Priority CEO Thomas Priore Shares How Plastiq Allows Businesses to Better Manage Inventory and Cash Flow in the New Year and Beyond

When Priority Technology Holdings Inc. acquired Plastiq in 2023, Priority founder and CEO Thomas Priore said, “The addition of Plastiq is another example of how we are building a differentiated unified commerce platform for our business and integrated software clients.” The combined and unique B2B payment solutions of both companies further Priority’s goal of serving the “entire ecosystem of businesses.”

Getting a strong start in the new year is important for many business owners, with the need for new inventory, materials, and other expenses often increasing or the need to pay off expenses incurred from the last quarter of 2023.

So, how do these solutions work? Priority is a solutions provider in payments and banking as a service that has been around since 2005. It has a unified commerce platform that enables clients to collect, store, borrow, and send money while providing customers with tools for the acceptance of AP payments and an account called Passport, a financial tool that maximizes cash flow and working capital. Plastiq is a simple-to-use tool that gives businesses the ability to better manage cash flow and inventory costs by leveraging the use of credit cards to pay suppliers, vendors, or others that have not previously accepted cards as a form of payment.

Priority CEO Thomas Priore believes the addition of Plastiq’s services to those offered by Priority “will provide businesses of all sizes a full suite of working capital solutions that optimize their important vendor relationships while maximizing cash flow flexibility to operate and grow their business.”

Plastiq allows businesses to use credit cards to pay most vendors and suppliers, even if they don’t typically accept credit card payments. This is especially beneficial during times when businesses need to manage the dual challenges of seasonal inventory and cash flow fluctuations. One of the perks of using Plastiq is that when companies use their cards to pay, they can maximize their earned card rewards programs, all while extending payment terms to more smartly free up cash on hand. As many business owners can attest, this is a benefit that is typically not available through most standard online bill payments or check payments, leaving valuable card rewards on the table.

Plastiq’s offerings can prove to be a difference-maker for small to mid-sized businesses as they navigate busy and complex holiday seasons or other peak business times.

Priority Expands Client Services With Its Addition of Plastiq

Priority acquired Plastiq to expand the services the company offers, particularly those centered on supporting businesses. The deal has put Plastiq in a strong financial position to serve its clients.

Priority offers businesses the ability to handle bill payment, banking and finance, and account management through its innovative digital platform. Since its founding, the company has grown, providing services to more than 820,000 clients and processing $118 billion in annual payments. Priority has experienced explosive growth since 2019 and continues to demonstrate a significant increase in its adjusted earnings. The addition of Plastiq to its portfolio is only expected to further this growth trajectory and its capabilities and solutions offered to businesses.

Thomas Priore assumed the role of executive chairman and CEO in December 2018, and he continues to grow the company by considering the needs of its customers and bringing forward-thinking technology to the company’s offerings.

Priority customers can “choose the payment acceptance and automated bill payment tools, now including Plastiq, that best fit their business to optimize their cash flow management all in one place on our native payments and banking as a service platform,” Priore said.

Mastering Inventory Costs and Capital During the New Year’s Rush

Plastiq provides an alternative way to unlock working capital with your credit card. Plastiq allows business owners to transform their payment strategies by extending or floating their payment times on major expenses.

Another benefit is that businesses that use Plastiq also have access to automated invoice scanning and bill approvals and the ability to access services to manage their business on the go through mobile apps on both iOS and Android.

Plastiq’s services fit into the vision Thomas Priore has for Priority and how he approaches the work of the company. “All of our problems are people’s problems,” he said. “If we try to solve those problems facing our customers with the solutions we provide, we’ll continue to see growth. It’s important to ask: Are we working and collaborating in the right way and working toward the same goal? It’s the execution that makes the difference.”

How Plastiq Benefits Outdoor Voices Apparel Company

Outdoor Voices, an apparel company based in Austin, Texas, is a long-standing Plastiq customer that is an example of how Plastiq can help businesses better manage the holiday rush or busier than usual times and assist companies as they continue to expand. The company faced the usual challenges of managing inventory, including the need to buy a lot in preparation for the season, impacting cash flow.

Outdoor Voices used Plastiq to immediately purchase what it needed for inventory but extended the time required to pay by using their cards, allowing it to keep more cash on hand. It’s helped the company maintain the required minimum cash balance it needs for operations, explained the director of financing and accounting for Outdoor Voices.

Plastiq offers a simple sign-up process. Enterprises receive a free consultation to assess the potential savings they’ll realize using Plastiq, as well as a lower introductory price. Businesses that sign up for Plastiq can immediately reap the benefits, using it for a wide range of purchases, including inventory, office lease and rent, materials, logistics and shipping, technology service, and marketing and advertising.