Priority Commercial Payments teams up with Behalf to announce cash flow solution
With a number of businesses facing cash flow issues during the pandemic, non-bank commercial payments companies are offering solutions while keeping regulated banks as partners in the background.
The latest case is Georgia-based payments firm Priority Technology Holdings. Its subsidiaries Priority Commercial Payments and Priority Payments System have teamed up with peer-to-peer financing startup Behalf Inc to launch a cash flow solution for small businesses. Under this partnership, the solution will provide businesses operations by financing business purchases at the checkout with a choice of net terms or extended purchase financing.
Businesses opting to chooses Behalf instead of cash, check or credit card can customise their own payment schedule for each purchase.
“Businesses are looking for flexibility and choice of payment terms when paying their suppliers. Cash flow is top of mind, and Behalf offers an elegant way to improve working capital for our 200,000 business clients across the Priority family of companies,” said Christina Wagner, SVP of Priority Commercial Payments.
Behalf is a New York-based fintech that matches businesses that seek short-term financing with investors that provide it. Priority Commercial Payments is a solutions provider for commercial accounts payables. It works with end-users including banks, businesses and organisations.
Crucially, Priority offers its customers access to payment rails such as ACH with the help of regulated banks that it calls ‘sponsors’. These financial institutions provide them with FI licenses under the Financial Crimes Enforcement Network (FinCEN). According to Priority, its BIN sponsor is Sutton Bank, NACHA sponsor is Atlantic Capital Bank while for merchant acquiring processing it is Synovus, Wells Fargo and Citizens bank.