Visa Inc. (V – Free report) unveiled the revamped Visa SavingsEdge program with new built-in features in a bid to promote smarter spending and generate greater savings for eligible Visa Business reloadable credit, debit and prepaid cardholders in the United States and Canada. The program was initially launched in 2008 and continues to offer eligible cardholders cash back on qualifying purchases across the network of participating merchants.
For more than a decade, Visa SavingsEdge has offered savings, tools and resources to support the growth prospects of small business cardholders. Provides opportunities to generate savings through instant coupon features and cash back offers. Instant coupons offer discounts through a code at the point of sale without needing to link a card, while cash back offers provide discounts as statement credits when cardholders link their eligible Visa Business card and use it for qualifying purchases. These discounts appear as credits on future statements.
As part of the latest set of enhancement announcements, Visa SavingsEdge currently comes with an updated program website equipped with improved features and functionality. Instant coupons and cash back offers have expanded to include new offers for merchants in several categories, such as travel, restaurants, electronics, business services and more.
The enhanced program provides for instant alerts whenever participating cardholders earn cash back on eligible purchases. A rebate tracker is also maintained to allow cardholders to monitor savings earned through the program. To take advantage of the updated program, previously enrolled cardholders must re-link their cards in the enhanced program to take advantage of the cashback offers.
The recent move reflects Visa’s long-standing commitment to helping small business units with technology assistance and empowering them with enhanced payment solutions. Additionally, a broad set of benefits through the Visa SavingsEdge program is expected to attract more small businesses to opt for Visa-branded payment products and thereby increase revenue for the digital payments leader.
Visa also appears to have taken timely action, according to data provided by the latest Visa Small Business Pulse survey. With 77% of US companies surveyed forecasting revenue growth in 2024, this has also led to an improving economic outlook. As a result, about 59% of US small businesses (SMBs) remain optimistic about the economy, which has soared from 47% in 2023. With 64% of SMBs inclined to invest in IT cost savings, the enhanced Visa SavingsEdge program appears to provide a perfect ground for the company to capitalize.
Visa shares have gained 19.9% over the past year compared to the industryGrowth of 14.7%. V currently has a Zacks Rank #3 (Hold).
Image source: Zacks Investment Research
Actions to consider
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Barrett Business Services’ earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 38.56%. The Zacks Consensus Estimate for BBSI’s earnings in 2024 indicates an improvement of 7.6% from the prior year’s reported figure. The same for revenue implies a growth of 7%. The consensus mark for Barrett Business Services’ earnings has moved 2.2% north over the past 60 days.
Envestnet’s bottom line beat estimates in three of the last four quarters and matched the mark once, with the average surprise being 9.36%. The Zacks Consensus Estimate for ENV’s earnings in 2024 implies a 23.6% improvement from the prior year’s reported figure. The same happens with income, indicating a growth of 9.6% compared to a year ago. The consensus mark for Envestnet earnings has moved 1.2% up over the last 60 days.
Shares of RCM Technologies, Barrett Business Services and Envestnet rose 9.8%, 48.9% and 8%, respectively, last year.