BOOST PAYMENT SOLUTIONS
counselling . Some of the challenges that enterprises present are unique to their business , but other problems are universal .
Of course , enterprises today have reason to transfer money across borders , whether it ’ s to pay a supplier or refund a customer . But incumbent payment methods present barriers and costs , including issues related to currency conversion and FX .
To solve those challenges , Boost is building hybrid solutions that rely on one payment modality for part of the payment experience but then switch to a different modality for another part . The result is a seamless experience that reduces cost and improves efficiency for the customer .
In enterprise-level B2B remittances , you often have larger payments , say in the tens of millions of dollars , that incorporate thousands of invoices and their associated details together . Considering that each invoice will have multiple line items and specific details relating to that transaction , it highlights the scale of the problem for Boost to bridge that gap between AR and AP . Leavitt says : “ It ' s imperative that you spend as much time making sure that the remittance detail associated with each transaction is delivered to the stakeholders in a format and a delivery protocol that they can seamlessly ingest into their ERP platform .”
With each new geography comes a fresh set of obstacles , unlike anything that consumers will be familiar with from the world of B2C payments . Leavitt likens it to buying a pair of shoes . It doesn ’ t matter whether you walk into a store in New York , Rio de Janeiro or Sydney , the process of paying for those shoes with a credit card will be the same for the consumer wherever they are . They tap their card , walk out of the shop with some new shoes , and the merchant will be assured of the money within the next 48 hours . That ’ s B2C .