Concur
Concur's main product offerings
Expense
(Double points for including Travel + AP)
Why we win against Capital One
- High custom cash-back rewards
- No rewards caps
- No min/max redemption value required
Ramp defines itself as..
a finance automation platform
Partnered with Capital One recently
Stripe
Ramp has a better overall Bill Pay Product.
JURY OF PEERS:
Appreciate your insight, can you share more on what you are seeing in Ramp’s Bill Pay that you aren’t with Brex? (Reference the previous slide on Ramp Bill pay for convo flow)
We spent the past few months rebuilding Bill Pay on our Empower Platform to better serve our customers.
why we lose (3 things, 200 points for each)
- brand recognition / legacy T&E
- more advanced expense solutions
- change management required to switch from Concur
Capitol One ICP
Usually execs and senior leadership hold these cards, with lower level employees using their personal cards + then getting reimbursed
Ramp Travel (integrated travel booking product)
Why we win against JPMorgan/Chase (6 things, 200 pts each)
- no personal liability
- Automated reconciliation,
- native ERP integrations + real-time sync
- Auto-generated receipts
- Automated provisioning w HRIA
- 24/7 live user support
Ramp saves us on average 5%, while Brex doesn’t help us save.
We’ve heard that Ramp’s 5% savings is an estimate built on time savings. Instead, Brex helps you earn and increase spending power with a 4.94$ yield & higher limits. Do you mind sharing how Ramp is currently saving you 5%.
why we win (5, 300 points for each)
- brex is a total spend platform, not just T+E
- proactive spend controls instead of reactive audits
- integrated card solution
- Clunky legacy software, painful to use
- Little to no customer support
Why we lose against JPMorgan/Chase (4 things, 300 pts each)
The institutional reputation (trust they’ve gained)
Yield (but typically only higher on high balances)
Loan agreements these banks already have in place on their customers prohibiting them from depositing funds outside
Strong established banking relationships
- stronger global capabilities
- more robust T&E w in-platform travel
- better expense automation
- Ramp doesn’t scale well globally - (All cards are issued in USD through Stripe & billed in USD)
Why we lose against Amex (4 things, 300 pts for each)
- Amex is typically the incumbent, especially as a partner to Concur and Emburse;
- Customer unwilling to give up accumulated points
- Luxury travel perks (delta skylounge)
- Large sales teams, specific territory + wide coverage
AMEX: Our employees like using their own cards + redeeming points.
Differentiate > Brex offering controls on spend down to the transaction level means you can control proactively instead of
retroactively – without having to put the risk on your
employees
Justify > Warby Parker switched to Brex Smart Card from Amex
for our enterprise-grade card spend controls and real-
time visibility
Reframe > A company billed/company paid (CB/CP) card like Brex
leverages technology to give the best of both worlds.
A card program that is inclusive and easy to manage
while offering spend controls CFOs love
ICP/Segment
MM + ENT
Why we win against Amex (5 things, 400 pts each)
Superior global acceptance with Mastercard + even better acceptance with Brex’s local cards.
Proactive card controls vs reactive. Brex - specific advanced auto enforced controls. Amex - Basic & delayed till after spend
Automation: accounting & reconciliation, receipts, integrated bill pay, provisioning with HRIS & real time sync with ERP integrations.
No personal liability (applies only for Amex Business, not Corporate)
Consolidation
Why we lose
- Their Billpay is more advanced than ours
- They have basic procure-to-pay (P2P), since they recently acquired Venue, and AI powered procurement form
- Customers say that their platform is easier to use (simpler UI, no budgets, flat 1.5% cash back vs. points, no GMV commitment) - Resonates w/ cost-conscious / small businesses.
Why we lose against Capital One
2% Cash back, travel perks
We're getting a higher percentage with ___
. When it comes to making spend decisions as you scale, what is most important to you?
Example: “We have heard from other customers in the past that other things such as having to pay off their card every day, not having a long enough float, etc. were important incentives when moving spend over to Brex. Is that 2.5% what is most important to you going forward?”
Is that a flat rate or blended? What are you spending on? Brex's tiered rewards mean that you actually may make more depending on what you spend on.
Things Brex offers that Concur does not (7 things, 500 points each)
-physical and virtual cards
-automated expenses
-spend limits
-Self-serve travel portal
-Award-winning Netsuite integration
-Real-time visibility
-24/7 Live support
Brex's Standard Rewards (DOUBLE JEOPARDY)
7x Rideshare
4x Travel
3x Restaurants + Apple
2x Software
1x all other transactions
HANDLE THIS OBJECTION:
Ramp offers better points/rewards and incentives and I’m not happy with what Brex has to offer, can you increase our point incentives/conversion rates? (Usually mentions 1.5%+)
(correct answer determined by jury of peers)
ex:
Sorry to hear you are not happy with your rewards. We do have various rewards programs/incentives that may be a better fit. If it makes sense for you, let’s schedule a 15 min discussion to be better understand your needs and further discuss rewards.
While Ramp advertises high cash back, we’ve heard they are pulling cashback for new customers, and are rumored to be moving to points. Brex rewards include over $180k in sign-on perks, up to 4x points on the most popular categories like SaaS & Travel, and 4.94% yield for maximum spending power. We can also offer you competitive, flat cashback for monthly spend commitments.
2 Companies that Amex has recently partnered w in the news (double points for what they do)
Emburse (T&E SaaS provider similar to Concur) + Knot (API that connects cardholders to merchants)
“We spent months and hundreds of thousands of dollarsimplementing Concur, so we aren’t ready for a newSolution.”
I understand that transitioning to a new system can seem daunting. How much time are you expecting it to take to implement? We see that customers of your size actually take around [X weeks] to implement. How much time are you spending a day/week/month on [X pain point]?