FREQUENTLY ASKED QUESTIONS
What is a Virtual Card?
Virtual credit cards are a flexible electronic payment method using 15- or 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.
What are the costs for virtual card acceptance through Boost?
For a limited time, qualifying American Express customers can receive Boost Intercept for their American Express virtual commercial card transactions at no additional cost. Please contact your Amercian Express Client Manager for additional information.
Boost Intercept is also available for your non-American Express commercial card payments. We are happy to discuss options to implement STP on all of your commercial card payments.
I am already signed up with Boost, how do I get started?
Getting started is easy. If you are already a Boost customer, just email us at inquiries@boostb2b.com 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.
What type of reporting is available?
Boost provides a remittance notification in PDF format for American Express transactions. For non-American Express transactions, Boost provides enhanced reporting with full remittance and settlement details. Reports are available in a CSV format or in the format of your choosing and can be selected with the help of our customer service team after enrollment.
Does Boost alleviate PCI compliance concerns?
Yes. Boost suppliers are never exposed to full card numbers for transactions processed on Boost Intercept. 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.
Do I need a credit card terminal or portal to receive payments from Boost?
No, the funding process is completely automatic. Virtual cards from your customers are automatically processed by Boost and the funds are deposited directly into your preferred bank account.
Are there any terminal limits or maximum payment amounts?
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.
How long will it take to get funds into my bank account?
From the time when your customer sends the virtual card for payment, the funds will typically be in your American Express merchant account within 24 – 72 business hours.
How long does it take for my Boost account to be transaction ready, once I complete the Boost application?
Once the application is completed, it will take five to seven business days for account set up. The Boost customer service group would typically reach out if there are any questions about the information provided or if any required information is missing.
Are there any other costs for Boost's payment processing beyond my standard American Express fees?
You are responsible for any standard fees charged by American Express for virtual card payments. There will be no additional transaction fees from Boost for the processing and settlement of qualifying American Express virtual commercial card payments. Boost also does not charge any monthly fees. There is no long-term commitment to use Boost – you can use your Boost account when you want.
Why does Boost need beneficial ownership information to set up a Boost account?
Publicly traded companies are not required to provide beneficial ownership information, but the ticker symbol for the company must be provided. Most companies are privately held (meaning they are not listed on a major stock exchange) and will need to complete some additional fields in the Boost application including providing a social security number, birth date and an address (as provided on a driver’s license) for a beneficial owner or control manager. Boost Payment Solutions partners with regulated financial services institutions and, as such, we are required to obtain this information from all privately held companies to comply with Anti-Money Laundering (AML)/ Know Your Customer (KYC)/ Financial Crimes Reporting requirements via the Bank Secrecy Act, USA Patriot Act, and Financial Crimes Enforcement Network (FINCEN) regulations. To confirm, this information is not used for any purpose by Boost other than to meet federal regulations. These regulations apply to the set up of all merchant processing accounts and any new merchant processing or bank account will require the same information to be provided. In fact, any company that has opened any merchant processing or bank account since May 11, 2018 would have been required to provide this information.
Most companies elect to provide the information required from a “control manager” rather than a beneficial owner, which is sometimes difficult to capture. A control manager can be a manager in the company’s accounting or finance group.
Here are a few links that explain why Boost is required to obtain this information:
https://www.fincen.gov/news/news-releases/fincen-reminds-financial-institutions-cdd-rule-becomes-effective-today
https://www.fincen.gov/sites/default/files/2018-04/FinCEN_Guidance_CDD_FAQ_FINAL_508_2.pdf
Boost maintains strict protocols for information and data security as well as confidentiality and privacy. As noted above, we are subject to FINCEN (Financial Crimes Enforcement Network) and Anti-Money Laundering rules and are required to maintain specific PII (Personal Identifiable Information) as per government mandate.
We hope you understand our requirement to gather this information and will complete the fields in the application so we can complete the setup of your Boost account.
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