New partnership drives modernization of B2B Payments between buyers and suppliers
ALPHARETTA, Ga.–(BUSINESS WIRE)–Mar. 2, 2022–
Priority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority”), a leading payments technology company helping customers collect, store, and send money, has announced participation in Mastercard Track™ Business Payment Service to enhance its B2B payment solutions.
One of the first open-loop B2B commercial networks, Mastercard Track Business Payment Service automates payments-related data exchange between buyers and suppliers. Consisting of a portfolio of B2B solutions, Mastercard Track helps businesses increase simplicity, flexibility, and efficiency, optimizing the best option of paying or getting paid for every invoice across multiple payment rails.
With the new integration, Priority’s partners will benefit from an enhanced payment experience that allows virtual cards to function similar to a direct deposit experience. When payments flow through Mastercard Track, suppliers will also receive enhanced remittance in a standardized and automated way, eliminating the need to manually extract payment details and remittance data.
“We are thrilled to be expanding on our successful partnership with Mastercard,” said Stephen Tackett, Executive Vice President and head of the B2B division for Priority. “Mastercard Track delivers immense value to both buyers and suppliers by simplifying and automating the exchange of payments-related data while cutting costs and reducing complexity and risk for businesses.”
”We’re seeing a paradigm shift happening in the B2B payments landscape and Mastercard is working at scale to offer a choice for suppliers and buyers to optimize the best payment option to pay and get paid,” said Marie Elizabeth Aloisi, Executive Vice President of Commercial Solutions for Mastercard. “With Mastercard Track and through collaborations like this one with Priority, we’re delivering on our mission to make B2B payments work for everyone.”
Priority’s integration with Mastercard Track will continue to bring best-in-class payment solutions to the market while uniting buyers and suppliers.
About Priority Technology Holdings, Inc.
Priority is a payments powerhouse driving the convergence of payments and banking. The company has built a single platform to collect, store, and send money that operates at scale. We help our customers take and make payments while managing business and consumer operating accounts to monetize payment networks. Our tailored, agile technology powers high-value payments products bolstered by our industry-leading personalized support. Additional information can be found at www.PRTH.com.
Source: Priority Technology Holdings, Inc.