Stephen Tackett, Executive Vice President
CFOs recognize—perhaps better than any corporate executive—that the success of a technology solution depends on optimal adoption by all stakeholders. When it comes to digital B2B accounts payable (AP), it’s a double challenge: the solution must be easy for buyers and embraced by suppliers.
Priority has built its reputation for maximizing virtual payment adoption by combining the simple and elegant Commercial Payments Xchange (CPX) technology interface with best-in-class supplier enablement expertise. CPX knocks down barriers that keep far too many middle-market companies mired in manual payments and cumbersome reconciliation processes.
“CPX is engineered to help buyers and suppliers find the intersection of value,” said Stephen Tackett, Executive Vice President and Head of the commercial payments division of Priority Technology Holdings. “Buyers want to optimize revenue share from virtual card and manage cash flow, while suppliers want to accelerate payment while managing transaction costs.”
CPX outperforms other automated solutions by exceeding on all five key requirements:
EASE OF USE: Engineered for ease of use, a single payment instruction file is all Priority needs to pay every supplier in a company’s AP system and return robust reconciliation data to buyers and suppliers.
PLATFORM AGNOSTIC: Priority is independent, not owned by a bank or third-party processor. Users don’t have to change banks or ERP systems to enjoy the benefits of the CPX platform.
FULL PAYMENTS INTEGRATION: CPX pays every supplier, regardless of the payment type or method of delivery, so the buyer is not left with disparate processes for payment and reconciliation.
SPEED TO SPEND: Priority can onboard a customer, inclusive of custom file specifications, in minutes.
Best-in-class technology and supplier enablement pave the path to virtual payments. The smoother the ride, the greater the value for buyers and suppliers
By taking the heavy-lifting off the customer’s back, minimal internal IT resources are required.
SUPPLIER ACCEPTANCE: Maximizing supplier acceptance is Priority’s core competency, with a 10-plus-year track record and the largest, most experienced supplier enablement team in the industry.
The benefits of this track record are two-fold. Priority has one of the most extensive supplier networks to identify those already accepting cards. Plus, Priority’s payment specialists are skilled in negotiating on the buyer’s behalf. They develop and deliver a value proposition to maximize supplier adoption of electronic forms of payment, especially virtual cards.
In addition to delivering significant cash flow and labor efficiencies, Priority pays a robust monthly revenue share that rewards buyers for using electronic forms of payment like virtual cards, MasterMID, or ACH+ for their entire AP spend.
Integrity Grading & Excavating (IGE) adopted CPX to drive efficiencies in their AP process while optimizing cash flow for strategic investment and delivering mutual value to strategic suppliers through predictable payment schedules and rich remittance data. In the first year on CPX, IGE has experienced:
• 100% increase in cash flow visibility
• 50+ enrolled strategic suppliers
• 21 days reduced between DSO and DPO
• 10 hours saved in monthly processing and reporting
“We value the strategic benefits of Priority CPX, with rebate as the icing on the cake. This partnership and platform have helped us strategically transform cash flow management,” said Kyle Beld, Chief Financial Officer of Integrity Grading & Excavating, Inc.
Based on decades of experience in corporate, banking, and fintech, the Priority team knows how to solve complex problems and make B2B payments simple and seamless. The powerful combination of technology and supplier enablement makes CPX the commercial payment platform of choice for America’s leading banks and business software providers, as well as a growing number of middle-market companies.