Summary

Extend helped protect payments for an online retailer and wholesaler of electronics that supplies thousands of customers.

Challenge

The online retailer was managing inventory purchases using one corporate card. They saw fraudulent charges once or twice a year, but “with 200 vendors all using the same card-on-file, any instance of fraud became an eight-month-long nightmare,” said the retailer’s business manager.

Solution

By registering their existing corporate card with Extend, they started creating new virtual cards in just minutes. Now they keep a unique virtual card-on-file with every vendor. “Virtual cards help protect my primary card number from being exposed,” the business manager shared. And by using Extend, they also enjoy earning rewards on their preferred card program.

Outcome

Reduced hassle of fraud. An instance of fraud can be easily isolated and managed without the headache of updating hundreds of vendor files.

Prevented wrongful billing. By setting the spending limit of each virtual card to the exact invoice amount, the company’s full credit line is protected in the event of fraud.

Maximized card rewards. Capturing more purchases on credit with the flexibility of virtual cards means getting more benefits out of the corporate card program.

Increased oversight. Reconciling the charged amount back to the original order placed with a supplier is much easier.

“Using Extend gives our business so much more control over vendor payments.”