Corpay

What drives advantage: (1) Switching costs and workflow embedment are strongest in AP automation, virtual cards and cross‑border where Corpay integrates with customer payables, vendor directories and bank rails; churn is low and revenue retention sits in the low‑90s per recent investor commentary. (2) Network assets include the Fuelman acceptance network, lodging inventory and a large bank/counterparty network for cross‑border; Alpha adds global bank accounts and investment‑manager relationships, while Mastercard’s tie‑up extends reach. (3) Scale yields data, underwriting, vendor enablement and procurement power. (4) Regulatory licenses and relationships are intangible assets that are non‑trivial to replicate across jurisdictions.

Moat element scores and weights: Switching costs 85 (weight 40%), Network effects 68 (20%), Cost advantage 72 (15%), Intangibles/licensing 75 (15%), Efficient scale 62 (10%).

Weighted outcome ≈ 78. Risks to durability: fee/marketing injunction in U.S. fuel cards, FX spread compression amid fintech competition, EV adoption shifting fleet economics, and integration risk on Alpha/GPS. Evidence: segment scope and solutions, cross‑border partnerships and acquisitions, and court ruling details.