Businesses and consumers alike are increasingly changing the way they pay for goods and services. Now more than ever, security and convenience are the cornerstones of success when automating the Accounts Payable (AP) process or utilizing online purchasing platforms. CSI Enterprises, Inc. (CSI) has been leading the market in electronic B2B payment solutions for nearly 30 years with an innovative approach that continuously sets the bar higher for their competitors as well as their employees.
CSI currently provides a total AP solution for businesses that includes their signature globalVCard virtual credit cards, ghost cards, and P-cards. Initially focused on the fleet fuel vertical, the company has since expanded their reach to include travel management, hospitality, and various other high producing corporations and iconic brands where spending compliance, security, and control of the accounts payable process is paramount.
A Formula for Success
CSI has a rich history of quality leadership that encourages innovation focused on delivering proprietary corporate financial payment solutions that empower businesses across the globe. Its product offering has evolved into a highly customizable and flexible suite of business solutions that streamline the payments process while simultaneously reducing costs associated with manual processes and fraudulent scams. Integration of the CSI payment platform also presents opportunities for increased profits through rebates while offering next level security on every employee purchase or processed invoice.
CSI has successfully created an environment where the B2B payment process is more secure, less complex, and more efficient for its customers. The principals driving their success and recent expansion into global markets include a singular creative culture, industry expertise focused on leadership, and a commitment to providing cutting edge, secure solutions.
Culture Encourages Creativity
The culture within every CSI office is rooted in the empowerment of employees to think outside the box and realize their own potential to create innovative solutions in a competitive and constantly evolving industry. The environment is a hub for employees to be free-thinkers, doers, and amazing problem solvers. Although headquartered in Southwest Florida, the offices of CSI are likened to the tech innovation and start-up climate found in Silicon Valley. In fact, the CEO prides himself on maintaining the control of his company for nearly three decades which has allowed the culture to remain rich with a classic start-up vibe.
On the outside, the payments industry may seem stagnant and uninteresting. Yet, when you open the doors to a CSI office you will find quite the opposite: energy, innovation and excitement from every one of their employees. The think-tank culture welcomes and encourages new ideas from all which also inspired the creation of its Silicon Valley-like incubator last year, CSI Kick Start, which invests in promising FinTech startups and provides not only financial investment but also the mentorship and resources needed to thrive long-term. CSI Kick Start already has several success stories under its belt and expects to attract many more.
Industry Need Meets Expertise
CSI rolled out its first product, global-fleet, in 2001. Essentially a fuel card, the program allowed companies with fleet vehicles to better manage employee fuel spend with features that reinforced company compliance guidelines, gave managers more control over inappropriate spending habits, and also simplified reconciliation procedures.
The next phase of evolution followed in 2009 when the company was among the first payment providers to embrace virtual card technology. This helped the company in initiating its own award-winning electronic accounts payable systems in 2011, globalVCard paysystems, which is an easy and highly secure platform that allows companies to automate and manage their accounts payable process with an immediate and guaranteed ROI that is actualized through rebates.
CSI has also secured several high-profile hospitality clients and within five years of its roll-out, became the most desired and reliable payment system for the top hotel management companies. Later, it expanded into other verticals and now holds significant market share in additional industries including media, sports and entertainment, banking and travel.
The corporate travel industry has been constantly changing and evolving across the world, and as such, travelers are demanding dynamic applications, customized travel experiences, and simple tools for booking and arranging their transportation. CSI has created a suite of products geared towards the corporate travel manager and individual corporate traveler. The product includes a secure payment platform, virtual cards to procure travel, an easy to use mobile application, and a travel booking tool.
“This model has enabled us to grow successfully – at least double digit growth rates every year since inception – with an extremely high client retention rate,” said Keith J. Stone, CEO.
CSI keeps a continuous pulse on the FinTech industry. While their focus is on B2B payments that utilize automated AP solutions, these platforms are further enhanced by developments in technology. CSI was actually the first to introduce a mobile payments application in 2011 which was designed specifically for business customers. Despite the functionality, many financial executives were not quite ready to incorporate the technology. Once Apple Pay and other subsequent consumer mobile payment apps took center stage, CSI began to see a significant increase in the adoption of their mobile payment app, especially in the travel management vertical.
The Future of Payables
CSI and its globalVCard brand is sought after by both bankers and card networks alike. The company continues to innovate even as technology changes. They are integrating AP automation and workflow solutions into the current E-payments platform for 100% integrated payables. They are also expanding their proprietary network (via ACH) and cross-border payment offerings. In 2015, it introduced its global payment process to address overseas payment difficulties by adding greater transparency into the transactions.
“There is considerable consolidation beginning to happen in the B2B payments market. We look to be one of the aggregators,” wraps up Keith J. Stone.
The Founder and CEO
Keith J. Stone founded CSI Enterprises, Inc. in 1989. Under his extraordinary vision and leadership, the company quickly grew into a world-leading force. In 1993, the company became the first U.S. fleet management company in Mexico, Argentina, Chile, and Brazil; asset management services soon followed in China, South Africa, Puerto Rico, and Canada. Keith’s global perspective and business savvy enabled CSI to become the largest commercial exporter for GM Overseas Distribution Corporation, and in 1997, GE Capital Services purchased CSI’s businesses throughout Latin America. He is a graduate of Eastern Michigan University.
"It is that passion and ability to meet that level of commitment year after year that sets apart a short-term successful venture and a company like ours that has proven its ability to continually reinvent itself for over 27 years."