Spending On Visa Business Cards Surpasses $100 Billion In 12 Months
Visa USA has announced that, for the first time, small business spending on Visa Business cards (sales volume) in the United States surpassed $100 billion over a 12 month period. According to Visa, for the four quarters ended June 30, 2006, small businesses made $103.5 billion in purchases with their Visa Business cards, a growth rate of 32.2 percent.
For the second quarter of calendar year 2006, small business spending on Visa Business cards totaled $28.9 billion, a 29.9 percent increase over the same period last year, as small businesses migrate from cash and checks to the security and convenience of electronic payments for business purchases.Visa's small business category is leading the growth within Visa Commercial Solutions, and is one of the fastest growing product segments at Visa.
"Small business owners desire a secure, reliable payment solution which will empower them to better control and more efficiently manage their businesses. This milestone signifies that more small businesses are forgoing inefficient paper-based payment methods and increasingly recognizing the value of Visa Business cards for business purchases," said Raghav Lal, senior vice president of small business products, Visa USA.
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