Talk to the experts
Learn more about Extend and find out if it's the right solution for your business.
March 25, 2024 8:00 PM
According to the 2023 AFP Payments Fraud and Control Survey Report by JPMorgan, 84% of businesses with revenues over $1 billion reported instances of attempted or actual fraud last year. This issue isn't just a problem for large corporations; it's a widespread concern, with 65% of companies surveyed acknowledging their battle with B2B payment fraud.
While there will always be bad actors to combat, a large driver of fraud happens from innocent but risky practices like sharing login credentials for software or physical credit cards among teams.
Yet businesses only engage in such unsecured practices to fulfill the essential needs of paying vendors on time, equipping uncarded employees in a pinch, and delegating payment responsibility across the organization to move faster.
It’s imperative for businesses to empower their teams, but they shouldn’t have to compromise security and control.
Extend budgets can help.
Budgets are a powerful tool for finance teams to control and organize spending while giving employees a secure and convenient way to manage expenses.
For instance, some businesses may need to:
The great thing about budgets is that they allow finance leaders to delegate spending while maintaining control and real-time visibility into expenses. Budgets also eliminate the need to share physical cards across the organization, giving employees a safer and more efficient way to access company funds.
Budgets bring a suite of advantages to businesses of all sizes, improving how they manage and control company spending.
Here’s a look at the key benefits:
These benefits help business owners improve spend management while giving Extend partner banks an in-demand feature to offer their clients. After all, nearly 80% of businesses are most likely to turn to their bank to mitigate the risks of payment fraud. By adopting Extend’s budget feature, banks help their clients move away from manual practices and embrace a safer and more streamlined approach to making business payments.
To get the most out of Extend, we recommend starting with a budget and then creating virtual cards from that budget.
This ensures finance leaders maintain the flexibility to manage and share access to the company card program. It also cultivates a collaborative environment that ensures business continuity by allowing team members to step in and manage virtual cards if the budget owner is away.
Any virtual cards created outside of a budget will remain solely tied to the person who created them, making it challenging to delegate spending authority to other team members. Hence, budgets are preferred to safeguard and enable future flexibility.
Here’s how it works:
Team members who don’t have a company card but need to access company funds can request a budget in Extend. This is a convenient option for employees who need to make payments on behalf of the company for a particular project, like a team offsite.
Watch this video to learn more about budgets and how they work.
Now, let's bring budgets to life!
Imagine a multi-location business, such as a network of gym franchises. Each franchise location has its own set of expenses ranging from maintenance costs and supply orders to equipment updates and software subscriptions. Managing those payments across multiple locations with one company card could quickly become a challenge and potentially lead to unauthorized spending or fraud.
With a budget created for each franchise, location managers could create and issue virtual cards for any necessary business expense. Doing so would keep spend neatly organized by franchise, helping streamline reconciliation. What’s more, the business would also avoid the risks that come with sharing physical credit cards or keeping the same card number on file with multiple vendors.
Empowered by budgets, location managers could quickly respond to site-specific needs and keep their gyms running smoothly without any interruptions that might otherwise diminish the customer experience. And finance leaders could lock away their plastic cards while retaining visibility and control over every transaction in Extend.
The result? More autonomy for trusted employees and more control and efficiency for company finance leaders.
And that’s just one example of how businesses can reap the benefits of Extend budgets:
Curious to hear from more businesses experiencing similar benefits? Check us out on G2!
The beauty of Extend budgets is its ability to empower both the business as a whole and its employees.
Companies can scale financial operations to serve different payment scenarios with minimized fraud risk, while employees are empowered to take charge of payments, saving time and streamlining reconciliation.
Ready to take budgets for a spin? Create your first budget, and start benefiting from a seamless spend management experience.
Dawn Lewis
Controller at Couranto
Bridget Cobb
Staff Accountant at Healthstream
Brittany Nolan
Sr. Product Marketing Manager at Extend (moderator)
According to the 2023 AFP Payments Fraud and Control Survey Report by JPMorgan, 84% of businesses with revenues over $1 billion reported instances of attempted or actual fraud last year. This issue isn't just a problem for large corporations; it's a widespread concern, with 65% of companies surveyed acknowledging their battle with B2B payment fraud.
While there will always be bad actors to combat, a large driver of fraud happens from innocent but risky practices like sharing login credentials for software or physical credit cards among teams.
Yet businesses only engage in such unsecured practices to fulfill the essential needs of paying vendors on time, equipping uncarded employees in a pinch, and delegating payment responsibility across the organization to move faster.
It’s imperative for businesses to empower their teams, but they shouldn’t have to compromise security and control.
Extend budgets can help.
Budgets are a powerful tool for finance teams to control and organize spending while giving employees a secure and convenient way to manage expenses.
For instance, some businesses may need to:
The great thing about budgets is that they allow finance leaders to delegate spending while maintaining control and real-time visibility into expenses. Budgets also eliminate the need to share physical cards across the organization, giving employees a safer and more efficient way to access company funds.
