Over 50 percent of the 2023 Fortune 100 companies have made or received payments through the Boost platform
NEW YORK, Jan. 29, 2024 /PRNewswire/ — Boost Payment Solutions, a global leader in B2B payments, today shared some of the company’s key business highlights from 2023, including having processed a company-record single largest commercial card payment in 2023 in the amount of $50 million. By optimizing B2B payment processes, Boost is helping businesses streamline their operations, optimize working capital, reduce costs, and improve efficiency.
“Throughout 2023, Boost has experienced significant growth and success, solidifying our position as a leader in the industry,” said Dean M. Leavitt, Founder and CEO of Boost Payment Solutions. “The payment is the critical ‘last mile’ that ensures efficiency across the whole sourcing process and companies are now beginning to realize the true cost of the friction points on the B2B transaction journey. Our innovative and patented B2B payment solutions have gained widespread recognition with over 50 percent of the 2023 Fortune 100 companies having made or received payments through the Boost platform.”
Some additional key momentum highlights include:
Company Growth
- The company realized an 84% YoY increase in volume processed in 2023, including having processed their single largest commercial card payment in 2023 in the amount of $50 million
- As companies realize the true costs associated with the B2B transaction journey, Boost saw a significant YoY increase in customers, expanding their reach in key industries including healthcare, construction, and manufacturing
- Company opened new global headquarters in New York City in July with the goal of creating an engaging and supportive atmosphere for their growing employee base
Technology Updates
- In 2023 Boost received three utility patents for Boost Intercept® and Dynamic Boost®. Boost Intercept, patented in the U.S. and Canada, is a straight-through processing (STP) payment technology that eliminates the need for human intervention in payment and reconciliation. Dynamic Boost is the first payment platform to apply dynamic authorization and pricing to commercial card payments, offering buyers and suppliers flexibility based on business rules that fit their mutual needs.
- Launched in October, Boost 100® is a new platform that enables buyers to pay by card 100% of the time, regardless of how their suppliers choose to be paid. Boost 100 is focused on the specific needs of buyers, providing more flexibility and control while optimizing their working capital.
Industry Partnerships
- The Boost and Conferma Pay partnership focuses on developing a “best-in-class” virtual payment solution. The collaboration seeks to accelerate the uptake of virtual cards for B2B payments by providing a secure and seamless solution for businesses.
- Boost and OneSource Virtual (OSV) announced their partnership in June. Together the companies aim to transform B2B payments, leveraging OSV’s solution, Invoice Pay, with the multi-patented straight-through processing (STP) Boost Intercept® solution. The partnership stands out as the only in-tenant solution in the Workday ecosystem and introduces additional digital payment options for OSV customers.
- The first-of-its-kind partnership with Esker is helping to transform virtual card processing for accounts receivable (AR) departments – eliminating tedious manual efforts and streamlining payment reconciliation.
The company took home Business Intelligence Group BIG Innovation awards in 2023 and 2024. for its work in moving the payment industry forward. Boost was also presented with four Stevie American Business awards for Achievement in Finance (Gold), Company of the Year, Financial Services (Silver), Technical Innovation of the Year (Bronze) and Most Innovative Company of the Year (Bronze). The company was a finalist for the UK Fintech Awards and was also included on the INC 5000 for the fourth time and Great Places to Work lists for 2023.
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 45+ countries.
Please visit us at http://www.boostb2b.com
SOURCE Boost Payment Solutions
