FAQ

General
AP Automation
Commercial Cards
Cross-Border

Who is Corpay?

Corpay (NYSE: CPAY) is a global S&P500 corporate payments company that helps businesses and consumers pay expenses in a simple, controlled manner. Our suite of modern payment solutions helps our customers better manage vehicle-related expenses (such as fueling and parking), travel expenses (e.g. hotel bookings) and payables (e.g. paying vendors). This results in our customers saving time and ultimately spending less. 

Our business is comprised of 3 segments: 

Vehicle Payments: Our vehicle payments brands around the world simplify how commercial drivers pay for vehicle-related expenses, such as fuel, EV charging, parking, tolls, and more.

Lodging Payments: Our US-based lodging teams simplify how businesses book and pay for workforce lodging through our platforms and unique networks of hotels.

Corporate Payments: Our Corporate Payments brand is Corpay, how businesses pay other businesses. Under our Corpay brand, we offer AP Automation, Commercial Card, and Cross-Border solutions.

Learn more

What brands came together to create Corpay?

In 2020, Corpay, a corporate payments brand, was created by combining Cambridge, AFEX, Comdata Corporate Payments, and NvoicePay. We acquired and rebranded Global Reach and Accrualify as Corpay in 2023.

In 2024, Corpay became our masterbrand and parent company brand of the formerly FLEETCOR portfolio.

Where is Corpay headquartered?

Corpay is headquartered in Atlanta, GA.

3280 Peachtree Road
Suite 2400
Atlanta, GA 30305

Which countries does Corpay operate in?

Corpay operates in over 200 countries and territories, with the majority of our operations in North America, Europe, and Brazil.

See open positions in the US and abroad.

What solutions does Corpay offer?

Under Spend Management, Corpay offers AP Automation and Commercial Cards. We also offer Cross-Border solutions for foreign exchange.

What industries does Corpay serve?

Corpay’s solutions cater to various industries with different solutions. To view the list of industries by solution, click here

How do I contact Corpay?

To contact investor relations, email Jim.Eglseder@corpay.com
To reach us on social media, contact us on LinkedIn X (formerly Twitter) Vimeo

What are the Terms of Service/ Privacy Policy?

What is AP Automation

AP automation is the technology/software that streamlines and automates accounts payable processes. Its primary objectives are to enhance visibility into business spending, minimize manual tasks, reduce errors, and improve overall workflow efficiency related to payment obligations.

Click here to learn more

What does Corpay Cross-Border do?

Corpay Cross-Border Solutions provides global payments technologies, foreign exchange, and currency risk management solutions to businesses and private clients around the world. 

We merged the heritage, capabilities and expertise of three leading providers of global payments and risk management solutions: Cambridge Global Payments, Associated Foreign Exchange (AFEX), and Global Reach Group. We are now the world’s largest non-bank provider of these services.

Learn more

What are the benefits of implementing an AP automation system?

Implementing an AP automation system is crucial for businesses, as it replaces inefficient manual processes, reduces errors, and minimizes the risk of fraud.

Click here to learn more

How does AP automation improve efficiency?

AP automation significantly increases efficiency as it reduces errors by eliminating manual data entry, using intelligent recognition technology for data extraction, implementing fraud detection, and streamlining approval workflows.

What cost savings can a business expect from AP automation?

  • Reduced costs associated with manual processing
  • Faster invoice processing and reduced late fees
  • Lower paper and printing costs
  • Cost savings from electronic payments

Click here to learn more

How does invoice data capture work?

Automatic invoice data capture involves Optical Character Recognition (OCR), which is a technology that converts scanned documents into digitally searchable and editable text.

Will I have to enroll my own vendors?

Corpay provides in-house tools and resources to assist with your vendor enrollment, including streamlined document submission, online onboarding processes, and a network of existing vendors already accepting card payments.

How do I get started with AP automation?

  1. Evaluate current AP processes and needs
  2. Build a business case for AP automation
  3. Get stakeholder buy-in for the business case
  4. Identify and document requirements
  5. Choose an AP automation partner
  6. Create and execute an implementation plan

What is procure-to-pay?

Procure-to-pay (P2P) is an end-to-end business process that encompasses the complete cycle from procurement of goods and services to the final payment to suppliers. It involves several stages that ensure the efficient and streamlined acquisition of goods and services while maintaining control over spending and compliance. These are the stages in the procure-to-pay process:

  1. Identify needs for goods and services
  2. Supplier selection
  3. Purchase order creation
  4. Order acknowledgement
  5. Order fulfillment
  6. Invoice processing
  7. Payment processing
  8. Reporting

What is the difference between Corpay AP Automation and Payments Automation?

