Unified commerce platform Priority Technology Holdings has launched a technology partnership with Datacap.
The collaboration will leverage Datacap’s universal payments to help both companies “support thousands of ISOs and merchant service providers to bring unified commerce to even more merchants and small businesses,” the firms said in a Thursday (Nov. 30) news release.
According to the release, the partnership creates a universal payments integration of Datacap’s platform with Priority’s MX Merchant Suite of solutions to provide customers improved compatibility with processing and point-of-sale (POS) systems, and other Banking-as-a-Service (BaaS) benefits.
The integration lets customers process payments seamlessly and consolidate reporting, inventory management, and reconciliation processes. It also supports scalability, flexibility, and growth by making room for the changing needs of merchants for secured and simplified processes that prevent human errors and reduce manual data entry.
“As the payments landscape continues to evolve at breakneck speed, Datacap aims to provide our base of technology partners with forward-looking functionality and processing solutions coupled with top-tier support,” Datacap Business Development Director George Hudock said in the release.
“Our partnership with Priority and integration into Priority’s MX Merchant Suite empowers Datacap partners to take advantage of Priority’s comprehensive toolset without requiring additional development or certification resources.”
The partnership comes three weeks after Priority released quarterly earnings showing that the company onboarded an average of 4,000 new small and medium-sized businesses (SMBs) for each month of the most recent quarter, in line with the 12,000 new SMB merchants the business added during the previous quarter.
“We’re still early innings at pushing [our] capabilities into the SMB vertical … we have a lot of assets and partners on the platform” where there is room for growth, executives on the call told investors during the question-and-answer portion of the earnings call.
“Economic softening would further increase adoption,” Priority CEO Tom Priore added.
And that softening is underway already, with PYMNTS Intelligence showing that SMBs are increasingly vulnerable to the chilling financial headwinds that have come to characterize the modern macroeconomic climate.
As reported in “What’s Next in Credit: Why SMBs Prefer Corporate Credit Cards for Short-Term Financing,” a PYMNTS Intelligence and Cross River collaboration, just 47% of SMBs with yearly revenues of $10 million or less had access to business or personal financing as of this July.
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