Case study

Life sciences: Moving at the speed of science

Virtual Card Spend

• Lab Supplies
• Equipment
• Electronics
• Software
• General & admin

Summary

Transforming the payments management process for a pioneering oncology company focused on precision medicine.

Challenge

Managing payments with a handful of credit cards created a cascade of challenges. All transactions lumped into a few statements meant slower reconciliation and chasing down receipts. And without visibility into credit limits, “Lab Ops would place orders and sometimes get declined,” shared, the company’s controller.

Solution

The controller was able to onboard with Extend in a matter of minutes and bring order to the chaos. Now, he instantly issues virtual cards with a specific limit, to specific team members, for specific purposes. “I also like that they can tag expenses and add receipts right in the platform.”

“Science moves fast. With Extend, I’ve been able to enable our scientists to work without interruption—and that’s the most important thing.”

Outcome

• No more over-credit-limit declines. Team members can request and receive virtual cards with custom expiry dates and credit limits to keep the company on budget.
• Close the books in half the time. Transaction activity is categorized and easily translated into their ERP system to accelerate bookkeeping.
• Improved budget planning. Full and organized view of spend and easy reporting provide insights for budget allocation.
• Reduced fraud. Allocating a virtual card per vendor keeps the parent card more secure and avoids the hassle of replacing it with every supplier in the event of fraud.

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Platform

• The Extend app
• Virtual card API
• AI toolkit
• Preferred bank partners

Features

• Virtual cards
• Budgets
• Bill pay
• Receipt management
• Expense Reports
• Reconciliation
• Integrations

Participating Banks

• American Express
• Banc of California
• BMO
• City National Bank
• Corpay
• HSBC
• PNC
• Regions Bank
• Silicon Valley Bank
• Texas Capital

Additional Case Studies

1. Software development: Paying smarter to play harder

2. Real estate development: Securing spend with existing credit

3. Empowering teams & staying on budget with Levin + Riegner

Call to Action

Learn more about Extend and its capabilities by visiting the Extend Website.