Thomas Priore, CEO of Priority, says the recent banking sector instability will drive more businesses to alternative solutions that offer enhanced transparency, faster cash flow and more risk diversification.
Small business owners seek more confidence in the banking industry’s current state. They need it for the future of their businesses, working capital and potential investment income. Business owners who aren’t satisfied with their banks, however, are now in a position to question and scrutinize the safety of their money. In addition, they are wondering if their current banking partners can withstand a crisis.
This leaves the door wide open for payments and non-traditional banking service providers offering one embedded financial solution or platform. The top companies can prove they are more equipped to manage accounts and diversify risks (cybersecurity, fraud, and the current economic environment), handle collecting/storing/sending money, and offer robust payment and banking functionality as well.
Priority is positioned to handle the growing needs of businesses looking for a banking alternative. This is through the credibility, backing and solvency of FDIC-insured financial institutions and with the technology of our embedded finance platform that helps businesses streamline their payments and accounting operations.
Last year, our decision to accelerate investment in Passport, our Unified Commerce platform combining full-featured payments and banking as a service, emerged as the solution for many of our customers who found themselves in recent banking sector instability and the generally waning confidence in the banking industry among businesses. We invested in Passport because we believe in what the platform could do and how it can solve the problems businesses face. In addition to handling all forms of payments — credit, debit, ACH, checks, even lockbox capabilities and wires — Passport’s self-directed account opening process only needs an email for customers to get started.
Even beyond the recent pressures from inflation and the economic downturn, we put our money and dedication into improving our platform and our process. This is because we believe in where the future of payments is heading. We remain confident and keenly focused on opportunities, investing in our processes to get customers set up with new accounts in less than 30 minutes with KYC and AML verifications.
Our current pace and new partners’ adoption of Passport as a solution to collect, store and send their money fueled our results in Q4 of ‘22, and we expect that to continue.
We are committed to meeting the growing demand of partners and business owners, simplifying the customer experience, and making it easy to solve problems for businesses through applications that best-fit businesses regardless of size. Whether that is a small business operator choosing from the MX Merchant and MXM POS suite, a finance professional adopting CPX for automated payables or an enterprise partner connecting to us via our API, we help customers through the financial solutions and tools that best fit their needs.
We predict the industry will drive more businesses to alternative solutions that offer enhanced transparency, speed of cash flow and diversification of banking system risk that traditional platforms cannot deliver.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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