Insights on solving B2B payment challenges, driving PaaS innovation, and shaping the future of seamless enterprise transactions.
Could you share a bit about your journey in the payments industry and what inspired you to found Boost Payment Solutions?
I founded Boost Payment Solutions in 2009 to meet the nuanced and complex payment needs of large enterprises. After having spent 20 years in the payments industry, I identified a clear gap in the ecosystem. The size of the global B2B market is estimated at $125 trillion, dwarfing the B2C market, but there was a complete vacuum of solutions specifically designed to address this opportunity. History was littered with failed attempts by incumbent players who tried unsuccessfully to adapt B2C solutions to solve B2B challenges, so I set out to do something different— create B2B payment solutions that were purpose-built for the mid-sized to large enterprises.
Boost is now widely recognized as the global leader in enterprise-level B2B payments. The company’s 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 currently has ~80 employees across the U.S., Europe, Australia, Canada, Mexico and South America, processes card payments in 57 countries and can send payments to over 180 countries and regions. Over half of the Fortune 100 companies make or receive payments via the Boost network and the top ten commercial card issuers in the U.S. utilize our products and services. The company has been named to the Inc 5000 (a list of the fastest growing privately held companies in the U.S.) five times.
Payments as a Service (PaaS) is becoming a buzzword in the industry. How would you define PaaS, especially within the context of the B2B ecosystem?
PaaS refers to a platform that enables businesses to leverage payment processing solutions and capabilities. At Boost, we define PaaS as the provision of our technology to serve as the B2B front end gateway for straight through processing (STP) transactions for third party credit card acquirers and processors. By offering our technology solutions such as Boost Intercept and Dynamic Boost to third parties as their B2B front-end gateway, we are helping them make what is a complicated payment process more convenient and efficient for both buyers and suppliers. While we have been offering this for several years now, we have only recently included it as part of our GTM strategy.
Why do you think embedded payments are gaining traction in the B2B space right now? What are the driving forces behind this trend?
The pandemic accelerated digital transformation efforts, including the adoption of digital payment solutions in the B2B space and I believe part of this transformation stems from a generational shift with respect to who is managing the payment process at companies. More specifically, as younger people who have grown up in a digital world gain more seniority within finance and treasury departments, their expectations of how payments are made and received are clearly shifting towards digitization and along with it, the requirement that payment experiences must be integrated directly into operational workflows. The natural byproduct of this tectonic shift is that business can significantly reduce operation costs associated with manual payment handling and streamline invoicing and payment processes, which reduces delays and helps improve cash flow for businesses.
From your perspective, what are the key market opportunities that PaaS presents for businesses today? How can companies best leverage these opportunities?
PaaS offers businesses several key market opportunities, from expanded payment options to global expansion with cross-border payment methods. To best leverage these opportunities, companies first must choose the right PaaS provider, specifically, one that aligns with their current business needs. From there organizations can focus on streamlining their payment processes to help potentially lower overall costs. Additionally, as the pace of innovation continues to increase, PaaS businesses will be able to quickly leverage emerging payment technologies. By utilizing PaaS providers, companies can give their full attention to their primary products and services.
Could you walk us through some of the challenges companies might face when trying to implement PaaS, and how Boost Payment Solutions helps to mitigate these?
Integration can be quite complex and one of the key challenges is ensuring that payments are seamlessly integrated into existing workflows. For instance, after a procurement deal is secured and invoices begin to flow, businesses must ensure that payments—whether made by commercial cards, ACH, or wire transfers—are automatically routed correctly within their payments system. On the supplier side, the ability to accept these various payment methods adds another layer of complexity.
At Boost Payment Solutions, we address these challenges by embedding our solutions into both buyer and supplier workflows. Our PaaS model is designed to integrate smoothly with existing systems, eliminating the need for development work or any disruptive changes to payment processes. Products like Boost Intercept and Dynamic Boost ensure a seamless experience for both parties involved in the transaction. By embedding these capabilities, we transform what could be a complicated process into a fluid and manageable one, making payment processes more efficient and less cumbersome.
How do you see the role of a payments partner evolving as more businesses adopt PaaS in their operations? What should businesses look for in a payments partner?
As businesses increasingly adopt PaaS, the role of a payments partner will shift from simply processing transactions to becoming a strategic ally in optimizing overall financial operations. A payments partner will need to be more consultative, providing expertise in technology, data analytics, and compliance. Partners will also need to ensure that businesses are not only handling payments but doing so efficiently, securely, and in a way that can scale as the business grows.
When selecting a payments partner, businesses should prioritize those who provide a straightforward implementation process that automates approvals and optimizes payments seamlessly. A strong payments partner should also offer deep industry knowledge, innovation, and a track record of helping companies navigate digital transformation. At Boost, we focus on more than just payment processing; we provide a complete solution that simplifies supplier enablement, manages complex data, and gives businesses the flexibility to adjust pricing and payment terms. Our global footprint and proprietary technology also ensure that businesses have the support and scalability they need to grow without limits.
In your experience, how does the adoption of PaaS impact the overall financial operations of a business? What efficiencies or advantages can it bring?
Adopting PaaS can significantly transform a business’s capabilities, with one of the primary benefits being automation. By automating payment processes, businesses not only reduce the time spent on manual tasks but also minimize the risk of errors. PaaS centralizes payment workflows, which simplifies tracking, reconciliation, and overall cash flow management. This leads to more efficient accounts payable and receivable processes and enhances reporting capabilities.
With Boost’s PaaS solutions, businesses experience faster and more secure payments tailored to their specific needs. Our technology streamlines processes by optimizing interchange rates, preventing fraud, and facilitating easy supplier onboarding. Ultimately, PaaS leads to a more streamlined financial operation, capable of scaling with the business and reducing overhead costs.
Looking ahead, what do you foresee as the next big developments in the B2B payments industry? How is Boost Payment Solutions positioning itself to lead in these areas?
Digitization of payments is rapidly increasing, shifting businesses away from manual payment workflows towards more efficient, automated processes. The need for seamless, frictionless payments is on the rise, with businesses seeking solutions that offer transparency, security, and efficiency for both domestic and international transactions.
To stay at the forefront of this evolution, Boost is committed to innovation and addressing both current and future challenges in B2B payments. Our new cross-border payment solution, Boost 100XB, simplifies international transactions by allowing businesses to use their existing commercial cards to pay suppliers globally, bypassing the complexities of foreign BIN requirements and costly assessment fees. Integrating Boost 100XB into your payment processes automates and optimizes cross-border transactions, enhancing speed and accuracy. This solution enables buyers to use their commercial cards for all international payments, ensuring global handling with the flexibility and security they need.
Finally, on a more personal note, what motivates you to keep innovating in the payments industry after three decades, and what’s next for you and Boost Payment Solutions?
What keeps me going after all these years are the endless opportunities to help businesses by solving new, complex problems. The payments industry is complicated and ever-changing, and with each evolution, there’s a chance to create something better, more efficient, and more impactful. I’m motivated by the challenge of anticipating what businesses will need next and delivering solutions that solve their daily problems.
As for what’s next, it’s about continuing to lead innovation in the B2B payments space. We have several exciting initiatives in the pipeline, including deeper investments in cross-border payment solutions, further expansion into new markets, and ongoing enhancements to our technology platform. Boost’s north star has always been about creating meaningful change, and we’re excited to keep pushing the boundaries of what’s possible in payments.
Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!