Corpay AP Automation covers the entire accounts payable process, from the receipt of an invoice to its final approval and payment.

Corpay Payments Automation focuses specifically on the payment process, automating the execution of payments once an invoice has been approved. It deals with the disbursement of funds to suppliers and vendors.

What is the difference between a commercial card and a business card?

Business card: Typically for small businesses, business cards often come with features that cater to the needs of an SMB , such as expense tracking tools, rewards programs, and simplified accounting integration.

Commercial card: For midsize and larger businesses, commercial cards offer more advanced features and controls, such as detailed reporting, customizable spending limits for different employees or departments, and integrated solutions for procurement and travel expenses.

Click here to learn more about commercial cards

What does Corpay Cross-Border do?

Corpay Cross-Border Solutions provides global payments technologies, foreign exchange, and currency risk management solutions to businesses and private clients around the world. 

We merged the heritage, capabilities and expertise of three leading providers of global payments and risk management solutions: Cambridge Global Payments, Associated Foreign Exchange (AFEX), and Global Reach Group. We are now the world’s largest non-bank provider of these services.

Learn more

How do I apply for a commercial card?

Once you've identified a suitable commercial card, contact the card issuer through their website, customer service, or a local branch if applicable.

Are there annual fees associated with commercial cards?

Commercial cards often come with annual fees, but the specifics depend on the card and issuing institution. Carefully review the terms and conditions, including any associated fees, before applying.

How can I track expenses/spending on a commercial card?

Many commercial cards integrate with accounting software platforms. Some also have built-in expense management tools like ExpenseTrack for intuitive controls via a mobile app.

Does a commercial card offer fraud controls?

Yes, commercial cards often feature advanced security measures such as fraud monitoring  and customizable spending controls for cardholders. 

What security measures are in place for commercial cards?

Commercial cards boast enhanced security features, including chip & PIN technology, encryption, and secure authentication. These measures significantly reduce the risk of counterfeit transactions.

Can I use commercial cards for international purchases?

Yes, Corpay’s commercial cards can be used anywhere Mastercard® is accepted.

How are virtual cards used?

Virtual cards are typically used for one-time or time-specific transactions, issued to employees making purchases on behalf of the business. They can also be used to pay suppliers/merchants without the need for paper checks.

How are ghost cards used?

Ghost cards allow the assignment of different card numbers to various departments, enabling authorized purchases while protecting the card numbers from internal or external theft.

Can Corpay Multi-Card be used for all types of business expenses?

Yes, you can make all types of purchases with Corpay Multi-Card. You can also set spend limits and merchant categories for individual cardholders.

Can Corpay Multi-Card be added to the cardholder's mobile wallet?

Yes, cardholders can add Corpay Multi-Card to their mobile wallet.

Who is liable for purchases, the business or the business owner?

For commercial card programs, the business is liable for debts and purchases.

What type of cards does Corpay offer?

  • Corpay Multi-Card combines the features of a purchasing card, T&E card, and a fuel card in a single program. 
  • Virtual cards and ghost cards fulfill all your vendor payment requirements while safeguarding your card details with single-use 16-digit virtual Mastercard numbers, authorized for specific payments to minimize fraud risk.
  • World Elite offers 1.5% cash back on business purchases along with exclusive travel benefits. Its features include improved working capital, customized purchasing controls, and robust security seamlessly integrated into Corpay’s intuitive, mobile-ready spend management platform.

Do Corpay’s card programs offer rebates?

Yes, Corpay’s card programs provide opportunities to earn cash rebates, both via Corpay and Mastercard. 

Does your card program offer adjustable spending limits and purchase categories?

Yes, Corpay Multi-Card allows card administrators to set individual cardholder spending limits and purchase controls.

Why switch to a commercial card?

Commercial cards markedly improve efficiency and control, reduce fraud risk, and offer rebate opportunities. 

How can expense management help your business?

Paired with Corpay Multi-Card, an intuitive expense management solution like ExpenseTrack optimizes reporting, coding, approval, and reconciliation from any device.

What's the difference between virtual, multi, and ghost cards?

Corpay Multi-Card is a versatile option for fuel, travel, and all business expenses. Ghost cards enable users to assign distinct card numbers to various departments for organization-wide purchases. Virtual cards, on the other hand, provide a digital counterpart to physical cards, generating unique numbers that replace your card details during transactions.

What's the difference between a fleet card and T&E card?

Fleet cards are designed to be used specifically for expenses related to managing vehicles. T&E cards are used for all travel and entertainment-related company expenses. 

What does Corpay Cross-Border do?

