The platform has helped customers save $14.7 million in acceptance costs across more than $1.2 billion in qualifying transaction volume compared to standard card-not-present rates, Boost said in a Tuesday (June 23) press release.
Boost certifies that 99.99% of transactions processed through its platform meet CEDP requirements, and the company’s pre-funding model ensures that its customers benefit from qualified rates immediately, according to the release.
“What’s emerging is a higher standard: data that is accurate, complete and verified at the moment of processing,” Boost Payment Solutions Founder and CEO Dean Leavitt said in the release. “Businesses that embrace this shift early will unlock real, measurable advantages. At Boost, we’ve long believed that smarter data is the foundation of smarter payments, and the manner in which we facilitate CEDP transaction validates that thesis at an industry level.”
Boost’s technology automates the parsing and real-time validation of invoice-level data to ensure transaction meet CEDP’s qualification thresholds, its artificial intelligence capabilities maintain the accuracy the program demands, and its payments-as-a-service gateway extends this capability across acquiring partners’ portfolios, according to the release.
“Every product decision we’ve made around CEDP comes down to making qualification effortless for our clients while ensuring their data holds up to network scrutiny every single time,” Boost Payment Solutions Chief Product Officer Zachary Held said in the release.
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When Visa launched CEDP in October, Boost said that it was fully ready to support its clients through CEDP and that 99.96% of transactions processed through its platform already met the CEDP requirements.
PYMNTS reported in October that CEDP introduced one of the most sweeping changes to interchange qualification in decades and that it connects lower interchange rates directly to the accuracy and transparency of the transaction data that supplier submits.
Leavitt told PYMNTS CEO Karen Webster in an interview posted at the time: “This is all about validating the data and making sure that it’s accurate and real so that the supplier can enjoy the lower interchange rate.”
In April, Visa’s CEDP officially phased out its Level 2 interchange program, replacing the legacy incentive structures with the new interchange system.
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