What are the financial implications of Teampay's SaaS model versus competitors monetizing with interchange-based revenue streams?

It's very hard to differentiate on payments. You have one lever on payments, which is price. Some of our best customers graduate off of a card-based approach, because you can't have two thousand people running around with a Ramp card in their pocket and spending money. At some point, you have to put some process in place. We found that some of those customers have used Divvy, Brex and Ramp over the period of two years, because everybody's coming along with a better offer and they're just switching them out. We don't believe there's really any stickiness in the card in your pocket, you throw it in the trash and you get a new one. For us, the software is really where the value capture is. That's where the differentiation is in terms of the product that helps us focus on the need and the pain points of a mid-market and enterprise company.