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Description of Business
12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Description of Business Description of Business
Effective March 25, 2024, FLEETCOR Technologies, Inc. ("FLEETCOR") changed its corporate name to Corpay, Inc. At that
time, the Company ceased trading under the ticker symbol "FLT" and began trading under its new ticker symbol, "CPAY," on
the New York Stock Exchange (NYSE) and has been a member of the S&P 500 since 2018. Corpay is a global corporate
payments company that helps businesses and consumers better manage and pay their expenses. Corpay's suite of modern
payment solutions help customers better manage vehicle-related expenses (e.g., fueling, tolls, car registrations and parking),
lodging expenses (e.g., hotel and extended stay bookings) and corporate payments (e.g., domestic and international accounts
payable and point of sale purchases). This results in the Company's customers saving time and ultimately spending less. Since
its incorporation in 2000, Corpay has delivered payment and spend solutions with customized controls and robust capabilities
that offer its customers a better way to pay.
Corpay’s vision is that every payment is digital, every purchase is controlled and every related decision is informed. Digital
payments are faster and more secure than paper-based methods such as checks, provide timely and detailed data that can be
utilized to effectively reduce unauthorized purchases and fraud, automate data entry and reporting and eliminate reimbursement
processes. Combining this payment data with analytical tools delivers insights, which managers can use to better run their
businesses. 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: Vehicle Payments, Corporate 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 Vehicle Payments solutions are purpose-built to enable its business and consumer customers to pay for vehicle
related expenses, while providing greater control and visibility of employee spending when compared with less specialized
payment methods, such as cash or general-purpose credit cards. The Company's Vehicle Payments solutions include fuel card
offerings, tolls and other complementary products. The Company's Corporate Payments solutions simplify and automate vendor
payments and are designed to help businesses streamline the back-office operations associated with making outgoing payments.
Companies save time, cut costs and manage business-to-business (B2B) payment processing more efficiently with the
Company's suite of corporate payment solutions, including AP automation, virtual cards, cross-border payments and purchasing
and travel and entertainment cards. The Company's Lodging Payments solutions help businesses manage their travel-related
lodging expenses while in the field, as well as lodging expenses of their customers, such as disrupted passengers in the airline
industry. Corpay 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 approach.
This go-to-market strategy 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's capabilities are also offered through indirect sales channels (e.g., such as
major oil companies and retail establishments for certain of our products in Vehicle Payments) and on a branded or “white
label” basis, indirectly through a broad range of resellers and partners across Vehicle Payments, Lodging Payments and
Corporate Payments. In doing so, the Company leverages their sales networks to expand its reach into new customer segments,
new industry verticals and new geographies faster and at a significantly lower cost.