Budgets bring a suite of advantages to businesses of all sizes, improving how they manage and control company spending.
Here’s a look at the key benefits:
These benefits help business owners improve spend management while giving Extend partner banks an in-demand feature to offer their clients. After all, nearly 80% of businesses are most likely to turn to their bank to mitigate the risks of payment fraud. By adopting Extend’s budget feature, banks help their clients move away from manual practices and embrace a safer and more streamlined approach to making business payments.
To get the most out of Extend, we recommend starting with a budget and then creating virtual cards from that budget.
This ensures finance leaders maintain the flexibility to manage and share access to the company card program. It also cultivates a collaborative environment that ensures business continuity by allowing team members to step in and manage virtual cards if the budget owner is away.
Any virtual cards created outside of a budget will remain solely tied to the person who created them, making it challenging to delegate spending authority to other team members. Hence, budgets are preferred to safeguard and enable future flexibility.
Here’s how it works:
Team members who don’t have a company card but need to access company funds can request a budget in Extend. This is a convenient option for employees who need to make payments on behalf of the company for a particular project, like a team offsite.
Watch this video to learn more about budgets and how they work.
Now, let's bring budgets to life!
Imagine a multi-location business, such as a network of gym franchises. Each franchise location has its own set of expenses ranging from maintenance costs and supply orders to equipment updates and software subscriptions. Managing those payments across multiple locations with one company card could quickly become a challenge and potentially lead to unauthorized spending or fraud.
With a budget created for each franchise, location managers could create and issue virtual cards for any necessary business expense. Doing so would keep spend neatly organized by franchise, helping streamline reconciliation. What’s more, the business would also avoid the risks that come with sharing physical credit cards or keeping the same card number on file with multiple vendors.
Empowered by budgets, location managers could quickly respond to site-specific needs and keep their gyms running smoothly without any interruptions that might otherwise diminish the customer experience. And finance leaders could lock away their plastic cards while retaining visibility and control over every transaction in Extend.
The result? More autonomy for trusted employees and more control and efficiency for company finance leaders.
And that’s just one example of how businesses can reap the benefits of Extend budgets:
Curious to hear from more businesses experiencing similar benefits? Check us out on G2!
The beauty of Extend budgets is its ability to empower both the business as a whole and its employees.
Companies can scale financial operations to serve different payment scenarios with minimized fraud risk, while employees are empowered to take charge of payments, saving time and streamlining reconciliation.
Ready to take budgets for a spin? Create your first budget, and start benefiting from a seamless spend management experience.
According to the 2023 AFP Payments Fraud and Control Survey Report by JPMorgan, 84% of businesses with revenues over $1 billion reported instances of attempted or actual fraud last year. This issue isn't just a problem for large corporations; it's a widespread concern, with 65% of companies surveyed acknowledging their battle with B2B payment fraud.
While there will always be bad actors to combat, a large driver of fraud happens from innocent but risky practices like sharing login credentials for software or physical credit cards among teams.
Yet businesses only engage in such unsecured practices to fulfill the essential needs of paying vendors on time, equipping uncarded employees in a pinch, and delegating payment responsibility across the organization to move faster.
It’s imperative for businesses to empower their teams, but they shouldn’t have to compromise security and control.
Extend budgets can help.
Budgets are a powerful tool for finance teams to control and organize spending while giving employees a secure and convenient way to manage expenses.
For instance, some businesses may need to:
The great thing about budgets is that they allow finance leaders to delegate spending while maintaining control and real-time visibility into expenses. Budgets also eliminate the need to share physical cards across the organization, giving employees a safer and more efficient way to access company funds.
Budgets bring a suite of advantages to businesses of all sizes, improving how they manage and control company spending.
Here’s a look at the key benefits:
These benefits help business owners improve spend management while giving Extend partner banks an in-demand feature to offer their clients. After all, nearly 80% of businesses are most likely to turn to their bank to mitigate the risks of payment fraud. By adopting Extend’s budget feature, banks help their clients move away from manual practices and embrace a safer and more streamlined approach to making business payments.
To get the most out of Extend, we recommend starting with a budget and then creating virtual cards from that budget.
This ensures finance leaders maintain the flexibility to manage and share access to the company card program. It also cultivates a collaborative environment that ensures business continuity by allowing team members to step in and manage virtual cards if the budget owner is away.
Any virtual cards created outside of a budget will remain solely tied to the person who created them, making it challenging to delegate spending authority to other team members. Hence, budgets are preferred to safeguard and enable future flexibility.
Here’s how it works:
Team members who don’t have a company card but need to access company funds can request a budget in Extend. This is a convenient option for employees who need to make payments on behalf of the company for a particular project, like a team offsite.
Watch this video to learn more about budgets and how they work.
Now, let's bring budgets to life!
