Visa and Extend Revolutionize B2B Payments with Strategic New Referral Agreement
Extend, a prominent platform for virtual cards and spend management, has recently entered into a referral agreement with Visa, a leader in digital payment solutions. This strategic partnership is designed to empower emerging middle-market businesses by enhancing their control over business-to-business (B2B) payments through Extend’s cutting-edge virtual card technology.
Enhancing B2B Payments for Middle-Market Businesses
Many middle-market companies are actively seeking better control over their financial transactions, whether it’s managing invoices or handling subscriptions. Virtual cards present a secure and efficient solution that not only maximizes rewards but also boosts productivity and optimizes working capital.
Market Trends in Virtual Card Spending
Industry analysts forecast that global spending on virtual cards is expected to skyrocket to nearly $14 trillion by 2028, a significant increase from $3.1 trillion in 2023. This trend underscores the growing demand for innovative digital payment solutions.
Extend’s Role in the Financial Ecosystem
Extend equips its banking partners with essential tools to attract new customers, enhance revenue, and strengthen client relationships. The platform enables businesses to leverage their existing credit lines, banking partnerships, and financial software effectively. Notably, over 55% of small and midsize businesses (SMBs) in the U.S. already utilize credit cards compatible with Extend, showcasing the platform’s accessibility.
Visa’s Commitment to B2B Solutions
Visa, renowned for its expansive network in digital payments, continues to support businesses with innovative financial products. The company’s commercial solutions division is dedicated to improving B2B payment experiences by integrating advanced controls and security features that streamline financial operations.
Empowering Businesses Through Collaboration
This partnership will enable Visa’s issuing banks to extend Extend’s virtual card capabilities to middle-market businesses, providing them with secure and automated financial solutions. Through Extend’s user-friendly web and mobile app, businesses can:
- Pay vendors using unique virtual cards
- Monitor employee spending
- Manage subscription payments
- Automate client expense reconciliation
- Track tail spend
According to Extend CEO Andrew Jamison, “Our ongoing relationship with Visa is a key pillar in our effort to deliver powerful payment technology without requiring customers to abandon their preferred business card or trusted bank.” He expressed enthusiasm about supporting more Visa-issuing banks and their emerging middle-market clients through this referral agreement.
Visa’s Vision for B2B Payment Experiences
Leigh Radtke, Vice President and Head of North America Product at Visa Commercial Solutions, emphasized, “B2B payment experiences should reflect the ease we enjoy as consumers, providing businesses with the necessary controls and features to enhance operational effectiveness. Extend delivers this consumer-like experience that resonates particularly well with the emerging middle-market segment.”
For more information on the future of digital payments and how they can benefit your business, visit Visa’s official website or explore more about Extend’s innovative solutions.
