FAQ

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.

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

Corpay Cross-Border was formed from the merger of three leading providers of global payments and risk management solutions: Cambridge Global Payments, Associated Foreign Exchange (AFEX), and Global Reach Group. We are one of the  world’s largest non-bank providers of these services. 

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

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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.

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

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

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.

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

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

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.

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.

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

Corpay Cross-Border was formed from the merger of three leading providers of global payments and risk management solutions: Cambridge Global Payments, Associated Foreign Exchange (AFEX), and Global Reach Group. We are one of the  world’s largest non-bank providers of these services. 

Learn more

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

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.

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.

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

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

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

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.

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.

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

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

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

• 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.

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

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

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

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

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.

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. 

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

Corpay Cross-Border was formed from the merger of three leading providers of global payments and risk management solutions: Cambridge Global Payments, Associated Foreign Exchange (AFEX), and Global Reach Group. We are one of the  world’s largest non-bank providers of these services. 

Learn more

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 29 offices in thirteen countries, Corpay Cross-Border provides services round the clock to more than 21,000 corporate and private clients as well as to payments technology partners. 

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.

Foreign exchange is the management and settlement of funds around the world though buying and selling – exchanging – currencies. More than USD$7.5 trillion¹  is exchanged daily by banks and foreign currency traders across the globe. The currency market trades 24/6 and rates move constantly. Foreign exchange is also referred to as Forex or FX.

[1]Triennial Central Bank Survey: OTC Foreign Exchange Turnover in April 2022; Bank for International Settlements

We send payments securely and efficiently in 145 currencies to more than 200 jurisdictions and we can receive payments in a wide range of currencies as well. We also have extensive capabilities in emerging markets, where we are able to deliver 130 currencies. 

We work with more than 100 correspondent banks on six continents with local delivery capabilities in more than 117 different jurisdictions. 

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

When Corpay clients are 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.

We send currencies via SWIFT, SEPA²  or our own local payment rails for greater efficiency.

[2] SEPA is the European Central Bank’s digital payments service facilitating cashless euro transfers in the European area

As with any market, pricing is set by supply and demand. Some currencies are more widely traded than others (more ‘liquid’). Some currencies are allowed to float freely and rise and fall with the market, such as the US dollar, the euro, and the British pound, among others. Others and others might be “pegged”, or linked to, a more liquid currency and rise and fall as that currency does. As an example, the Hong Kong dollar and many Middle Eastern currencies are pegged to the US dollar, and several African currencies are pegged to the euro, as are currencies of some European countries outside the European Union. Typically, there is a greater spread on the exchange rates associated with less ‘liquid’ currencies. 

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

The first currency is the base currency—the currency you hold. For example, in EUR/GBP, the euro is your base currency. To determine the cost of a pound in euros, you would divide 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 the pound is the base currency in the pair. Inverting the example above yields an exchange rate of 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 

Posted currency exchange rates come from international wire services and are based on the global ‘interbank’ dealing price—what the world’s largest banks charge each other. With high volumes of currencies being traded around the clock, the published rates will always lag a bit behind the actual interbank trading price. It’s wise to double-check the rate with a trusted bank or FX provider.

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.

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

Currency options and FX structured products are available to qualified clients (and vary in availability by jurisdiction) through our dedicated team of risk management specialists, who can support strategy development and execution. Foreign exchange transactions can place your capital at significant risk. In addition, further margin payments may be required to maintain positions. 

A spot transaction is an agreement to buy or sell currency at the prevailing exchange rate. Generally, spot transactions can be delivered same-day, in one day, or in two days, depending on the client’s location and the currency pair. 

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. A limit order is not guaranteed to fill. 

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 then choose to execute your transaction at the current market rate. 

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. You may be required to place a small deposit, called initial margin. Your dealer will be able to give you more details. 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. 

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. Forward delivery tenors can be as short as three days, or as long as two years, depending upon the currency pair.

Please note 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. 

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

A ‘hedge’ is a financial instrument or structure designed to provide protection against volatility in a financial market, such as the foreign exchange market. Hedging tools can include limit or rate orde.rs, forward contracts, derivatives such as options, including currency options and FX structured products.

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). 

Corpay offers a range of secure, self-serve technology solutions that allow you to take control of your trading from almost anywhere and at any time.
 
Our intuitive Corpay Cross-Border online platform give you and your team access to all our services. At all times you’ll have access to, and be supported by, a dedicated account representative, who you will be able to reach by phone or email. Your account representative is on hand to connect you with market commentary, provide information on new Corpay products that may help you, help with beneficiary management, and help escalate or troubleshoot problems as they arise.

On the platform clients can check exchange rates, schedule payments, limit orders and forward contracts, set up beneficiaries, view and manage currency balances, and download reports. The platform is secure and user friendly, accessible from any browser or through our responsive mobile app. Our system is compatible with most ERPs and accounting platforms, streamlining the payments, reconciliation, and reporting processes. We can even support bulk payments with a simple file upload feature. 

