Priority Commercial Payments - Solutions/Service Company

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Priority Commercial Payments: CPX: How Savvy CFOs Transform Accounts Payable

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Tom Priore, Chairman and CEO, Priority Commercial Payments Tom Priore, Chairman and CEO
The team at Priority Commercial Payments, a division of Priority Technology Holdings Inc. (PRTH), is on a mission to help tech-savvy CFOs transform Accounts Payable (AP) by solving three top barriers plaguing their teams: disparate payment processes, dependency on IT resources to transition to automated payments, and cost-sensitivity of suppliers in accepting electronic payments.

The combination of Priority’s technology and targeted supplier enablement services accomplishes that mission and more. These solutions reduce friction in AP payments, by eliminating inefficient manual processes, and enhance cash flow, by driving early payment discounts and cash-back incentives to the buyer.

“We optimize commercial payments by bridging the gap between AP and accounts receivables (AR) processes, without requiring our clients to change banks or replace their ERPs,” says Tom Priore, Chairman and CEO, PRTH. “We overcome the suppliers’ transaction cost concerns and eliminate the technology integration complexities that hinder electronic B2B transactions.”

At the core of Priority’s value proposition is the CPX platform which accepts a single payment instruction file of approved invoices. Touchless, automated payments flow to suppliers across a diverse suite of payment solutions— card, ACH, and check. CPX has built-in intelligence that recognizes the most profitable payment method and terms for the buyer that will be accepted by the supplier, then makes the payment and delivers the reconciliation data accurately and securely.

With so many challenges and initiatives on their plates, CFO’s have adopted CPX because of its seamless integration with any accounting software and business system (i.e. ERP). “Our solution is also bank and processor ‘agnostic,’ meaning that we can support a customer with any bank and processor they choose whether Visa, MasterCard, American Express, or others,” says Priore.

We overcome the suppliers’ transaction cost concerns and eliminate the technology integration complexities that hinder electronic B2B transactions

The ease of CPX integration makes the need for IT resources a non-issue for CFOs. The CPX dynamic file mapper works within the existing AP workflow and ERP system to map a payment file within minutes. “We minimize the IT requirements and narrow the typical six-to-eight-week integration process down to literally minutes,” informs Priore. “As we leverage PRTH’s infrastructure, our speed-to-market is supported by assets that most of our competitors lack.”

AP teams embrace the easy yet robust interactive portal to manage payments, supplier information, data exchange, and reporting. The solution eliminates AP and AR siloes, integrates back-office systems, and helps finance teams execute strategic cash flow management while generating cash back to the bottom line.

Supplier resistance is embedded in the challenge of transforming to electronic B2B payments because they bear the interchange expense on a virtual card. But Priority has been working with suppliers for more than a decade, which is a key differentiator. The CPX supplier activation team leverages their network and knowledge of suppliers’ virtual card acceptance behavior. They generate an AP spend analysis that informs an actionable and profitable payments strategy for their customers.

CPX is enabled with in-house customized consulting, supplier education programs, and underwriting services that build bridges with the suppliers for seamless AP execution. Additionally, CPX automates check and ACH payments, allowing them to negotiate payment options to increase efficiency, generate rebate opportunities, and help buyers maintain strong relationships with their suppliers.

As the fifth-largest non-bank processor in the US, Priority processed more than $86 billion in payments in 2019. With digital payments making a strong impact on the gig economy, the company aims to expand into B2C digital payments as well. The focus will also be on stronger integration between AP and AR processes in order to reduce the barriers for success in commercial payment transactions.

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Top 10 Accounts Payable Solution Companies - 2020
Priority Commercial Payments

Priority Commercial Payments

Alpharetta, GA

Tom Priore, Chairman and CEO

Priority Commercial Payments represents the next generation of automated payment solutions for businesses and organizations of all sizes and types. Our industry-leading solutions for integrating B2B payments, includes Priority CPX® (Commercial Payments Exchange). Without replacing your accounting software or changing banks, Priority CPX integrates and processes all forms of accounts payable (AP) payments to your suppliers (card, ACH and check) from a single payment instruction file, while generating cash-back rebates to your bottom line. Priority CPX enables you to maximize cash flow, earn rebate incentives, reduce errors, protect against fraud, free up resources and keep your suppliers happy. To automate your AP payments process and monetize your supplier spending, our experienced team handles all of the integration and takes the burden of supplier enrollment off your team. Watch a two-minute video to see how Priority CPX works, schedule a custom demo or request a complimentary AP spend analysis. In addition to Priority CPX and supplier enablement, Priority Commercial Payments’ solutions include ACH.COM, commercial acquiring, managed services and card issuance. As part of Priority Technology Holdings, founded in 2005 and headquartered in Alpharetta, Georgia, Priority is one of the fastest growing payments companies in the U.S.

Priority Commercial Payments News

Priority and Behalf Announce Collaboration to Deliver Flexible Cash Flow Solutions

Alpharetta, GA and New York — To help businesses adjust to the disruption in cash flow due to the impact of the pandemic, Priority Payment Systems and Priority Commercial Payments have teamed up with Behalf, Inc. to provide flexible cashflow solutions for small businesses. This new collaboration offers Priority’s business customers a better way to sustain business operations by financing business purchases at checkout with a choice of net terms or extended purchase financing. Companies choosing to pay with Behalf instead of cash, check, or credit card can customize their own payment schedule for each purchase.

“We are constantly looking for ways to help our clients improve the way they manage their business operations, maintain business continuity and grow,” said Christina Wagner, SVP of Priority Commercial Payments. “Businesses are looking for flexibility and choice of payment terms when paying their suppliers. Cash flow is top of mind, and Behalf offers an elegant way to improve working capital for our 200,000 business clients across the Priority family of companies.”

“At Priority Payment Systems, we understand that our business clients need solutions for both taking and making payments,” said Anthony Bonventre, EVP of Priority Payment Systems. “Collaborating with Behalf and our sister company Priority Commercial Payments increases purchasing capacity and offers versatility for our clients who need to pivot quickly to meet customer demands.”

“Behalf was founded on the belief that access to capital is the critical ingredient to facilitate commerce between B2B buyers and sellers. Teaming up with Priority is an ideal way to help deliver the affordable payment processing and extended financing required by Priority’s business customers,” said Rob Rosenblatt, CEO of Behalf.