Every financial activity from banking and lending to wealth management, is being reimagined in some way or another. Tasks and transactions that once involved human interaction and paper money have overwhelmingly moved into the digital world, and new players are emerging to disrupt the traditionally staid industry. To compete in this evolving landscape, financial services firms are changing the way businesses pay. To make your payment process more secure and easy, we bring you CSI Enterprises Inc.
CSI Enterprises Inc. was established by Keith J. Stone (Founder/ CEO). The company provides the highest level of customer service and support. Under its trademark brand name ‘globalVCard,’ CSI’s highly secure and controlled financial payment products include virtual credit card solutions, mobile applications, corporate purchasing cards, and business fleet fueling/maintenance payment cards. “At the core, our business is all about people. It’s about hiring the best talent, making our customers feel special every time we engage, and being aware of our surroundings and the call to help those in need. Our culture reflects the value of hard work, the importance of giving back, and the joy of having fun along the way,”says CEO Keith J. Stone.
Inception of CSI Enterprises Inc.
Keith Stone founded CSI Enterprises Inc. in 1989 and under his extraordinary vision and leadership, the company quickly grew into a world-leading force. The company’s tradition of leadership continued to improve and its rich history of delivering one-of-a-kind corporate financial products around the globe evolved into a highly customizable and flexible suite of business solutions that companies rely on to reduce costs and increase profits in all areas of corporate purchasing.
Whether it is funding startup technologies, developing innovative ways to leverage traditional card networks, or simplifying global FX payments, CSI Enterprise’s innovation teams are continually evolving the way businesses pay around the globe. The company’s expansion has been driven by two primary contributors; First, a culture that allows employees to be creative problem solvers, and second, visionary leadership that enables them to foresee and meet industry needs.
In conversation with Keith Stone, Founder and CEO
What were the company’s first products?
In 2001, the first product we launched was global-fleet; a fleet fuel card that allows companies with fleet vehicles to better control and manage their fuel spending. We began to see how these same levels of control could benefit financial operations throughout the entire company. The next phase of evolution came in 2009, when my team was among the first payment providers to embrace virtual card technology (the ability to generate a unique credit card number for every transaction). With this technology, we introduced our electronic accounts payable system in 2011 – globalVCard paysystems – and have experienced double digit growth rates every year since. This globalVCard payment system is at the heart of our growth.
How successful was your first project roll-out? What kind of mixed responses have you received from your customers over the years?
When we first introduced our virtual card payment system (globalVCard paysystems), we began slowly learning from each new implementation, so we could refine both the platform and our supporting services before a mass rollout. This methodical approach enabled us to perfect globalVCard and really understand the industries we were servicing. Our customers are actively involved in our product roadmap and continuously help us shape our offerings. With this constant communication, our customers help us innovate, and ensure we’re developing successful products that solve real problems. They also provide insight that helps to keep us at the forefront of the B2B payments industry.
We expanded into new verticals in a similar way, and now hold significant market share in additional industries including media, hospitality, sports and entertainment, banking and several others. This model has enabled us to grow successfully – at least double digit growth rates every year – with an extremely high client retention rate.
What are the reasons for the growth of your organization?
Our Customer Advisory Board - comprised of 40 CFOs from iconic brands across various verticals - rely on globalVCard to manage their payables and help us ensure that the products we create have practical applications.
Our customers enjoy the personal attention we give them and our commitment to answering the phone by the second ring. This is indeed a rarity, and a contributing factor to our near-100% customer retention rate and our team’s awards for Customer Service Department of the Year.
Do you have any new products ready to be launched?
As companies expand globally and have an increased need to pay overseas suppliers, we identified a pain point in paying those vendors: cross border (foreign exchange) payments were riddled with complexity and hidden fees. In 2015 we introduced our global payment capability, which allows companies to settle invoices in over 140 local currencies, which significantly reduces fees and adds greater transparency into the transactions. We’ve not only made cross border payments more affordable, but also more convenient. For our customers, all business payments – including foreign transactions – can be made through our web-based globalVCard payment platform, accessible 24/7.
Meet the Brainiac
Keith J. Stone, Founder & CEO: Keith J. Stone founded CSI Enterprises, Inc. in 1989. 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. Keith became President of GE Capital Fleet Services Brazil/Latin American Operations post-acquisition, until resigning in late 2000 to focus solely on leading the U. S. operations of CSI Enterprises, Inc. He is a graduate of Eastern Michigan University.