Customizing Business Solutions: Corpay Cross-Border Enterprise Solutions Group
While today’s version of the Enterprise Solutions Group resembles a well-organized professional services practice, the journey was filled with wisdom only gained from incremental successes and failures, as one might expect. The concept that paved the way for this group was conceived long before any official designation within Corpay Cross-Border. The group’s evolution over time reflects our ongoing mission to build a better business to support our partners and customers.
The Enterprise concept at Corpay was founded circa 2010 by management’s desire to build a model to support professional and business service companies that were providing foreign currency wires as a service to their clients. These businesses included accounting and law firms, corporate relocation managers and third-party payroll organizations.
As an example, the initial core value for hiring third-party payroll companies was to make it easier for global corporates to calculate payroll for their worldwide workforce and remove the burden of researching tax codes in each country. Rather naturally, payroll firms extended their value proposition to pay employees in local currency since they were the origin of the net deposit calculations.
As we at Corpay sought to focus more on channels where a single relationship can earn access to the global currency spend of their downstream client base, we recognized the need to make some changes to our product, service delivery and Go-To-Market strategy (GTM). The profiles for these clients became defined as Enterprise at Corpay. This definition recognizes that even one partnership can create a compounding effect on transaction volumes, foreign currency spend and, as a result, increased revenues.
Early investments in the technology and skilled human capital required to buildout global mass payments, API capabilities, unified global operations, and commercial teams to scale the Enterprise segment quickly proved strong returns. In fact, Corpay has achieved double digit transaction growth every year since inception. Today, the Mass Payments product suite is a mainstream offering, as Corpay’s traditional mid-market sweet spot favors packaging global payments together in order to help reduce errors and increase productivity. However, utility for these products arch far beyond applications for Corporate AP as the Enterprise segment found new creative solutions to incorporate these products into the overall client and end-user experience for a wide variety of partner types.
Invoice and Accounts Payable Automation companies, as well as Enterprise SaaS businesses have embraced global payments products in much the same way that payroll, global relocation and expense management providers have. The trend for these organizations now is to holistically weave the offering into their pre-existing platform via API, giving their downstream customers (or end-users) a productive, on-demand experience for sending and receiving payments. As a reflection of how widespread this trend is, the spectrum of Corpay partners has grown to include both traditional banks and FinTechs. The Enterprise group has specialized sales and service teams dedicated to both traditional banks and FinTechs, as the team recognizes that each have different strengths and needs.
1. Banks & Credit Unions: when such financial institutions (FIs) integrate with Corpay, the FIs can offer their customers access to a wider breadth of fast and accurate in-country deposits and currency delivery capabilities in restricted jurisdictions, without competing internally for scarce development resources. This, in turn, allows them to remain competitive with traditional and more contemporary rivals, such as the new breed of digital banks grabbing market share across tech startups and the “New Economy.”
2. FinTechs: integration with Corpay gives a Fintech’s downstream clients access to execute transactions for their foreign exchange needs and risks. The global payments product also adds a revenue stream for the FinTech which can lift the Enterprise value of the venture.
Integrating a foreign currency payout component with Corpay can attract a global pedigree of clients and defend against rival firms offering the solution as a competitive differentiator. Furthermore, a revenue stream from payments can contribute significantly to budgets, and in some cases that stream has even helped Corpay’s partners retain deal profitability when price concessions are made on core products in competitive bids.
Given the preference for taking the native approach to enabling global payment services in platform experience these firms now devote significant resources to remodeling their brand promise to concatenate global payment fulfillment within core messaging.
The Enterprise Solutions team at Corpay was custom designed from the ground up to support these enterprise businesses through every step of their journey: from product incubation and platform integration, on through to service, product sales and client enablement. Technical Engineers are on staff to advise partners on a spectrum of integration options, while the Client Success team quarterbacks the project tasks and bridges communication between all stakeholders. All this is in order to expedite the time it takes to go from project inception to GTM reality.
At the GTM phase, Corpay partners are further supported by the Channel Partners team. The Channel Partner team is prepared to help the partner market the offering and scale the business across their current and prospective clientele. Each aspect of the resources involved within the Enterprise Group supports its partners by helping them:
Expand and enhance their global payout solutions to their downstream.
Increase productivity, operational scale and profitability by streamlining existing global payment processes and workflow.
Realize new revenues streams where their core business naturally funnels an adjacent need to facilitate global transactions and monetize flows not presently mined.