Priority Technology, Wix team helps SMBs

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Payment technology company Priority technology holdings and website development platform Wix announced a new partnership on Thursday (November 4th) aimed at increasing retailer revenue in the small and medium-sized business (SMB) market.

This partnership combines Wix’s ability to have an online presence – it has over 210 million registered users worldwide today – with Priority’s payment processing services.

“We have a very common vision of what we want to deliver to the SME market and we go well together. we complement each other very well, ”Tom Priore, Executive Chairman and CEO of Priority Technology Holdings, told PYMNTS. “They are at the forefront of generating income for small merchants, and we are building a platform for combining payments and banking that enables businesses to accelerate that income.”

Provision of solutions for SMEs

Priore noted that this is an example of B2B consumerization as well as a case of FinTech partners joining forces with others to provide solutions for SMBs.

“This partnership with Wix is ​​representative of what makes FinTech companies such viable participants in companies that have traditionally been more bank-centric,” he said.

Each partner brings their own strengths, said Priore. Wix takes care of the marketing, business management and tools that balance the presence of the physical store with what is happening online. Priority’s strengths lie in accepting payments – collecting, storing and sending money.

Through the partnership, merchants using Priority’s payment infrastructure will be able to leverage the Wix platform to create and manage a fully customizable and comprehensive online presence.

Providing Cash Acceleration Skills

When announcing the partnership, the companies realized that SMBs need a payment partner, not just a processor.

“At Priority, we had a vision from the start that we wanted to offer our partners and the small businesses we serve opportunities to accelerate liquidity,” Priore told PYMNTS.

To this end, Priority has not only developed the traditional acquiring tools related to card acceptance at the point-of-sale (POS), but also automated payment tools that operate both virtual cards and physical plastic and enable companies to raise that money to withdraw a bank account that will be part of the Priority offer.

The partnership with Wix follows the takeover of the Banking-as-a-Service (BaaS) platform Finxera by Priority in the summer.

Continue reading: Priority Technology Holdings Completes Finxera Acquisition

“As a company, we were of the opinion that it was time to assert our claim as a service provider in payment transactions,” said Priore. “This is just another example of companies like Wix choosing Priority as their partner for SMB payment solutions. And we think that others should make the same decision. “

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