Single-platform access to simplify accounting and reconciliations
Let’s get back to the structure, and where these accounts ‘live,’ if you will.
Our MCA solution is enabled on a single, easy to use platform—the same core trading and payment system that thousands of our clients use today. This same platform provides access to all of these accounts. You can request an MCA through your dealer or account manager, and you can open up these accounts, or request them to be opened directly on the platform as well.
You can click a link to enable the account. And within 24 hours, that account will be open—most often that same day.
You're then issued settlement instructions for the account in your company name, not in Corpay's name. You can send those instructions to whoever your customers are, your payers that are paying you, and begin receiving funds into that account immediately.
It’s the same thing for outbound payments. You can initiate payments from your MCA the day the accounts are opened. You’ll see the debit, and the outbound transaction being funded from that account, on the platform.
Multiple Multi-Currency Accounts to simplify tracking and reconciliation
Some of our customers might have a setup where they would want to open up a Euro account for just outbound payments and a separate Euro account for all their inbound payments for reconciliation purposes. They can also hold multiple accounts in the same currency.
So if I’m looking at debits and credits in my outbound account, and I see a credit to that account, I can immediately identify that as a failed payment, one that's been rejected and pushed back to my account.
The same thing is true if I have an account set up only for Accounts Receivable (AR) reconciliations or incoming funds. If I see a debit leaving that account, then I know immediately that something has gone wrong.
It might mean a payment has been rejected and recalled, or a payment a customer made to me was sent back because of Insufficient Funds (NSF). It could be something else altogether. But I can immediately recognize that it's a problem, an exception that I need to manage.
Accounts for divisions or subsidiaries
You can also set up as many accounts as you want for different divisions, different subsidiaries, different branch offices. They don’t have to be independent legal entities. You can segregate those accounts based on the flows that you're trying to identify and reconcile.
Managing statements
The same concept exists in terms of statements: you can access statements directly on the platform. You can generate a PDF, a CSV or an Excel file, or push the data to an Excel file.
You can also generate these reports on the system, and sort by specific criteria. You can search by debits and credits. You can look at a particular reporting period.
Just as with a typical bank statement, the same functionality exists for each of these accounts irrespective of where they're domiciled.
You can see real time balances, pending transactions, transactions that have not fully debited or that are future-dated. You can view all of these functions.
More efficient management of API transactions
Many customers that connect to us transact via an API.
An API—an Application Programming Interface--is basically connectivity that allows us to send information back and forth: debits and credits, the initiation and the receipt of payments and FX transactions.
You can configure our MCAs to connect directly to your API transactions as well.
Let’s suppose you have your own website and own front-end system that your customers are transacting on: they're placing orders, they're executing payments. All of those API-generated transactions could be pointed towards this account, that then sends and receives payments to your MCA that is fully connected to your API.
In simple terms, irrespective of how you want to use this capability, anything that you do with payments—whether it's via API, or on the online portal, or even offline over the phone with your dealer—you can use the MCA.
Click here to read the previous article in the series.
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