The partnership will let American Express Business Card members enroll and create virtual cards, also called tokens, in as little as five minutes using Extend’s app or desktop login, according to the announcement.
“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,” American Express Executive Vice President, Global Commercial Services Dean Henry said in the press release.
“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.”
Citing its own Global Business Spend Indicator, American Express says 39 percent of U.S. businesses expect to expand their use of virtual cards over the next year.
Benefits of the Extend card include quick enrollment, flexibility — businesses can create their own cards and send virtual cards to employees, contractors and vendors — and robust spending control, along with streamlined expense reporting and additional security measures.
The release quotes Dr. Sarah Roberts, owner of Crabapple Dental in Georgia, who has begun using a virtual card: “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.”
In June, American Express launched a checking account for small businesses through Kabbage, the online lender it had acquired in 2020. The account is designed to give small businesses the convenience of traditional banking with the flexibility of mobile banking.