Member Exclusive

With Extend partnership, Amex wants SMBs to create more virtual cards

  • American Express has teamed up with Extend to launch a virtual card solution for its small business customers.
  • Virtual cards provide security and flexibility for SMBs and can help them improve cash flow.
close

Email a Friend

With Extend partnership, Amex wants SMBs to create more virtual cards

Amex recently announced that it’s bringing increased access to virtual cards for small businesses in the U.S. by collaborating with Extend, an NYC-based payments firm. Using the new service, any company with an eligible American Express Business Card can create virtual cards through the Extend app or website with their existing American Express account. Amex claims the process takes as little as five minutes, with no additional tech build needed, and no extra costs to card members.

Virtual cards offer a number of advantages over traditional debit or credit cards in the form of greater security, transparency, and efficiency. Amex’s SMB customers can use them to pay employees, vendors, and contractors without giving away their primary business card numbers, and gain more control over their expenses by setting spending limits and expiration dates. They can also use Extend’s APIs to develop custom payment solutions and create specific cards for different expenses, making it easier to categorize and track their overall spending.

Additionally, virtual cards bring more efficiency to the accounts payable process. They allow all transactions to be electronically tagged with enriched data, which helps businesses with accounting processes such as automatic reconciliation. Amex and Extend also plan to offer additional features in the future, including the ability to add virtual cards to mobile wallets for in-store purchases.

 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “With Extend partnership, Amex wants SMBs to create more virtual cards”

Member Exclusive

Buy now, regret later? The tricky relationship between BNPL and credit ratings

  • As BNPL use has surged through the pandemic, consumers’ credit scores have taken a significant hit.
  • Research shows more than a third of BNPL users have fallen behind on their payments and hurt their credit score.
Ismail Umar | October 05, 2021
Member Exclusive

The strange connection between horoscopes and financial advice

  • A person’s horoscope may not determine their future wealth, but a propensity to read their horoscopes might.
  • A survey by N26 found that quite a few US adults count on their horoscopes for financial guidance here and there.
Rivka Abramson | September 28, 2021
Member Exclusive

‘There’s a two-sided integration going on between fiat and crypto’: How banks are gearing up to move into digital currencies

  • Many banks are starting to incorporate digital assets into their services.
  • Further adoption will depend on how federal agencies perceive and regulate the large-scale use of cryptocurrencies.
Ismail Umar | September 24, 2021
Member Exclusive

Cheat Sheet: What’s going on behind Goldman Sachs’ acquisition of BNPL GreenSky?

  • Goldman Sachs has acquired BNPL firm GreenSky for $2.24 billion, with the transaction expected to finish by Q4 2021 or Q1 2022.
  • GreenSky's platform and team will be integrated with Marcus by Goldman Sachs.
Subboh Jaffery | September 21, 2021
Member Exclusive

‘$130 trillion of global B2B trade is coming online’: Balance looks to digitize payments for B2B ecommerce

  • Balance claims it’s the first ecommerce payments platform that’s custom-built for B2B merchants and marketplaces.
  • The firm aims to facilitate the digitization of B2B trade through its payments infrastructure.
Ismail Umar | September 16, 2021
More Articles