In the rapidly changing landscape of B2B payments, Boost Payment Solutions’ platform is providing significant cost savings for its users. By effectively implementing Visa (NYSE:V)’s Commercial Enhanced Data Program (CEDP), Boost has enabled its clients to reduce interchange costs by nearly 44%. This development is a result of automating precise data management and leveraging advanced payment technologies. Since October, the system has facilitated $14.7 million in acceptance savings over more than $1.2 billion in transactions.
Visa’s CEDP, started in October, connects qualified lower interchange rates to the transparency and precision of the transaction data provided by suppliers. Despite its newness, Boost has shown that 99.99% of transactions processed via its platform have met CEDP standards, emphasizing the meticulous data scrutiny under its protocol. Previously, Visa’s program brought one of the largest overhauls in interchange qualifications, linking rates to data transparency.
How Does Boost’s Technology Ensure Compliance?
Boost’s unique technology automates the parsing and real-time validation of invoice-level data to ensure seamless CEDP qualification. Utilizing artificial intelligence, the platform preserves the accuracy demanded by the program and extends these capabilities across various acquiring partners. As a result, its robust system supports clients by providing effortless qualification, simplifying the intricate process involved in maintaining compliance.
What Are Industry Leaders Saying?
Dean Leavitt, Founder and CEO of Boost Payment Solutions, highlighted the importance of accurate and comprehensive data.
“Businesses that embrace this shift early will unlock real, measurable advantages,”
he stated. He also reiterated that strategic data management forms the cornerstone of smarter payment processing systems. Meanwhile, Zachary Held, the company‘s Chief Product Officer, stressed the ease of qualification, asserting,
“Every product decision we’ve made around CEDP comes down to making qualification effortless for our clients.”
When CEDP was first introduced, the transition represented a substantial shift in the B2B payment sector. The long-standing Level 2 interchange program was phased out, and the new system brought incentives for data accuracy. Boost had announced readiness to accommodate these changes, citing a near-perfect compliance rate with Visa’s requirements.
Boost Payment Solutions’ ongoing efforts to adapt and thrive under Visa’s new interchange structure showcase their commitment to customer-centric solutions. With savings already being realized by clients, the collaborative efforts between Boost and Visa continue to underscore the pivotal role of data accuracy in achieving cost efficiencies.
The B2B payment industry continues to evolve with technology at the forefront. Accurate data submission not only fosters trust but also results in tangible cost benefits. As businesses adjust to these upgraded systems, those prioritizing accurate and real-time data in their operations will likely benefit most.
