Payments technology company Priority Technology Holdings, Inc. joined payment service Mastercard Track Business on Wednesday (March 2) to enhance its business-to-business (B2B) payment solutions, according to a joint press release.
The Mastercard Track business payment service “automates the exchange of payment-related data between buyers and suppliers,” according to the release, and “helps businesses increase simplicity, flexibility and efficiency” to find the best option to pay or get paid for each invoice over multiple payments. tracks.
“We are delighted to extend 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 buyers and suppliers by simplifying and automating the exchange of payment-related data while reducing cost and complexity and risk for businesses.”
With Mastercard Track integration, Priority partners will be able to use virtual cards the same way they use direct deposit. Additionally, vendors on Mastercard Track benefit from standardized and automated “Enhanced Remittance”, so there is no longer any need to manually extract payment details and remittance data.
“We are seeing a paradigm shift in the B2B payments landscape and Mastercard is working at scale to provide choice for suppliers and buyers to optimize the best payment option to pay and get paid,” said Marie Elizabeth Aloisi. , Executive Vice President of Business Solutions for Mastercard. “With Mastercard Track and through collaborations like this with Priority, we are fulfilling our mission to make B2B payments work for everyone.”
In January, Priority Technology Holdings also partnered with supply partners to integrate the Priority Commercial Payments Xchange (CPX) into the supply partner’s online procurement platform.
Related: Sourcing partners, Priority launches new AP tool
The platform will streamline Accounts Payable (AP) solutions for more than 100 healthcare organizations and more than 200 integrated providers serving nearly 2,000 healthcare facilities in the United States.
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