American Express and Extend Partner to Enable Virtual Cards for U.S. Small and Mid-Sized Businesses
22 Setembro 2021 - 11:10AM
Business Wire
American Express® Business Card Members can now
access Extend’s Virtual Card Platform
Today, American Express (NYSE: AXP) and Extend, a New York
City-based fintech specializing in virtual cards, announced their
partnership to expand virtual Card solutions for U.S. businesses.
U.S. companies with an eligible American Express Business Card can
now enroll and create virtual Cards, also known as tokens, through
Extend’s app or desktop login in as little as five minutes using
their existing American Express Card account.
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“We have seen more and more businesses ramp up their use of
virtual Cards since the start of the pandemic as they looked to
digitize their payments processes and increase their use of
touchless payments,” says Dean Henry, Executive Vice President,
Global Commercial Services, American Express. “With today’s
announcement, our Business Cards can work even harder for our Card
Members through this quick and easy virtual Card option. This gives
our Card Members enhanced flexibility and control across their
day-to-day business spending, including for B2B purchases and
enabling their employees to pay for expenses.”
“Virtual Cards can help solve timely needs for many businesses,
from finding a reliable and enhanced way to control expenses to
automating payment processes or capturing enriched data,” says
Andrew Jamison, CEO, Extend. “This market is rapidly growing as
businesses realize just how versatile and effective virtual Cards
can be—whether it’s managing subscription payments, equipping
employees with secure company cards, or developing custom payment
solutions with our APIs.”
Benefits of generating virtual Cards with American Express
and Extend
According to the Global Business Spend Indicator1 by American
Express, 39% of U.S. businesses surveyed expect to expand their use
of virtual Cards over the next 12 months. The ability to create
American Express virtual Cards through Extend offers significant
benefits for businesses, including:
- Quick onboarding: Enroll in as little as five minutes,
using an existing American Express Business Card, at no additional
cost to Card Members.
- Flexible and easy to use: Quickly create virtual Cards
to track spending on different projects or types of expenses, or to
send virtual Cards to employees, contractors, or vendors all within
the Extend platform.
- Robust spending controls offered through token
technology: Set spending limits, expiration dates, automatic
refills, reoccurring payments, merchant category restrictions, and
turn Cards on and off as needed.
- Reduced fraud and enhanced security: Achieve an added
layer of security through the token technology and eliminate the
need to share primary Business Card numbers with anyone.
- Streamlined expense reporting: Categorize expenses and
tag virtual Cards and transactions with general ledger codes to
automate reconciliation, integrate with expense and reporting
software, and reduce time spent on expense reports and
reimbursements.
- Rewards of your Card2: Earn the rewards of your Card
from the virtual Card payments you make through Extend.
- Automated virtual Card issuing: You can connect directly
to Extend’s APIs to automate virtual Card creation without having
to log into the Extend app.
Dr. Sarah Roberts, owner of Crabapple Dental, a full-service
dental practice in Georgia, is already seeing the benefits of
virtual Cards. “Working with American Express and Extend has helped
us manage vendor payments using virtual Cards. By setting our own
spending limit and expiration date on a virtual Card, we have more
control. We also create specific cards for different expenses,
which makes it easier to track spending."
American Express and Extend plan to offer additional features
and functionality over time, including the ability to add American
Express virtual Cards to mobile wallets to make in-store
purchases.
Extend is the newest addition to the American Express portfolio
of virtual Card solution partnerships; business clients can contact
their American Express representative for a range of digital
payment offerings.
To learn more about the American Express and Extend partnership
or to enroll, visit
https://www.paywithextend.com/american-express.
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company,
providing customers with access to products, insights and
experiences that enrich lives and build business success. Learn
more at americanexpress.com and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress. Key links to products, services
and corporate responsibility information: charge and credit cards,
business credit cards, travel services, gift cards, prepaid cards,
merchant services, Accertify, Kabbage, corporate card, business
travel, and corporate responsibility.
ABOUT EXTEND
Extend Enterprises Inc provides digital payment infrastructure
for trusted financial institutions to enable modern card
experiences. Leading banks, businesses, and other innovators can
now access the full power of virtual cards for their business,
products, and clients. Extend offers several products, including a
suite of aggregated virtual card APIs, a digital corporate card
app, and an industry-first card tokenization service. Founded in
2017 by industry veterans with decades of experience at Fortune 500
companies, including American Express and Capital One, Extend is
headquartered in New York. For more information visit
paywithextend.com
Location: U.S.
_______________________________ 1 American Express Global
Business Spend Indicator 2 Not all Cards are eligible to earn
rewards. Terms and limitations vary by Card type.
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MEDIA CONTACT AMERICAN EXPRESS Taylor Grip
taylor.e.grip@aexp.com
EXTEND Bristol Jones Bristol@BevelPR.com
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