Imagine a multi-location business, such as a network of gym franchises. Each franchise location has its own set of expenses ranging from maintenance costs and supply orders to equipment updates and software subscriptions. Managing those payments across multiple locations with one company card could quickly become a challenge and potentially lead to unauthorized spending or fraud.
With a budget created for each franchise, location managers could create and issue virtual cards for any necessary business expense. Doing so would keep spend neatly organized by franchise, helping streamline reconciliation. What’s more, the business would also avoid the risks that come with sharing physical credit cards or keeping the same card number on file with multiple vendors.
Empowered by budgets, location managers could quickly respond to site-specific needs and keep their gyms running smoothly without any interruptions that might otherwise diminish the customer experience. And finance leaders could lock away their plastic cards while retaining visibility and control over every transaction in Extend.
The result? More autonomy for trusted employees and more control and efficiency for company finance leaders.
And that’s just one example of how businesses can reap the benefits of Extend budgets:
Curious to hear from more businesses experiencing similar benefits? Check us out on G2!
The beauty of Extend budgets is its ability to empower both the business as a whole and its employees.
Companies can scale financial operations to serve different payment scenarios with minimized fraud risk, while employees are empowered to take charge of payments, saving time and streamlining reconciliation.
Ready to take budgets for a spin? Create your first budget, and start benefiting from a seamless spend management experience.
According to the 2023 AFP Payments Fraud and Control Survey Report by JPMorgan, 84% of businesses with revenues over $1 billion reported instances of attempted or actual fraud last year. This issue isn't just a problem for large corporations; it's a widespread concern, with 65% of companies surveyed acknowledging their battle with B2B payment fraud.
While there will always be bad actors to combat, a large driver of fraud happens from innocent but risky practices like sharing login credentials for software or physical credit cards among teams.
Yet businesses only engage in such unsecured practices to fulfill the essential needs of paying vendors on time, equipping uncarded employees in a pinch, and delegating payment responsibility across the organization to move faster.
It’s imperative for businesses to empower their teams, but they shouldn’t have to compromise security and control.
Extend budgets can help.
Budgets are a powerful tool for finance teams to control and organize spending while giving employees a secure and convenient way to manage expenses.
For instance, some businesses may need to:
The great thing about budgets is that they allow finance leaders to delegate spending while maintaining control and real-time visibility into expenses. Budgets also eliminate the need to share physical cards across the organization, giving employees a safer and more efficient way to access company funds.
Budgets bring a suite of advantages to businesses of all sizes, improving how they manage and control company spending.
Here’s a look at the key benefits:
These benefits help business owners improve spend management while giving Extend partner banks an in-demand feature to offer their clients. After all, nearly 80% of businesses are most likely to turn to their bank to mitigate the risks of payment fraud. By adopting Extend’s budget feature, banks help their clients move away from manual practices and embrace a safer and more streamlined approach to making business payments.
To get the most out of Extend, we recommend starting with a budget and then creating virtual cards from that budget.
This ensures finance leaders maintain the flexibility to manage and share access to the company card program. It also cultivates a collaborative environment that ensures business continuity by allowing team members to step in and manage virtual cards if the budget owner is away.
Any virtual cards created outside of a budget will remain solely tied to the person who created them, making it challenging to delegate spending authority to other team members. Hence, budgets are preferred to safeguard and enable future flexibility.
Here’s how it works:
Team members who don’t have a company card but need to access company funds can request a budget in Extend. This is a convenient option for employees who need to make payments on behalf of the company for a particular project, like a team offsite.
Watch this video to learn more about budgets and how they work.
Now, let's bring budgets to life!
Imagine a multi-location business, such as a network of gym franchises. Each franchise location has its own set of expenses ranging from maintenance costs and supply orders to equipment updates and software subscriptions. Managing those payments across multiple locations with one company card could quickly become a challenge and potentially lead to unauthorized spending or fraud.
With a budget created for each franchise, location managers could create and issue virtual cards for any necessary business expense. Doing so would keep spend neatly organized by franchise, helping streamline reconciliation. What’s more, the business would also avoid the risks that come with sharing physical credit cards or keeping the same card number on file with multiple vendors.
Empowered by budgets, location managers could quickly respond to site-specific needs and keep their gyms running smoothly without any interruptions that might otherwise diminish the customer experience. And finance leaders could lock away their plastic cards while retaining visibility and control over every transaction in Extend.
The result? More autonomy for trusted employees and more control and efficiency for company finance leaders.
And that’s just one example of how businesses can reap the benefits of Extend budgets:
Curious to hear from more businesses experiencing similar benefits? Check us out on G2!
The beauty of Extend budgets is its ability to empower both the business as a whole and its employees.
Companies can scale financial operations to serve different payment scenarios with minimized fraud risk, while employees are empowered to take charge of payments, saving time and streamlining reconciliation.
Ready to take budgets for a spin? Create your first budget, and start benefiting from a seamless spend management experience.
Learn more about Extend and find out if it's the right solution for your business.