Priority: Challenging Economic Conditions Bolster Demand for Software, Payment Solutions

The current uncertain economic conditions are bolstering the demand for digital solutions that can help users enhance their cash flow and working capital, Priority Technology Holdings said Thursday (Aug. 8).

Among the solutions businesses are adopting is the company’s proprietary unified commerce platform “that’s purpose-built to collect, store, lend and send money, combining elegant payments and banking functionality to monetize the commerce networks we serve,” Tom Priore, chairman and CEO of Priority Technology Holdings, said Thursday (Aug. 8) during the company’s quarterly earnings call.

“Our customers and current market conditions reinforce our belief that systems facilitating payments and banking solutions to distribute funds in multiparty environments will be critical as businesses put greater demands on software and payment solutions providers to accelerate cash flow and optimize working capital,” Priore said.

Priority Technology Holdings’ ecosystem of financial solutions includes point-of-sale (POS) and acquiring solutions that accelerate the user’s cash flow; a banking-as-a-service (BaaS) offering that streamlines financial operations and provides full transparency to surplus cash; and payables and financing solutions that enable users to automate reconciliation work, optimize working capital and earn cash back, according to a presentation released Thursday in conjunction with the earnings call.

The company also offers its Accelerated Commerce Engine, an application programming interface (API) suite for acquiring, banking and payables solutions that can be integrated into users’ enterprise systems, per the presentation.

During the second quarter, demand for this product lineup drove records results for Priority Technology Holdings, including year-over-year revenue growth of 20.6%, according to a Thursday earnings release.

The company also had over $1 billion in deposits, 1 million total accounts and about $125 billion in last-12-months (LTM) total volume, per the presentation.

“Everything we did over the past several years, from accelerating our investment in our unified commerce payments and banking infrastructure, to our focus on building countercyclical business lines, to our acquisition of Plastiq a year ago, was done with the intention and purpose to provide our customers with an elegantly delivered experience combining acquiring, payables and banking solutions on a single platform,” Priore said during the call.

“Our financial and operating results demonstrate that we’ve continued to execute with exceptional consistency and a forward-looking vision that resonates with the constituents we serve,” Priore added. “Our tech-enabled service platform is delivering on the promise of a financial tool set that can accelerate cash flow and optimize working capital for our partners.”