What are the pros and cons of SaaS subscription vs. interchange-based revenue models for spend management companies like Teampay, Brex, and Ramp?

Our pricing model really suits our mid-market and larger customers. No public company CFO wants a free piece of software in the middle of his finance stack. It’s just really important as we talk to those larger customers because we are managing and controlling their spend. Some of these companies are used to spending one to two million on a product. The advantage we have of including the SaaS fee plus the payments fee allows us to really enter the mid-market and grow with the customer in a very cost efficient manner for the customer — and it's still very accretive to us on the revenue side. We think of it as SaaS plus: We make money on the payments revenue. Payment revenue can come in the form of interchange, it can come in the form of transaction fees, and it can come in the form of capacity or volume, so it's a SaaS plus a payments model.