A new referral agreement has been made between payments juggernaut, Visa and Extend, the virtual card and spend management platform, enabling emerging middle-market firms to manage spending with the power of virtual cards and, in turn, increase controls, fight fraud, and close their books faster.
Virtual card spend is set to reach just under $14trillion globally by 2028, up from $4.1trillion in 2023. This is largely impacted by organisations’ desires to have better control over their business-to-business (B2B) payments. From subscriptions to invoices, finance teams want a payment solution that keeps their company cards secure while maximising rewards, productivity, and working capital.
This is where Extend steps in. It helps its growing list of bank partners to win new business, increase revenue, retain customers, and power up their client card programmes. Customers get the tools to achieve more with what’s already theirs — namely, their credit lines, their bank relationships, and their business software. More than 55 per cent of small and midsize businesses in the US already have a credit card that can be used with Extend.
Commenting on the referral agreement, Leigh Radtke, vice president, head of North America product, Visa Commercial Solutions, said: “B2B payment experiences should mirror those we enjoy as consumers and provide businesses the controls and features essential for improving their operational effectiveness. Extend delivers this consumer-like experience in a way that resonates with the emerging middle-market segment in particular.”
Utilising Extend
Extend’s web and mobile app enables businesses to:
- Pay vendors with unique virtual cards to increase control and security
- Keep accountability over employee spending
- Reduce and streamline reimbursements for uncarded workers
- Manage subscription payments
- Automate bill-back reconciliation for client expenses
- Track tail spend
Extend CEO, Andrew Jamison, added: “Our ongoing relationship with Visa is a key pillar in our effort to deliver powerful payment technology without asking customers to give up the business card they prefer or the bank they trust. With this referral agreement, we look forward to supporting more Visa-issuing banks and their emerging middle-market clients.”
