The Five Key Elements of Structured Partnerships
Corpay Cross-Border is focused on accessing new markets by aligning strategically with external partners. We therefore see firsthand how organizations experience opportunities and challenges unique to their industry and the needs of their suppliers and customer base.
At Corpay, we work with organizations to evaluate these challenges and develop a collaborative and tailored approach to solve them, through building on the key fundamentals of how we see a structured partnership.
What is a structured partnership?
For Corpay, we structure our partnerships through a strategic, value-driven relationship with an external organization that is looking to enhance their own product or services by leveraging our expertise, technology and payment capabilities.
Corpay aligns with each partner and develops the best possible path to success, depending on their short and long-term goals and any barriers they might be looking to overcome, or opportunities they might be looking to pursue.
The key foundations of a structured partnership
As each partnership is built around a unique business case, it’s important to understand what elements are essential for us to scale a successful partnership with external organizations that often have different internal fundamental processes and managerial styles.
Key elements include:
Every organization is different, meaning every partnership requires a fresh approach in how we determine the best route to achieving our business goals. At Corpay, we understand that one size does not fit all. We therefore work with our partners to develop specific go to market strategies, leveraging our resources in both technology and human capital. This flexibility can enable our partners to deploy the basis of a crawl, walk and then run philosophy to achieve these goals.
Corpay is aware that partnerships often encounter challenges along the way, or together we might decide to pivot as the relationship develops. This is why all partnerships start with transparent conversations on goals, overall strategy, and the timeline to achieve targets. Once the partnership launches, our partners have ongoing access to a dedicated and knowledgeable support team, allowing them to adjust solutions as and when needed.
The key to our external partnership success is Corpay’s suite of award-winning technology solutions, which are customized to meet each organization’s needs. All custom solutions are designed to integrate seamlessly into our partner’s platforms and harness our leading-edge technology to connect our partners to the customers they’re trying to reach.
These innovative solutions also allow our partners to expand their geographic customer reach through access to multi-currency settlements and local payment methods. Often, our partners expand into new regions based on the capabilities they can utilize by partnering with Corpay.
3. Streamlining processes
The more efficient the workflow process is, the more efficient an organization can be.
We enable our partners to build advanced global payments capabilities on their own platforms by using our robust API solutions. This supports quick access to new markets, by allowing our partners to leverage the network and payment solutions we have already built, instead of starting from scratch.
4. Out of the box approach
Our team has the expertise to customize and adapt solutions to best fit each organization we work with. This approach allows our team to look at the best way to do something, rather than force a solution to fit a specific business model.
A structured partnership requires both partners to align and agree on goals and what needs to happen to achieve objectives. Corpay works closely with each partner to create an understanding of how the two teams will work together. This understanding fosters a path to success, setting targets relating to different business functions, and ensures there are milestones in place to review and measure progress.
These will of course vary depending on the partner, but by establishing clear expectations around who is accountable for these goals, both partners can attain a successful and transparent partnership.
A Mutual Road to Success
Corpay’s out-of-the-box approach, combined with our in-depth knowledge and expertise, together constitute what sets us apart. We apply this approach and knowledge to structuring each partnership to help our partners meet their goals, overcome their challenges and explore new opportunities.
Ultimately, we collaborate with our partners to help build and grow our businesses together.