Extend teams with Visa to enhance virtual card solutions

Extend has formed a referral agreement with Visa to provide virtual card solutions to emerging middle-market businesses, enabling them to manage spending with improved controls and security.

The partnership between Extend, a platform for virtual cards and spend management, and Visa aims to enhance the accessibility of virtual card technologies for businesses looking for secure financial solutions. This collaboration comes at a time when virtual card spending is predicted to rise dramatically, from USD $3.1 trillion in 2023 to nearly USD $14 trillion by 2028.

According to Extent, many businesses in the emerging middle-market sector seek better control over their business-to-business payments. A solution ensuring company card security while optimising rewards, productivity, and working capital is in high demand among finance teams managing subscriptions and invoices.

Extend's Chief Executive Officer, Andrew Jamison, stated, "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."

The partnership will benefit Extend's bank partners by attracting new business, increasing revenue, retaining customers, and enhancing client card programs. A notable aspect is that more than 55% of small and midsize businesses in the United States already possess a credit card compatible with Extend's services.

Leigh Radtke, Vice President and Head of North America Product at Visa Commercial Solutions, commented on the development, "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."

Extend's web and mobile applications allow businesses to issue unique virtual cards, allowing for enhanced control and security over vendor payments. The tools also enable businesses to manage employee spending, reduce the need for reimbursements for employees without cards, manage subscription payments, automate bill-back reconciliation for client expenses, and track tail spend.