 47 different markets around the world, including the United States, Canada, Europe, Brazil, Mexico, Australia, India and Singapore, the company focuses on creating customized solutions for large companies to overcome the vendor payment challenges. , in association with commercial banks, card networks and their corporate clients. “A simple bank transfer does not allow an exhaustive exchange of information (about the invoice, what is paid, recognition of the transaction…), no influence on the speed of payment, and no guarantee of control over it. We enable providers to get paid quickly and effortlessly. Boost works with card issuers globally, with 14 different currencies, and 50% of the Fortune 100 companies use our services”. A success that is due to a perfect knowledge of the processes related to the market: “Our experience allows us real agility in the market: since there are different practices around the world, we adapt to local requirements and practices and can create customized solutions. However, payment needs and terms are pretty universal: pay securely and get paid quickly.”
Benefits on both sides of the transaction
With its Boost Intercept platform that automatically converts buyers’ payment instructions into actual payments to their vendors, customers benefit from end-to-end processing, integrated with the buyer’s accounting system, from sending payment instructions to the platform that processes them in the buyer’s virtual account. card account until the money is sent to the recipient’s bank account. “The advantages for both parties are not negligible: the supplier benefits from an acceleration in the receipt of payments, without the need for follow-up or reminders, the facilitation of repeat purchases, the loyalty of the potential buyer through this channel, the improved gross margin – and ultimately, better cash flowsays René Stynen. The advantage to the buyer is also important, particularly with an improvement in working capital. We provide them with a free line of credit, at no additional cost for this payment extension. Our services help increase relevant commercial card acceptance in a simple and non-intrusive way.” Boost Payment Solutions actively runs and manages free vendor activation campaigns in close collaboration with businesses.
In times of crisis and with rising interest rates according to the ECB, reducing payment terms seems to be a fundamental advantage. A global leader in BtoB payments, Boost Payment Solutions offers a business transaction flow management service that optimizes revenue on both sides of the partnership. The key is automation that ensures less manipulation and reliable and detailed payment reports, without data entry errors: a true value-add in efficiency and reporting, a major asset in terms of security and fraud prevention.
This content was produced in association with OpenMedias. The BFM Business editorial team was not involved in the production of this content.
Source: BFM TV
