Visa Introduces Visa Signature Business

Visa Signature Business builds upon features of the Visa Business card and adds the premium benefits of Visa Signature, Visa’s fast-growing, premium credit product designed to appeal to time-stretched, affluent customers, typically with household incomes of $125K and higher.

“Visa Signature Business is designed for small business owners who have the desire and need for greater purchasing power, premium rewards, and tools to more efficiently and easily manage their businesses,” said Raghav Lal, senior vice president of small business products, Visa USA. “With small businesses today making the majority of purchases with checks and cash, our member financial institutions have an opportunity to offer a compelling new payment choice for small businesses and to increase loyalty and retention of this important segment.”

According to Visa’s estimates, small businesses spent more than $4.3 trillion in non-card expenditures in 2005.

Visa Signature Business provides unsurpassed merchant acceptance and offers exceptional product features and benefits that are especially relevant to small business owners. Issuers also have the opportunity to differentiate their Visa Signature Business offerings with their own additional features and enhancements. Among the product features specifically designed to meet the needs of this highly valued segment are:

• No Preset Spending Limit. This feature offers small business owners remarkable purchasing power and payment flexibility. Business owners also have the option to revolve a minimum balance each month, providing them with even more financial flexibility and convenience.
• Higher-Value Rewards. Visa Signature Business includes an issuer rewards program with a minimum value of 125 basis points on qualifying spend.
• Expense Management and Reporting. Visa Signature Business cardholders have access to Visa Information Source Select, a robust and easy-to-use online reporting solution that helps small business owners streamline accounting procedures, better organize and track spending, gain greater control of cash flow to increase company efficiency and improve the accuracy of expense tracking.
• Merchant Discounts and Promotions. Through the Visa Merchant Offer Program small businesses can gain the purchasing power of large companies through promotions and savings presented by Visa’s merchant partners, including leading office supply, travel and wireless providers.
• Enhanced Customer Service. To provide time-strapped business owners with the service levels they expect and seek, Visa Signature Business card issuers offer worldwide toll-free or collect-call customer service, 24 hours a day, seven days a week.

Visa research shows that higher-spending small business owners look for added value in their payment products and want to be rewarded for their business spending. Visa Signature Business delivers against these desires by combining functional business features with unique benefits, including:

• Visa Signature Access. Cardholders have access to exclusive events and experiences, designed specifically with the Visa Signature lifestyle in mind. For events such as the Super Bowl, the Kentucky Derby, or a special night at the Tony Awards, Visa Signature Access offers unique, once-in-a-lifetime experiences for cardholders.
• Visa Signature Dining. Cardholders can quickly and easily secure reservations for hard-to-reserve tables at popular restaurants, even during peak times.
• Visa Signature Concierge. A round-the-clock, complimentary service provides assistance with business and personal travel and restaurant reservations, gift arrangements, event tickets, home and business services, and more.
• Visa Signature Privileges. Small business cardholders enjoy upgrades, discounts, and special offers from many of the world’s top retail merchants, travel providers, hotels and resorts.

The introduction of Visa Signature Business demonstrates Visa’s continued momentum in the affluent and commercial segments. For the four quarters ended June 30, 2006, Visa Signature grew 17 percent, surpassing $125 billion in sales volume. For the same period, spending on Visa Business cards totaled more than $103 billion, representing a year over year growth rate of 32 percent.

Chase Card Services is expected to be the first issuer to offer Visa Signature Business, with plans to introduce a program later this calendar year.

“Chase is excited to be the first issuer to offer the Visa Signature Business Card,” said John Delaney, senior director of Chase Business Card. “Chase prides itself on providing customers with credit cards designed to meet their specific needs, both business and personal. The unique combination of benefits and rewards from Visa Signature Business and Chase will help small businesses, their owners, and employees to succeed in their business ventures.”