Corpay

Observed margins are structurally high (gross ~78%, operating ~44% over recent quarters), reflecting value‑add controls and network economics. Corpay can flex pricing via program fees, discount economics and FX spreads in Corporate Payments, though spreads can compress as enterprise volume scales and competition intensifies.

Lodging take‑rates vary with mix, and vehicle fees in the U.S. are now under strict disclosure/consent rules, moderating incremental fee flexibility. Latent pricing power is clearest in cross‑border and payables where switching costs and product breadth create room for mix‑driven margin expansion even if unit pricing is stable to down.