Visa unveiled new Instant Savings offers for small- to medium-sized businesses (SMBs) in North America.
Through the Visa SavingsEdge website, eligible Visa Small Business card holders can now access savings and discounts on business-related services and goods, Visa said in a Wednesday (Oct. 25) press release.
The Instant Savings program provides more than 40 discounted offers that can be instantly redeemed on select merchant websites without the need for enrollment, according to the release. Some of the offers are from Dropbox, Finagraph, Indeed, Microsoft, Verizon Wireless and Visme.
Visa also offers automatic discounts to eligible and enrolled Visa Business cardholders on qualifying purchases at participating merchants through the Visa SavingsEdge program, per the release. These Everyday Savings offers are applied as credits to cardholders’ future statements. Small business cardholders in the U.S. and Canada can use Everyday Savings from more than 50 merchants by enrolling their cards in the program.
The introduction of these offers comes as running a business remains costly and many small business owners are seeking ways to reduce expenses, according to the release. Visa found that key concerns for SMBs include inflation, economic uncertainty and interest rates.
“We’re seeing that small business growth is on the rise, despite current macroeconomic challenges,” Veronica Fernandez, senior vice president and North America head of Visa Commercial Solutions, said in the release. “We also understand that there is a continued need for new, innovative ways to enable cost savings across the small business landscape.”
PYMNTS Intelligence found that 40% of SMBs remain more worried about inflation than they were a year ago. In addition, as many as 15% of these Main Street businesses reported being concerned about declining revenues and 48% have “more credit” on their proverbial to-do lists, according to “Main Street Health Q2 2023: Credit’s Key Role in SMBs’ Plans,” a PYMNTS and Enigma collaboration.
In another effort to help SMBs, Visa partnered with credit decisioning platform Uplinq to help these businesses access credit. The collaboration, announced Aug. 30, is designed to help lenders reduce risk while also giving American and Canadian small business owners access to fair credit.