This new agreement will see the company provide ticketing payment processing to the team to help “ensure secure, fast and efficient ticket transactions between the Browns and their fans,” Priority said in a news release Monday (Nov. 9).
“Recommendations from other NFL teams helped bring the Browns to Priority Commerce, and that speaks to the trust we’ve earned,” said Tom Priore, CEO of Priority Commerce. “Teams see the value of our connected commerce solutions bringing greater visibility and efficiency to their payments, treasury and business operations. We’re proud to put that expertise to work for the Browns.”
“Priority Commerce’s ability to help us optimize processing fees and monitor interchange was a key factor in our decision,” added Greg Rush, the Browns’ chief executive officer. “We were also drawn to their broader treasury capabilities and the potential for better visibility into cash activity, simpler reconciliation and greater insight into settlement timing.”
In addition to the ticketing processing, the partnership also includes LED signage, hospitality and participation in select Browns business events, the release said.
The partnership follows a similar collaboration announced last month between Priority and the Cincinnati Bengals. Priority in August formed an additional NFL partnership with the Tampa Bay Buccaneers, which will see the company provide the team with a new ticketing payment process, plus access to its Passport treasury orchestration solution.
Priority, which is set to go private next year after being acquired by an investor group headed by Priore, reported quarterly earnings last week showing an 11% increase in revenue.
Meanwhile, PYMNTS spoke last week with Brendan Kirsch, senior vice president of commercial partnerships at Priority Commerce, about the difficulties college sports programs face when it comes to paying student athletes.
As that report noted, these programs might have enough revenue committed to pay these athletes but still lack the cash to cover the payments when the time comes.
“The timing mismatch runs through the financial administration of athlete compensation. Media revenue, sponsorships and other university sources fund revenue sharing,” the report said. “Third-party marketing deals fund name, image and likeness (NIL) compensation. The money supporting those commitments doesn’t necessarily arrive on the athlete’s scheduled payday.”
But as Kirsch told PYMNTS, “revenue isn’t cash.”
