What's Teampay's strategy for market dominance?

Our philosophy is that transaction volume is not the moat. I don't know how hard it is for you to take a card out of your pocket, throw it away, open one in the mail and put a new one in your pocket. But that's pretty easy. That's not much of a moat. For us, it's around actually becoming that core critical business system around managing spend, like we have for hundreds of customers and dozens of public companies. When you become part of that core financial infrastructure system, that becomes really important. We've had customers buy us before they buy their ERP. They start on QuickBooks and they're like, ‘we're growing, we need to get Teampay in place and then we're going to upgrade to NetSuite later.’ That just shows how critical they think we are, and that for us is really where the value capture is.

I don't know how company A moves money any differently than how company B moves money. There's not a lot of differentiation in paying a merchant. Karen Webster, who owns PYMNTS.com, has this great saying, which is that all the pain in B2B payments is before and after the payment is made. The rails aren't the problem, the volume’s not the problem. For us, the differentiation is what happens before the payment gets sent and afterwards. Moving the money is completely commoditized away.