Priority Technology Holdings LLC offers a unified commerce platform that offers some key benefits over traditional payment providers. It acts as a “middle-office” technology partner that combines aspects such as payment acceptance, B2B payables, and treasury solutions into one cohesive platform, offering several business advantages.
Priority simplifies B2B transactions by offering a unified commerce engine. This unified engine helps businesses manage accounts payable (AP) and accounts receivable (AR) in one place. This further reduces the need for multiple, disconnected systems, which has always been a key disadvantage of traditional payment providers.
However, this simple claim does not justify how Priority is better than its traditional alternatives. To learn more, this blog will thoroughly explore the key factors where the former outshines the latter.
Key Takeaways
- Priority offers a unified platform that streamlines tasks when compared to siloed traditional payment systems.
- A high degree of automation that simplifies the management of finances.
- Priority’s payment platform improves compliance with PCI and HIPAA.
- Priority improves flexibility, which is something that rigid traditional systems are unable to replicate.
What Makes Priority Different From Traditional Payment Providers
Before delving into how the payment solutions by Priority Technology Holdings LLC are better than the options offered by traditional payment providers, let’s first explore some of the key differences between the two variables:
| Factors | Priority Technology Holdings LLC | Traditional Payment Providers |
| Degree of Automation | High degree of automation. It supports tracking, billing, and reconciliation. | High dependence on manual processes. |
| Funding Settlement Times | Funding is often settled on the same day as the initiation. | Funding is slower; it may take up to 2 to 3 days or more. |
| Platform Architecture | The payment system is managed within a single and unified platform. | Different payments, such as banking and payables, are managed in separate and siloed systems. |
| Compliance and Security | Built-in and automated compliance checks that include checks such as PCI and HIPAA. | The merchant usually has the responsibility of managing security across all systems. |
| Cost Management | Cost reduction opportunities arise based on payable automations and on fee-based solutions. | Transaction fees are the primary area of focus. This leads to fewer revenue stream options. |
| Integration Process | Easy integration through secure and feature-rich APIs promotes easy integration into existing apps or software. | Complex integration process that may require significant technical expertise. |
Table: Priority Technology Holdings vs. Traditional Providers
Based on these differences, it can be said that the unified platform of Priority Technology Holdings offers certain features that make it simpler to use when compared to the traditional payment providers. So, let’s now look into what advantages a business gets when considering Priority Technology Holdings, when compared to traditional alternatives.
5 Advantages that Make Priority Technology Holdings a Better Choice over Traditional Options
Here are 5 key aspects that make Priority Technology Holdings a better option to choose for businesses over traditional payment providers:
1. Priority Brings a Unified Commerce Platform
For traditional payment providers, different financial activities come under separate systems. Different functions, such as banking, payments, vendor payments, analytics, and so on, are all managed by different systems.
However, Priority brings a unified platform that brings all functions into a single and cohesive ecosystem. Furthermore, this will also eliminate the need for data silos, and it will also reduce the necessity of manual data reconciliation.
2. Priority Technology Holdings Offers Same-Day Funding Across Payment Types
Priority Technology Holdings’ payment system supports multiple payment methods. The supported methods include credit or debit cards, digital payment platforms, ACH, or even cash transactions. More importantly, it also facilitates same-day funding across all of its supported payment methods.
Traditional payment providers are usually unable to manage such quick funding options. They often involve multi-day settlement periods for standard ACH payments or cheque payments.
3. Priority Offers Reduced Costs and Higher Working Capital
Priority Technology Holdings LLC provides deep expertise in B2B transactions. Their expertise extends to virtual cards, ACH, and supplier enablement.
Priority’s payment systems can optimize B2B workflows and help businesses lower their interchange and acceptance costs by an estimated 10-30% when compared to traditional providers, which also enables them to earn rebates on supplier payments.
4. Priority’s Payment Systems Come with Advanced “Embedded Finance” Capabilities
With the help of an integrated platform, Priority has been excellent at embedding payments directly into vertical software workflows. Thus, they have allowed partners and businesses to easily integrate banking, lending, and payment capabilities without any issues into their existing platforms.
Thus, the integrated platform allows Priority to create a seamless user experience that allows for faster and more integrated financial operations. This is something that is not easily available with traditional payment providers, as their financial operations are usually fragmented into different systems.
5. Priority Technology Holdings offers a Flexible and Partner-Centric Service Model
Priority has established itself in a position to strongly support Independent Sales Organizations (ISOs) and Integrated Software Vendors (ISVs), which leads to them offering white-label flexibility. The model used by Priority’s payment system includes centralized support for underwriting, risk management, and chargeback handling. Thus, this creates an overall offering of a more flexible and hands-on partnership.
Alternatively, traditional payment providers can be considered more monolithic. This is because they operate as a single entity with a tightly coupled system. And it is this reason that makes it challenging for traditional providers to maintain a partner-centric service model.
Final Verdict
With a centralized platform, unifying all services under one roof, Priority’s payment system is more scalable, flexible, and better equipped to manage complex financial functions than traditional payment providers. Moreover, Priority’s system also creates room for advanced financial capabilities and a more partner-centric service model.
