Optimizing the Obscure Nature of Corporate Expenditure

Human beings have always had the capability to do a lot, and yet there is nothing we do better than growing on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a full-blown tech revolution. Of course, this revolution then went on to scale up the human experience through some outright avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident in recent times, and assuming one new fintech-themed development pans out just like we envision, it will only make that trend bigger and better moving forward.

Corpay, a FLEETCOR® brand and global leader in business payments, has officially announced the launch of a brand-new solution called Corpay Complete, which happens to be a next-generation spend management platform geared towards corporate payments and spending. According to certain reports, Corpay Complete comes decked up with an ability to pack together all aspects of spend management and payments into one mobile-ready platform. This notably includes integrating corporate cards and expense reimbursements with accounts payable (AP) automation and supplier payments, eventually taking that integration to birth one outright centralized hub for a more convenient use. This hub, in turn, can be easily accessed through multiple profiles, meaning anyone from finance administrators and business managers to even general employees can get in on the platform without facing a sliver of hassle. Leave hassle, Corpay Complete makes a point to customize access and workflow rules as per the very party who is accessing its functions, thus delivering the most relevant experience in every single case. Talk about the whole value proposition on a slightly deeper level, we begin from the solution’s purchase order automation capabilities that bring a mobile requisition and approval mechanism to let users request and approve POs at their convenience. Next up, we must get into Corpay Complete’s prospects around invoice automation, prospects that reveal themselves once you consider the solution’s pledge of leveraging artificial intelligence and machine learning to automatically extract data from relevant invoices and then match them to POs. Moving on, the solution puts something interesting on the table for suppliers, and it does so using a dedicated vendor portal, which allows suppliers to easily upload documents and check the status of payment initiated against a given invoice. Having referred to payments, we must consider the way Corpay Complete banks upon a single-payment-file processing mechanism to pull directly from clients’ ERP systems. This instantly democratizes the payment medium, considering it enables the transaction through various methods, be it ACH, check, virtual card, or any other medium.

“Siloed software is fintech’s biggest problem, increasing costs, slowing down collaboration, and causing inefficiencies. Through Corpay Complete, we are finally breaking down these silos to give finance teams a more complete and precise understanding of their payments and working capital,” said Rick Fletcher, Group President at Corpay. “Corpay Complete provides simpler, more efficient management of expenses across both field & AP spend. No longer do companies need to sacrifice rebates and payment controls at the expense of easy-to-use payment approvals that work with their ERP.”

Hold on, we still have a few bits left to unpack, considering we still haven’t discussed the solution’s take on expenses incurred using corporate cards. Mirroring its promise to customize experience as per the user’s profile, Corpay Complete will basically tailor controls for all types of spend. It will also showcase a similar approach towards cash rebates that will take into account user-specific purchasing needs and cash flow. Going from corporate cards to virtual cards, the solution will have for you here these one-time-use cards locked at a specific dollar amount to pay vendors. Furthermore, the stated card, which is backed by a network of more than 3 million vendors, is also eligible for employee use. Alongside empowering you to spend in the most straightforward way possible, Corpay’s latest brainchild will also guide you to seamlessly manage those expenses. Applying optical character recognition technology, this particular feature will automatically match receipts with card transactions. Owing to the automated angle, the solution will simplify, by a meaningful clip, the creation and filing of expense reports. Lastly, Corpay Complete will also hand you the means to facilitate international payments, achieving the same through integration with all U.S. banks and cross-border institutions stretching across 200 countries.

Complimenting the whole package is Corpay Complete’s ability to work in conjunction with dozens of ERP’s across industries, including major names like NetSuite, Sage, and Microsoft Dynamics etc.

“We have been using Corpay products since 2020. Corpay Complete is a great tool for our invoice automation process and continues to meet our needs, even as our processes have evolved,” said Leah Sickinger, Controller at VSC Fire & Security, Inc., a provider of comprehensive fire protection, life safety, and low voltage solutions to retailers, commercial campuses, healthcare facilities, and government properties with 25 offices across 10 states.

Founded in 1992, Corpay has today reached a point where it is known as one of the most financially stable non-banking payments companies in its industry. A leading provider of sophisticated algorithms that detect fraudulent transactions and spending, the company, at present, processes over one billion payment transactions annually across multiple forms, such as checks, automated clearing house (ACH), virtual cards, physical cards, and more. Solidifying Corpay’s stature is a fact that it is also the #1 B2B commercial issuer of Mastercard® in North America.