Corpay Cross-Border Solutions provides global payments technologies, foreign exchange, and currency risk management solutions to businesses and private clients around the world. 

We merged the heritage, capabilities and expertise of three leading providers of global payments and risk management solutions: Cambridge Global Payments, Associated Foreign Exchange (AFEX), and Global Reach Group. We are now the world’s largest non-bank provider of these services.

Learn more

Where does Corpay Cross-Border have offices?

Corpay Cross-Border is based in Toronto, Ontario (Canada), with hubs in New York (US), London (UK), Dublin (Ireland), Jersey (Channel Islands), Sydney (Australia), and Singapore. 

With 26 offices in eleven countries, Corpay Cross-Border provides services round the clock to more than 25,000 corporate and private clients as well as to payments technology partners. 

What cross-border products does Corpay offer?

Corpay Cross-Border’s services include payments, foreign exchange, and customizable currency risk management tools and solutions to safely send and convert funds with the best exchange rate to reduce transaction costs

What are Corpay’s global payments capabilities?

We send and receive secure payments in 145 currencies to more than 200 jurisdictions. 

We work with more than 100 correspondent banks on six continents with local delivery  capabilities in more than 117 different jurisdictions help reduce delays and intermediary fees. 

Clients can also store value in  nearly 40 different currencies, enabling more efficient cross-currency transactions and reducing the incidence of double conversions. 

What are Corpay’s foreign exchange capabilities?

When sending or receiving payment in a non-local currency, we convert currencies with competitive exchange rates and transfer funds efficiently and securely with low transaction fees.

What is foreign exchange?

Foreign exchange is the management and settlement of funds around the world though buying and selling – exchanging – currencies. More than USD$7.5 trillion  is exchanged daily by banks and foreign currency traders across the globe. The currency market trades 24/6 and rates move constantly. 

How are exchange rates determined?

Pricing is set by supply and demand. Some currencies are more widely traded than others. Some currencies are allowed to float freely  and others might be “pegged”  to a more liquid currency and rise and fall as that currency does.

How do I read an exchange rate?

Currencies are priced in pairs: if you hold euros and need to buy pounds, your EUR/GBP rate will be based on that differential. 

The first currency is the base currency—the currency you hold. For example, in EUR/GBP, the euro is your base currency. Reading this ratio would be dividing the value of a euro by the value of a pound. A rate of 0.88 means that 1 euro buys 0.88 pounds (88 pence). 

Inversely, GBP/EUR would mean a base currency of a pound. That rate would be 1.14. Thus, one pound would buy you 1.14 euros. 

Exchange rates quoted here are for illustration only and do not reflect current trading rates. Please contact your FX provider for actual trading rates.

Why are the exchange rates I see online different from what I might pay for a business transaction or at a bureau de change?

You might see the exchange rates coming from international wire services, which are based on the global ‘interbank’ dealing price – what the world’s largest banks charge each other. 

Commercial rates for a business transaction are usually dependent on the currency pair, the amount and frequency of trading. A multi-national enterprise making lots of high-volume payments will likely enjoy a more favorable rate than a business making a handful of trades a year.  

As for a bureau de change: They buy the physical banknotes, so the markup on those transactions is usually higher. 

We trade more than US$73 Billion US annually in FX. Because of our volume, and our deep banking relationships, we are usually able to offer clients favorable exchange rates on their transactions. 

What kinds of foreign exchange transactions does Corpay offer?

Corpay offers a comprehensive suite of cross-border transaction types, including spot transactions, limit orders, and forward exchange contracts.

What is a spot transaction?

A spot transaction is an agreement to buy or sell currency at the current exchange rate. Generally, spot transactions are used for the exchange of currencies, and delivered same-day, in one day, or in two days, depending on the client’s location and the currency pair.

What is a limit order?

A limit order – also called a rate order or market order – allows you to buy or sell currency at a specified rate within a given time frame. You specify the currency and the amount, the rate you want to achieve, and the expiry date for the order.

If the currency reaches your desired rate before expiry, it will automatically fill and you will need to settle the payment at that time. If your target rate is not reached during the term, the order expires. You can execute your transaction at the current market rate. A limit order is not guaranteed.

What is a forward contract?

A forward contract is an agreement to provide funds in a specified currency for a for delivery on a specified date in the future, or over a specified window of time. The forward contract locks in the exchange rate for the term of the contract. a forward contract commits you to the purchase or sale of the currency at the agreed rate, no matter where the market stands at the drawdown or expiry date.

What are the two main types of forward contracts?

  1. Closed Forward Contract: This allows you to make your payment, or take delivery of the currency, on a specific future date. 
  2. Open Forward Contract: This allows you to make multiple payments (drawdowns) over a series of dates up to an agreed expiry date.

