Extend, a virtual card and spend management platform, announced it has entered into a referral agreement with Visa. Extend’s solution enables what Visa defines as emerging middle-market companies to manage spending with the power of virtual cards to increase controls, fight fraud, and close their books faster.
Many emerging middle-market companies are eager for more control over their business-to-business payments. From subscriptions to invoices, finance teams want a payment solution that keeps their company cards secure while maximizing rewards, productivity, and working capital. These are the primary reasons why researchers expect virtual card spending to approach $14 trillion globally by 2028, up from $3.1 trillion in 2023.
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.”
Extend helps bank partners win new business, increase revenue, retain customers, and power up their client card programs. Customers get the tools to achieve more with their credit lines, bank relationships, and business software. More than 55% of small and midsize businesses in the U.S. already have a credit card that can be used with Extend.
“B2B payment experiences should mirror those we enjoy as consumers and provide businesses the controls and features essential for improving their operational effectiveness,” said Leigh Radtke, vice president and head of North America Product, Visa Commercial Solutions. “Extend delivers this consumer-like experience in a way that resonates with the emerging middle-market segment in particular.”
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; and
- Track tail spend
