Priority Technology Holdings offers a unified commerce platform that offers certain benefits over traditional payment providers. With this blog, let’s explore how Priority offers 5 key advantages over the systems offered by traditional payment providers.
Priority Technology Holdings is an online solution that offers a variety of advantages over traditional and non-integrated payment providers by offering a platform to streamline financial operations, which accelerates the cash flow, and it also offers strong and built-in security options. Here, some of these key advantages will be explored thoroughly.
Priority Technology Holdings vs. Traditional Payment Providers
Before exploring the advantages that using Priority Technology Holdings’ platform brings when compared to traditional payment providers, let’s first explore the basic differences between the two:
| Feature | Priority Technology Holdings | Traditional Payment Providers |
| Platform Architecture | A single and unified system for payments, which supports banking and payables. | It often offers separate and siloed systems that support different financial needs. |
| Automation | With a high degree of automation, it supports billing, tracking, and reconciliation. | Manual processes are often required as a bridge between different systems. |
| Funding Speed | Allows a high degree of automation of tracking, billing, and reconciliation. | Typically, it offers standard settlement times for ACH and checks. The standard settlement times usually range between 1 and 3+ days. |
| Security and Compliance | It leads to built-in and automated compliance checks, including checks such as PCI and HIPAA. | The merchant is largely responsible for the management of security across separate systems. |
| Integration | It offers secure and feature-rich APIs that promote easy integration into existing software or apps. | The integration process can be complex and may require a significant level of technical expertise. |
| Cost Management | Opportunities for the reduction of costs arise based on fee-based solutions and the automation of payables. | The primary focus is on transaction fees, and it leads to fewer options that generate new revenue streams from different payment infrastructures. |
Table 1: Priority Technology Holdings vs. Alternative traditional options
From this exploration of the differences, it can be stated that the Priority Technology Holdings-led unified platform has added some simplistic technological aspects that bring added benefits when compared to the traditional payment providers. With that having been established, let’s now look into the top 5 advantages the Priority brings when compared to the traditional providers.
The Top 5 Advantages of Priority Technology Holdings Over Traditional Payment Providers
Now, let’s look into the 5 best ways in which Priority Technology Holdings is better compared to the traditional payment providers:
1. Priority’s Unified Commerce Platform Brings All Functions into One Place
In the cases of most traditional payment providers, separate systems are always required for different financial activities. There are usually different systems for different functions, such as banking, payments, vendor payments, analytics, and so on.
However, with the unified platform introduced by Priority Technology Holdings, all functions are brought into a single and cohesive ecosystem. This further eliminates the need for data silos and reduces the necessity for manual data reconciliation.
2. Priority Technology Holdings Offers Same-Day Funding For Various Payment Types
Priority Technology Holdings supports multiple payment methods, such as credit or debit cards, ACH, digital payment platforms, as well as cash transactions. And more so, it facilitates same-day funding across all of the payment methods that it supports.
This can be considered a major improvement over traditional payment methods. Such can be stated because traditional methods can often involve multi-day settlement periods for checks or standard ACH payments.
3. Priority Technology Holdings’s Comprehensive Automation Systems lead to the Simplification of Management
The Priority Technology Holdings platform automates multiple administrative and financial tasks. Tasks such as billing, sales tracking, payroll, and payment reminders are all simplified due to process automation by Priority Technology Holdings. This automation minimizes human error, saves time and resources, and provides a centralized interface that manages all transactions and generates detailed reports.
It takes a step ahead of traditional systems because, in such cases, different administrative figures and bodies would be required to manage all of these tasks, leading to human error, communication challenges, and other challenges to consider.
4. Priority Technology Holdings Offers Enhanced Security and Simplified Compliance Compared to Traditional Systems
Priority Technology Holdings’ platform incorporates the most robust security measures, which include data encryption, fraud detection, and it leads to automated compliance checks that support standards such as PCI and HIPAA. The automated compliance checks and security management are all directly incorporated into the platform.
This further reduces the security risks and compliance burdens for the merchant. So, how does this work as an improvement over traditional systems? In traditional payment methods, separate systems need to be maintained, and each system might contain vulnerabilities. Thus, with Priority’s unified platform, these vulnerabilities can be managed, creating a simplified system.
5. The Priority Technology Holdings Platform Opens Up New Revenue Streams and Offers New Cost Reduction Opportunities
Traditional Payment Methods can only offer standard payment processing. However, beyond standard payment processing, the Priority Technology Holdings platform can allow businesses to derive new opportunities for revenue streams. Moreover, this platform can do this by embedding banking and payment solutions directly into its functions and services.
Furthermore, it also supports multiple fee-based models, and it automates payables to generate cash rebates. These cash rebates now offer more ways to reduce costs and then increase income when compared to traditional providers who focus only on transaction processing.
Final Verdict
With a platform that unifies all functions, Priority Technology Holdings does more than just manage transactions and payments. It promotes enhanced security, unifies separate activities and systems, facilitates funding avenues, and creates an avenue for different funding systems.
