Corpay, Inc. (CPAY)

Corpay issues restricted corporate cards — for fuel, travel and paying suppliers.

The point of such a card is not credit but control: a fuel card cannot be used in a shop, and every fill-up produces a record with litres and odometer reading. For a fleet that removes theft and delivers paperless accounting, which is why the customer will pay a fee an ordinary card does not charge.

The second line is cross-border payments for mid-sized companies: paying a foreign supplier with currency conversion, where a bank charges heavily and moves slowly. The economics are tied to transaction counts and to fuel prices, which affect volume. Risks: competition from banks and payment services, electric vehicles in fleets and fee regulation. The company pays no dividend.