Extend, a leading virtual card and spend management platform, has announced a referral agreement with Visa, a global leader in digital payments.
The partnership aims to provide emerging middle-market businesses with greater control over their business-to-business (B2B) payments by leveraging Extend’s virtual card technology.
Many middle-market companies seek enhanced control over their financial transactions, from managing invoices to subscriptions.
Virtual cards offer a secure solution that maximises rewards, improves productivity, and optimises working capital. Industry researchers predict that global virtual card spending will surge to nearly $14tn by 2028, up from $3.1tn in 2023, reflecting the growing demand for digital payment solutions.
Extend provides its banking partners with tools to attract new customers, boost revenue, and strengthen client relationships.
Its platform allows businesses to make the most of their existing credit lines, banking partnerships, and financial software. More than 55% of small and midsize businesses (SMBs) in the U.S. already own a credit card compatible with Extend, highlighting the company’s widespread accessibility.
Visa, renowned for its vast network of digital payment solutions, continues to support businesses with innovative financial products.
The company’s commercial solutions division focuses on enhancing B2B payment experiences by integrating advanced controls and security features that streamline financial operations.
The partnership will enable Visa’s issuing banks to extend Extend’s virtual card capabilities to middle-market businesses, empowering them with secure, automated financial solutions.
Through Extend’s web and mobile app, businesses can pay vendors using unique virtual cards, monitor employee spending, manage subscription payments, automate client expense reconciliation, and track tail spend.
Extend CEO Andrew Jamison said, “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.”
Leigh Radtke, Vice President, Head of North America Product at Visa Commercial Solutions, added, “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.”
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