Priority and IQ BackOffice Partner to Fully Automate Accounts Payable

Priority Technology Holdings and IQ BackOffice have partnered to fully automate accounts payable (AP) payments.

In a Thursday (Feb. 9) press release, the companies said that Priority’s CPX automated payment solution had been integrated into IQ BackOffice’s Streamlinea financial process automation software.

“By integrating CPX into our platform we will be able to further accelerate clients’ digital transformation and positive [return on investment (ROI)] while minimizing their risks,” IQ BackOffice President and CEO David Schnitt said in the release.

PYMNTS research has found that AP automation assists companies with growth by delivering several benefits.

When small and medium-sized businesses (SMBs) were asked about the benefits they expected from AP automation, more than 90% mentioned speed of payments and the ability to pay vendors in their local currencies, according to “High-Volume Accounts Payable,” a PYMNTS and Routable collaboration.

In addition, more than 80% of the SMBs cited visibility and transparency of payments, processing of large payout volumes, ability to pay vendors using their preferred payment methods, relationships with vendors and data security.

With the integration of Priority’s CPX into IQ BackOffice’s Streamlinea, AP payments are fully automated, integrated and monetized, according to the press release.

In addition, the combination supports payments through any disbursement partner and any payment method, including check, automated clearing house (ACH) and virtual card, the release said.

The new capabilities delivered through CPX join the finance and accounting process automation and outsourcing already offered by IQ BackOffice.

“Payment success is not just about having a software technology; it’s also about having access to the right experts who can help you implement your new system quickly and easily,” Priority Executive Vice President and Head of the B2B Division Stephen Tackett said in the release. “Our partnership offers both of these things to IQ BackOffice’s customers.”

In the B2B space, buyers and suppliers often experience friction when negotiating which forms of payment the supplier will accept, Tackett told PYMNTS in an interview posted in March 2022.

Priority helps solve this problem with both supplier enablement and automation, which improves relationships between buyers and suppliers because it reduces the need for those tough negotiations, Tackett said at the time.

“You’re reducing cost, you’re reducing friction, and ultimately money is getting transferred in a much more clean and efficient fashion,” Tackett said.