NEW YORK--(BUSINESS WIRE)--Extend, a leading virtual card and spend management platform, today announced the availability of team budgets, a new feature that helps finance leaders organize and control spending by empowering employees to send and manage secure virtual cards. Extend is available via the credit cards companies already use, and more than 6,000 businesses pay with Extend, making millions of virtual card transactions worth billions of dollars every year. With the rollout of team budgets, those customers gain an even easier way to eliminate risky card sharing behavior and achieve more with their preferred card programs.
Employees often need access to a company card to make payments, and vendors may need to keep a credit card number on file. But sharing company credit cards across multiple people creates risk, and using personal cards creates inefficiencies. By provisioning budgets to team members, finance leaders can enable teams to create secure virtual cards on-demand for business expenses, while keeping spend organized and under their purview, thus protecting against fraud and administrative burden. Budget owners can also securely share administrative access and management responsibility to other users, so business won’t stop when the card holder is on vacation or overloaded with other tasks.
“With budgets, the responsibility and accountability go to the individual rather than distributing a photocopied credit card with no way to tell which transactions are legit,” said Dillon Reed, accountant at Ruoff Mortgage, which has appeared on Inc. 5000’s Fastest Growing Companies in the U.S. list for 10 years and has more than 700 employees in roughly 60 locations. “Extend makes the employee accountable for their charges, and we have visibility over receipts for reconciling and audit purposes.”
With team budgets in Extend, customers can:
- Share management responsibility: Easily manage daily operations when you add team members to co-manage a budget or to temporarily approve virtual card requests while you are away.
- Empower employees: Allow team members to request a budget, so they can create their own virtual cards up to the pre-approved limit, reducing expense reimbursements and lengthy approvals.
- Spend securely: Eliminate risky card sharing behavior by giving employees the ability to create unique virtual cards for different vendors, clients, and other expense needs, all under your supervision.
- Organize and control spending: Allocate budgets customized to fit specific expense needs with real-time visibility over all budget activity, so you can track the who, what, and where of every penny spent.
- Quadruple card rewards: Cardholders who empower uncarded employees with a secure way to make payments capture more spend on the company credit card, and therefore can earn up to 4x more rewards from their card programs.
Danny Morrow, chief innovation officer and co-founder at Extend, said, “Finance leaders struggle with a common dilemma; if they don’t delegate, the burden on them is enormous, and they become a bottleneck. But if they do delegate, they lose control and increase financial risk. Extend solves this dilemma with team budgets.”
Resources
For more information, see:
- Manage virtual cards on a budget (web page)
- Getting started with budgets (video)
- How Extend budgets help you organize and empower secure employee spending (blog post)
About Extend
Extend turns your business credit card into a spend management platform, so you can achieve more with what’s yours. Thousands of companies use Extend’s virtual cards, insights, and controls to empower their teams, streamline payment processes, and manage billions of dollars in transactions – all while keeping the financial partners they know and trust. Extend was founded in 2017 by industry veterans of American Express, Capital One, and other Fortune 500 companies. For more information visit paywithextend.com or follow Extend on LinkedIn.
