Worldwide spending by small businesses on Visa Business cards has reached $190 billion in the space of a year, as small businesses continue to adopt the payment solution in favor of cash and checks.
The rising volume of money transacted via Visa Business cards reflects the shift of small businesses towards electronic payments, which are often considered to be more convenient and secure than cash and checks.
For the four quarters ended June 30, 2006, small businesses worldwide made $190 billion in purchases with their Visa Business cards, representing a compound annual growth rate of 32%.
Small business owners worldwide want efficient payment and information solutions that help streamline cash flow and expense management so they can concentrate on growing their businesses, said Preet Chhokar, vice president of Visa Commercial at Visa International. Reaching this milestone is a testament to the advantages Visa Business provides small businesses over cash and checks.