Tools built into the platform include automated validation of beneficiary banking details, interactive payment confirmations, and the ability to book single or multiple forward contracts, store multiple currencies for future payments. Tiered approvals allow your teams to access the platform for reporting, scheduling and executing payments, according to their roles. 

New features and tools keep the platform current to developments in the global payments market.

Our API suite of integrated payment solutions provide seamless access to all our services via API, for businesses needing an integrated payments solution for themselves or for their clients and customers. Fully customizable, our services scale as your business scales.

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 of the required support documentation. 
The activation of your account is also dependent on the complexity of your business. Our Compliance department works diligently to fulfill all of the internationally required best practices for conducting foreign exchange transactions on behalf of a company and will notify your dedicated account representative as soon as your account has been verified. 
Our account opening forms are straightforward, and in many cases, we do not require photographic identification upfront. We simply require residential addresses for authorized signatories and shareholders with over 25% ownership. Along with date of birth, this information is for AML/CTF (Anti-Money Laundering / Counter-Terrorism Financing) identification purposes, and is required by law to satisfy reporting requirements and to protect our clients from potential fraud risks.

Anybody legally entitled to bind the company, whether that is a director, officer, or corporate treasurer, can sign the application. The person who signs the account application does not need to be the account holder.
 
If your business falls within a certain category, such as if you’re operating in the Travel and Tourism, or NGO sectors (amongst others), you may be required to fill out a supplementary questionnaire.

We can both disburse/deliver your outgoing payments, and collect funds from you, through a number of different settlement methods. The most common of these are Wires and Electronic Funds Transfers; EFT is referred to as DEFT in Canada, International Automated Clearing House or IACH in the US, Direct Debit in the UK, and EFT in Australia.

Typically, Wires are used when sending less time-sensitive, high-value payments. Wire transfers, or banks transfers as they’re referred to in the UK, are commonly settled within 1-2 business days for major and minor currencies, and 3-4 business days for emerging and exotic currencies.
Direct debits or credits to or from a bank account. EFT payments are most commonly utilised when sending low-value payments via in-country clearing channels, and are usually settled on the same day, or on the next business day.

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.”

We also offer Early Release, which allows you to instruct your outgoing wire payments prior to settling with Corpay. If you choose to take advantage of Early Release, you’ll be expected to settle the payment with Corpay within 24 hours of Corpay releasing the outgoing payment.

In most cases, as part of your Corpay account onboarding, our internal Credit and Risk department will assign you a Payment Acceptance Limit based on your credit history and risk profile. Your assigned PAL will generally be higher than your maximum average transaction amount. The main benefit of a PAL is that it allows you to execute EFT payments immediately after instructing them and without any holds as we await your incoming funds to settle the deal.

After we receive your settlement funds, we process your outgoing transaction to your beneficiary. You can also ”instruct” payments from funds in your FXBalance (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 up to two years).

When you execute a transaction, whether online or through your account representative, we provide you with a deal confirmation. 

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. Some of our products, such as our Connections Vendor Management portal, can have minimum usage requirements, with a pre-negotiated cost applied if those requirements are not met. Transactions, based on the settlement method you opt for, have fees applied, which are usually predetermined by the intermediary banks who process them. For instance, Wire fees are typically between $10 and $75 each. EFTs pricing is typically lower, ranging between $0.25 and $5 each, and is usually based on the volume of EFTs you send monthly, and in which currencies.

Our revenue comes from the “spreads” we charge on exchange rates. Because of the volume we trade with our global banking partners, we are able to source our currency at favourable rates and pass savings on to our clients.

The rates you see online are usually ‘interbank’ rates, which mean the rates that the largest banks charge each other. Institutional trading involves trillions each day; individuals, small and medium-sized businesses, and corporate clients will pay a higher exchange rate than the published rate. We can provide you with pricing estimates prior to your onboarding as a customer, if you connect with us. 

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.
 
Our disciplined process is designed to capture foreign currency exposures, analyze your currency risk and assess risk appetite, strategize to develop a hedging policy and approach aligned to your unique business needs, and execute a dynamic hedging strategy that helps you achieve your business goals.
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.

These research products and analyses are free to subscribers.
 

We take a risk-averse approach to foreign exchange and payments. Our data security practices meet the highest industry standards, and are monitored round the clock. Failovers and redundancies are built into our systems to help ensure maximum up-time.
 
Our business practices and licensing require us to operate in our customers’ interest. We do not work with speculators; we operate on the instructions of our customers. Funds are either in transit or held on behalf of clients while we are awaiting instructions. We have further literature on privacy, data security, and funds assurances; please get in touch with us so we can provide you with documentation appropriate to your region.

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. 

In the UK and Ireland, Corpay is licensed as an investment firm under MiFID. In Singapore, Corpay is authorized by the MAS to provide derivatives and hedging tools under its CMS license.

We are licensed to provide FX options and derivatives in all these jurisdictions and provide services in accordance with our local licenses.

Visit our glossary of terms here!