Business Description

Description of Business Corpay is a global corporate payments company that helps businesses and consumers better manage and pay their expenses in a simple, controlled manner. Corpay provides a broad suite of payment and spend management solutions, including accounts payable automation and cross-border payment solutions (including foreign exchange spot, forward and option transactions), commercial card programs (e.g., purchasing cards, business cards and virtual cards), vehicle payment solutions (e.g., fuel cards, toll payments and related services) and lodging payment solutions (e.g., hotel and extended stay bookings). Corpay’s vision is that every payment is digital, every purchase is controlled and every related decision is informed. The Company's wide range of modern, digitized solutions generally provides control, reporting and automation benefits superior to many of the payment methods businesses often use, such as cash, paper checks, general purpose credit cards, as well as employee pay and reclaim processes. The Company has the following reportable segments: Corporate Payments, Vehicle Payments, Lodging Payments and Other. The Company reports these segments to reflect how it organizes and manages its global employee base, manages operating performance and executes on strategic initiatives. The Company's Corporate Payments solutions simplify and automate vendor payments and includes accounts payable (AP) automation, virtual cards, cross-border payments and purchasing and travel and entertainment ("T&E") cards. The Company's Vehicle Payments solutions help control and monitor spending and include fuel card offerings, tolls and other complementary products. The Company's Lodging Payments solutions help businesses manage their lodging costs, while simplifying the management of hotels and housing, both short and longer-term, while also providing traveler and end customer support. The Company also provides other payments solutions, including Gift and Payroll Cards. The Company's solutions provide customers with control capabilities including customizable user-level controls, programmable alerts and detailed transaction reporting, among others. The Company's customers can use the data, controls and tools to combat employee misuse and fraud, streamline expense administration and potentially lower their operating costs. The Company utilizes both proprietary and third-party payment acceptance networks to deliver its solutions. In the Company's proprietary networks, which tend to be geographically distinct, transactions are processed on applications and operating systems owned and operated by the Company and only at select participating merchants with whom it has contracted directly for acceptance. Third-party networks are operated by independent parties and tend to be more broadly accepted, which is the primary benefit compared with the Company's proprietary networks. Mastercard and VISA are the Company's primary third- party network partners in North America and Europe, respectively. The Company actively markets and sells its solutions to current and prospective customers using a multi-channel, go-to-market strategy, which includes comprehensive digital channels, direct sales forces and strategic partner relationships. The Company sells stand-alone products and services and is currently deploying platforms where a single customer can use multiple products from one user interface. The Company competes with financial institutions that provide general purpose commercial card, accounts payable and cross-border payment products, as well as specialized providers offering more targeted solutions; and also with traditional payment methods such as cash, checks and manual processes. The Company supplements its organic growth strategy and sales efforts by pursuing attractive acquisition opportunities, which serve to strengthen and extend our market positions and create value faster. With a long, proven operating history, Corpay facilitates payments to or on behalf of millions of businesses around the world through multiple modalities.