Payments processing companies have driven a transformational shift in the financial services industry. In addition to transaction services, the leading payments companies now use innovative technology to provide clients with a wide range of financial solutions, meeting the demands of those who want streamlined financial services with integrated tools to manage their operations. Priority CEO Thomas Priore says making this transition is critical.
Priority is regarded as a trailblazer in the arena. The firm has moved beyond card acquiring — the process of collecting and processing credit card payments on behalf of merchants or retailers. Priority now offers unified commerce solutions that range from accounts payable automation to treasury management.
Priore says this approach doesn’t represent the future; it represents what customers demand right now.
“We’ve put our chips on the table that traditional acquiring is a dinosaur,” he says. “The conversation needs to pick up on commerce solutions, which are a blend of acquiring, banking, and payables delivered by a single experience.”
Priority’s Vision for Embedded Finance Meets With Success
Founded by Thomas Priore and his partners two decades ago as a payments processing company, Priority has adopted advances in technology to expand its services for businesses of all sizes. Through a combination of investment in technology, acquisitions, and a strategy focused on embedded financial services, Priority has experienced strong growth. The company reported 20% revenue growth year over year in the third quarter of 2024, reaching $227 million.
Recognizing this growth and performance, Forbes named Priority No. 45 on its list of the Most Successful Small-Cap Companies for 2025,
One driver of the company’s growth offers an example of how it has expanded its services. The B2B segment saw a 58.3% revenue increase, due in large part to Priority’s acquisition of Plastiq. That B2B payments platform provides businesses with a number of benefits, including the ability to execute faster transactions and maximize business capital.
“The adoption of our thesis that payments and banking should happen in one place is resonating.” Thomas Priore said in the company’s Q3 earnings call with analysts. “We’re seeing success in sectors like NIL (name, image, likeness) and insurance, where our technology enables modern financial experiences. These are examples of how we’re evolving from simple transactions to comprehensive financial solutions.”
Priore said the demand for embedded financial services picked up pace during the COVID-19 pandemic, and he doesn’t expect it to slow. “Higher interest rates, recognition of how to optimize vendor networks, and the implementation of AI to help identify opportunities is going to make this a very lucrative area over the next five years,” Priore noted.
“I think you’ll see tremendous evolution in technology and profitability in procurement and vendor management, and payments and banking solutions will drive that success.”
Examples of Financial Services Offered by Priority
In addition to payments processing, Priority offers banking and treasury solutions that provide businesses with tools to optimize cash flow and manage finances. These tools allow companies to handle everything from collections and disbursements to reconciliation on one platform.
For instance, treasury management tools allow businesses to automate and optimize cash positioning, ensuring they have the liquidity needed for daily operations while earning returns on idle balances.
Priority’s merchant services remain a cornerstone of its business. They enable businesses to, among other things, automate payment collection for subscription-based services and enhance security protocols. Priority’s point-of-sale solutions work for both online and brick-and-mortar operations.
At the heart of Priority’s platform is the Priority Commerce Engine that businesses can use to automate invoicing and payment collection, simplify vendor payments and accounts payable, and gain real-time insights into financial performance.
Thomas Priore’s Vision for Combining Payments and Banking
While Priority is not a bank, Thomas Priore said his company’s shift into banking and treasury solutions represents taking action on a business strategy that leadership put into place years ago.
“We had this vision for payments and banking converging,” he says. “Now, we’ve taken what we think is a leadership position in actually executing that reality for our customers.”
Priore said that in a way, fintech-driven banking solutions have filled a vacancy left by commercial banks. He noted that merchants in years past could go to their local bank branch to meet their financial service needs.
“They’d help me with my payroll, maybe they’d lend me money if I needed it. I’d get a credit card from them. That experience does not exist anymore.” Priore said. “In fact, you’re seeing even larger banks start to diminish their branch profile.”
Merchants still want one place where they can go to handle payment acceptance, get tools to support accelerating cash flow, and have access to a line of credit, he said. He believes fintech companies can fill that role.
“When you stop and think about it, it’s like being a community banker,” Thomas Priore said, with Priority offering financial services that businesses can rely on.”
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