There’s been a marked shift in how savvy companies view payment systems over the past five years, if not longer. The accounts payable (AP) and cash flow management functions no longer need to be a cost center. “Instead, they’ve become profit centers and sources of actionable business intelligence that can help companies grow,” shares Priority’s Chairman and CEO, Thomas Priore.
Processing accounts payable manually from received supplier invoices and paying those bills with mailed checks is time-consuming and prone to errors. “The most common mistakes from traditional AP processing include delayed payments, missed discounts, and strained supplier relationships. Data entry mistakes made by human errors are also a hassle, leading to an inaccurate view of the business’s financial health for managers, leaders, and owners,” said Priore. Additionally, manual errors in accounts receivables (AR) processes can negatively impact cash flow, cause payment delays, require imposing late fees, and strain customer relationships if payment obligations are left unmet. However, Priority has been helping businesses solve these challenges and keeps evolving to meet the needs of its customers.
“I think the real big opportunity for embedded finance is in B2B transactions and improving the business operations because that’s where cash acceleration and efficiency have a lot more value. I think that is the biggest differentiator for Priority – how we’ve combined B2B payments and banking solutions into one platform. It’s our job to help companies see the benefits of embedded finance because it is an important element of modern commerce. We facilitate transactions in a way where financing comes to businesses faster to improve cash flow and liquidity. Also, using Priority’s automation solutions can drastically reduce the cost of processing invoices which turns into realized savings that positively impact the bottom line. We’ve created a meaningful opportunity where we can help businesses in more industries of all sizes and scales,” said Thomas Priore.
How the Banking Landscape Has Been Transformed
The old way of working had banking, accounting, and business software operating in silos, making it challenging to function across multiple systems and analyze the business in real time. Thomas Priore says, “Priority builds solutions for today, which are cloud-based, integrate with other systems and enable automated accounts payable workflows. We design our technology to streamline processes so that finance teams can work more efficiently and to mitigate the risks inherent with legacy processes, letting leadership concentrate on what matters most — protecting and growing the business.”
The benefits of automated payments are clear to many smart businesses already. Companies can reduce transaction costs by eliminating pricey checks and manual processes, enabling their teams to take on higher-value activities and potentially reducing overhead costs. But unless companies use a solution that integrates with their other financial and business operations, they will only receive some of the benefits of automation. That’s where embedded technology and unified commerce solutions come into play.
“Priority’s CPX payments gateway and the Passport unified commerce engine are revolutionizing banking and transactions by giving businesses much-needed AP automation integration paired with modern solutions that increase efficiency, process, and include many other value-added benefits,” said Thomas Priore.
How CPX and Passport Empower Businesses
Priority’s end-to-end B2B payment system CPX helps buyers and suppliers find the best value in every deal while eliminating payment inefficiencies. The system is easy to use, with a single payment instruction and robust reporting, and integrates with your existing accounting software, eliminating disparate and clunky processes.
Passport is Priority’s unified commerce engine that seamlessly integrates payments, treasury, and banking solutions to allow businesses to quickly and securely collect, store, and send money with full regulatory compliance. Passport is a scalable way to manage financial transactions involving cards, ACH, checks, and wire transfers by linking with existing banking and financial accounts for actionable insight, robust reporting, fraud detection, and other benefits, all in one place.
Getting Started with Automating Payables and a Banking as a Service Solution
Priore says, “Adopting Passport could not be simpler. Priority uses application programming interfaces (APIs) that are rich in functionality, while the component design lets businesses pick and choose the services they need. We’ve built this native cloud-based system for scalability, security, and compatibility with businesses’ systems.”
Using Passport and CPX can have a transformative impact on B2B operations, and there is a reason why so many businesses have left behind traditional banking for the banking-as-a-service solutions that Priority provides. Companies interested in learning more or curious about their potential savings and suppliers already accepting automated payments are encouraged to request Priority’s Complimentary Spend Analysis.