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Rick Fletcher, Group President of Corpay Payables Corporate bill payments take time and effort. If addressed correctly, they can prevent companies from losing relationships with their vendors. A recurring theme in an accounts payable department is the need to recognize the importance of payments and their direct effect on business stability and growth. Most companies do not include AP as a fundamental competency and tend to overlook the possibility of automated process integration. The reasons for failure are often disparate systems, processes, or cumbersome functions. Corpay helps businesses speed up their AP processes, reduce errors, and improve the quality of their expense decisions to gain more visibility and control over their financial situation. Enabling AP and expense managers to reallocate resources and effort to eliminate the costs rendered by inefficient back offices, Corpay gives companies tools to gather information about their vendors, invoices, and payments. This consolidated information allows users to take a cohesive approach to payment proceedings and have a better workflow around approvals of those payments.
“Fundamentally, once the AP workflow is harmonized, clients make the payment to us, and we make all the payments to their vendors,” says Rick Fletcher, group president of Corpay Payables. Turning back offices into revenue generators and strategic assets, Corpay creates a set of economics a company can fall back on and dynamically reduce their expenses.
Corpay acts as a conduit between its clients and their vendors to ensure payments are not delayed by being left in the back end. Corpay spreads awareness of the benefits of outsourcing AP in improving business scalability and controlling accounts payable expenses. The fintech solution and services company converts payments to a virtual card to settle vendor bills.
“Our solution is highly accessible, particularly to starved accounts payable functions that do not receive a lot of resource and investment,” says Fletcher.
Part of Corpay’s model is to remove the burden of the work and technology implementation from its clients to increase their accessibility toward a better way of making payments. Ultimately, the aim is to enable client AP teams and management to free up their time and focus on running their business.
“Payments can be made easily and in a decentralized cloud-based operational environment,” adds Fletcher.
Another aspect Corpay covers is enabling companies to monitor travel and entertainment expenses that employees pay using employer-issued cards or from pocket that has to be reimbursed later. Analyzing the pent-up demand and also that a remote workforce has more travel for strategic planning and work, Corpay designs a pathway for clients to navigate past the T&E rebound that has spawned due to the pandemic. Since expense management tools and procedures lie in a state of atrophy, Corpay affirms a clear difference for users to pay attention to them and accordingly perform actions. It incorporates a deeper sense of methods to handle the increased expenses and refreshes processes with digital tools and ultra-assistive approaches for AP personnel.
Our solution is highly accessible particularly to starved accounts payable functions that do not receive a lot of resource and investment
After realizing the system’s benefits and tool to go more electronic in their payments, CAG partnered with Corpay for a full AP technology implementation. The automotive company could outsource their payments, allowing Corpay to take possession of funds and make payments on their behalf. Regardless of the modality that a vendor accepts like checks, ACH, or cards, Corpay ensures all payments are made after the right people approve with digital signage authorization options. AP staff in multiple regions can review their invoices with easy reconciliation of their vendors. Corpay handles all vendor enablement and interactions, setting a standard of efficiencies and economies along with previously unavailable scalability and security.
“We help companies in all aspects of making payments, including securing funds and working capital, transfer, and security until payment execution,” states Fletcher.
The low onboarding cost is another driver for companies to partner with Corpay as they try to stay in the right lane of bill payment and future tax audits. Having hit the pinnacle in corporate payments and dealing with millions of vendors, Corpay, due to its extensive experience and research, is well-placed to settle cross-border and overseas billed expenses. Clients come to Corpay to solve various back office payment requirements versus the proliferation of fragmentation through multiple providers. Essentially, Corpay demonstrates a value that allows clients to gain confidence. The joint success can be measured in Corpay’s high customer retention, satisfaction, and reliance on removing every anomaly that affects AP operations.
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Company
Corpay
Management
Rick Fletcher, Group President of Corpay Payables
Description
Eliminating the function of resignation in integrating better methods toward AP, Corpay acts as a conduit between its clients and their vendors to ensure that payments are not delayed by being left in the back-end. Improving client business scalability and the way they control accounts payable expenses, Corpay spreads awareness of the benefits of outsourcing AP. The fintech converts payments to a virtual card that is used to settle vendor bills