What is risk management?

Risk management is the process of identifying, measuring, and treating potential risks to your assets, in this case – cash. Risk management tools are designed to mitigate risk of loss and the reduce the effect foreign exchange volatility, specifically hedging.

What are currency risk management services?

Currency options carry a high degree of risk, and our suite of risk management tools help you mitigate your exposure. Our hedging products include currency options that give you the right, but not the obligation, to buy or sell a currency at a specified rate within a given period.

Our FX products protect on the downside (typically with a ‘worst-case’ rate, and allow the holder to take some advantage of favorable market movement (typically with a ‘barrier’ rate).

Can I trade with Corpay online, or do I have to call or email?

Our Corpay Cross-Border online platform gives you access to all our services. and can be integrated into your ERP or accounting platform.

What is the Corpay Cross-Border online platform?

Our platform puts all our foreign exchange solutions in one place. The secure platform is accessible from any browser and on our mobile app. Our system is compatible with most ERPs and accounting platforms. 

Platform capabilities include: 

  • Automated banking validation
  • Payment confirmations
  • Forward contract bookings
  • Multiple currency stores
  • Tiered approvals for internal payment reporting, scheduling, and executing

How do Corpay Cross-Border payment solutions integrate with existing software?

Our API provides seamless access to all our services . with fully customizable settings, so our services can scale as your business scales.

How do I set up an account with Corpay?

It typically takes between 3 and 5 business days to activate your Corpay Cross-Border account after we receive a fully completed account application with all required support documentation. 

What are my settlement options?

We can both disburse/deliver your outgoing payments, and collect funds from you, through a number of different incoming settlement methods. These include Wires, Electronic Bill Payments, Electronic Funds Transfers, Automated Clearing House, Direct Debit, BPay (Australia), DEFT (Canada), and Drafts, among other forms of good funds.

We also offer you the ability to securely store value in nearly 40 currencies, allowing you to pay money to, and receive money from, vendors, customers, and business partners and hold funds for later disbursement or conversion. Online users can see these funds in their “FXBalance.”

Visit our Currencies tool to explore more.

How and when does Corpay process my transactions?

After we receive your funds, we process your outgoing transaction to your beneficiary. You can also ”instruct” payments from funds in your FXBalance “holding” facility (“securely stored value,” as described above).

Spot transactions can be scheduled for same-day delivery or up to two days ahead. Forward contracts can be booked for delivery further in the future than spot payments.

How does Corpay Cross-Border charge for their services?

It’s free to become a Corpay customer, and Cross-Border does not charge monthly or yearly service fees. There are no fees for the use of our award-winning online trading platform or for accessing any of our other products or services. We require no minimum balance to be held in your Corpay account , or minimum number of trades. The account is there for your convenience.

How does Corpay Cross-Border make money?

Our revenue comes from the “spreads” we charge on exchange rates. These are the rates that banks charge each other and are based on the volume.

You may also see charges incurred depending on the settlement type that you choose, in wire fees or in ‘lifting’ costs charged by intermediary banks.

Please confirm the exchange rate and fees for your transaction with your provider.

How do I protect myself against currency fluctuations?

We offer a range of hedging tools and have a well-developed risk management practice, with dedicated teams in every applicable region.

Personalized support

Our team can help you understand market risk factors specific to your business needs, and the potential effects of currency volatility on your business’s profitability. Some of our risk management tools are self-service. Others are implemented with guidance from one of our specialists, who can also support you as you develop, implement, and monitor your hedging strategy.  

Resources

Our Currency Research team produces daily and/or weekly market analyses. We have a wealth of educational resources, including blog posts, whitepapers, webinars and podcasts to help you understand market volatility and ways you might mitigate risk.

Our Corpay Currency Research portal offers subscribers access to breaking market news, macroeconomic insights, and longer-term analysis on the world’s biggest economies. Our Currency Research experts deliver foreign exchange news, macroeconomic analysis, and market intelligence, connecting you to hundreds of data series and analyses from the front lines of the global economy, and a curated currency market feed delivering breaking news headlines from global markets.

Can I trust that my money and data are safe?

We take a risk-averse approach to foreign exchange and payments. Our data security practices meet the highest industry standard and are monitored round the clock. Our business practices and licenses mean we do not work with speculators, and do operate on the instructions of our customers.

Where is Corpay licensed?

Corpay is licensed as a money services business and e-money business to work with companies located in Canada; the United States; the United Kingdom; the Channel Islands; the European Union, the Eurozone Monetary Union (including Sweden); Australia, New Zealand and Singapore for payment services.

Discuss your needs with one of our consultants