Visa business credit cards are becoming more popular.
Visa announced that for the four quarters ending June 30, 2006, sales volume on Visa business cards across the globe hit $190 billion, as small business owners expand their use of payment solutions that are more convenient and secure than cash or checks. That total represented a compound annual growth rate of 32 percent.
According to the vice president of Visa Commercial at Visa International, Preet Chhokar, small business owners are paying with the Visa business cards to increase efficiency, obtain cash-flow information and handle expense management.
Visa estimates that worldwide business and government spending, before payroll and certain other capital expenditures, totaled almost $61 trillion in 2005.
In order to harness the growth of card payments, Visa recently published a 10-step program for its member financial institutions that provides advice on managing small business credit risk.