American Express and Boost Payment Solutions are launching a new virtual card system for US merchants. The partnership aims to enable providers to simplify the acceptance of American Express virtual cards and minimize the difficulties associated with manual processing of virtual cards. This is written by an expert in the field of international financial law Konstantin Kryvopust.
With this move, eligible American Express merchants will gain access to Boost Intercept, the company’s proprietary Straight-Through Processing (STP), at no additional cost.
Some vendors continue to process virtual card payments manually, including opening each email and copying the tokenized card number into their POS terminal. Qualified American Express merchants can use Boost Intercept to automate the entire end-to-end process while reducing manual work.
By automating the process, merchants can minimize the time spent from the moment a payment is authorized to the moment the funds are credited.
In March of this year, American Express issued a warning to customers that their account information may have been compromised as a result of a data breach at a third-party service provider. An unknown number of card numbers, expiration dates and other data became available to third parties.
