Virtual Cards Are Coming to US Businesses Thanks to Extend’s Partnership With American Express

American Express and Extend, a New York City-based fintech specialising in virtual cards, announced their partnership to expand virtual Card solutions for businesses in North America.

U.S. companies with an eligible American Express Business Card will be able to enroll and create virtual cards, known as tokens, through Extend’s app or desktop login using their existing American Express Card account.

Dean Henry, Executive Vice President, Global Commercial Services, American ExpressDean Henry, Executive Vice President, Global Commercial Services, American Express
Dean Henry, Executive Vice President, Global Commercial Services, American Express

“We have seen more and more businesses ramp up their use of virtual cards since the start of the pandemic as they looked to digitise 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 Indicator 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: The enrollment process has been made more efficient for consumers, who can use an existing American Express Business Card at no additional cost.
  • 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 the ability to turn cards on and off as needed.
  • Reduced fraud and enhanced security: Achieve an added layer of security through token technology and eliminate the need to share primary Business Card numbers with anyone.
  • Streamlined expense reporting: Categorise expenses and tag virtual cards and transactions with general ledger codes to automate reconciliation, integrate with expense and reporting software, and reduce the time spent on expense reports and reimbursements.
  • Rewards of your card: Earn rewards with the card from virtual card payments made through Extend.
  • Automated virtual Card issuing: Connect directly to Extend’s APIs to automate virtual card creation without having to log into the Extend app.
Dr. Sarah Roberts, Owner, Crabapple DentalDr. Sarah Roberts, Owner, Crabapple Dental
Dr. Sarah Roberts, Owner, Crabapple Dental

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.”

It’s reported that 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.

  • Tyler is a Fintech Junior Journalist with specific interests in Online Banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.