Thomas Priore on the Evolution of Payment Processing
Thomas Priore on the Evolution of Payment Processing
The payments processing industry has undergone a significant transformation in recent years, and Thomas Priore has been at the forefront of this evolution. As the CEO of Priority, Priore has shifted the company’s focus from traditional card acquiring to comprehensive commerce solutions that blend acquiring, banking, and payables into a seamless experience.
“We’ve put our chips on the table that traditional acquiring is a dinosaur,” says Priore. “The conversation needs to pick up on commerce solutions, which are a blend of acquiring, banking, and payables delivered by a single experience.” This vision has driven Priority’s expansion beyond simple payment processing to become a comprehensive fintech platform.
Founded by Priore and his partners two decades ago, Priority has leveraged advances in technology to expand its services for businesses of all sizes. Through a combination of investment in technology, strategic acquisitions, and a focus on embedded financial services, the company has experienced strong growth, with recent reports showing a 20% revenue increase year over year.
One of the most significant changes in the payment processing industry has been the integration of banking services. “We had this vision for payments and banking converging,” Priore explains. “Now, we’ve taken what we think is a leadership position in actually executing that reality for our customers.” This convergence allows businesses to handle everything from collections and disbursements to reconciliation on a single platform.
Priority’s evolution reflects broader trends in the industry, with payment processors increasingly offering comprehensive financial services rather than just transaction processing. This shift has been accelerated by technological advances and changing customer expectations, with businesses of all sizes seeking streamlined solutions that address multiple aspects of their financial operations.
With 4 major product categories working together, Priority’s platform exemplifies the modern approach to payment processing—one that goes beyond transactions to provide businesses with the tools they need to optimize cash flow, manage finances, and drive growth.
Thomas Priore on the Evolution of Payment Processing The payments processing industry has undergone a significant transformation in recent years, and Thomas Priore has been at the forefront of this evolution. As the CEO of Priority, Priore has shifted the company’s focus from traditional card acquiring to comprehensive commerce solutions that blend acquiring, banking, and…