Thomas Priore Discusses How Combining Payments and Banking Solutions Helps Front-Line Employees

Much is written about the positive impact of fintech on every type of business, giving executive teams the ability to streamline financial operations, access capital, and accelerate cash flow. While these benefits are important for business owners, Thomas Priore, CEO of fintech company Priority, says people should not lose sight that these systems also benefit front-line employees.

He notes that in industries such as hospitality and construction, front-line employees often face financial challenges, from inconsistent pay schedules to limited access to banking services. At the same time, businesses in these sectors struggle with high turnover and cash flow management.

By integrating payments and banking solutions, companies can address these challenges head-on, providing stability for employees while improving operational efficiency.

Priore says this all relates to Priority’s focus on meeting businesses and employees where they are. “We try really hard, vertical by vertical, to understand the pain points,” he shares. “How can we use our technology and what we excel at, which is collecting, storing, lending, and sending money? How can we use those tools to solve those pain points?”

Priority at the Forefront of Integrated Payments and Banking Solutions

Traditional payment systems have long focused on processing transactions, but today’s businesses require more than just card-acquiring services. Thomas Priore says payments companies must adapt to the changing needs of their customers.

“We've had this vision for payments and banking converging, and we've taken what we think is a leadership position in executing that reality for our customers,” Priore says.

Priority offers a suite of payment and banking solutions designed to streamline financial operations for businesses of all sizes.

Its offerings include merchant services that provide same-day funding across various payment methods such as cards, ACH, and cash.

Payables solutions from Priority automate payment processes, enabling businesses to optimize working capital and maximize rewards.

Banking and treasury solutions, such as Passport, offer transparent and automated services, granting businesses speed, security, visibility, and control to build long-term financial stability.

Priority integrates these services into a single platform. Thomas Priore points out this approach differentiates Priority, which recently earned a spot on Forbes’ list of America’s Most Successful Small-Cap Companies.

One of the key benefits of Priority’s solutions is that rather than waiting days for funds to clear, companies can now accelerate cash flow and optimize working capital, ensuring employees and vendors get paid faster.

Priority Services Used by Business To Boost Employee Loyalty and Provide Financial Stability

One of the biggest pain points for front-line workers is financial instability. Many struggle to make ends meet, often relying on payday loans or check-cashing services. Thomas Priore says the combination of payments and banking solutions can help businesses break that trend by paying workers more quickly.

For restaurant workers, instant access to earnings, including tips, means they no longer have to wait until payday.

“Imagine I'm running a 500-location franchise restaurant operation. Well, a lot of my employees, they're probably underbanked, they're living paycheck to paycheck,” he says. “Imagine if, because I've got my batches the same day, I know exactly how much was generated in tips and I could direct those tips into an account that the server is using to buy their groceries, to take their kids to the movies, to sustain their life. Well, that's going to engender loyalty.”

Priore adds that this could help the restaurant industry with one of its most significant issues: high employee turnover. He states by offering employees immediate access to earnings and some traditional banking solutions, businesses can also support employees in achieving financial security.

Priority also created MX Restaurant POS, which includes order tracking, a kitchen display system, pricing, online ordering and delivery, table management, and menu management. The system, which businesses can customize to their situation, is cloud-based and includes real-time analytics and reporting.

Solving Practical Challenges for Business Owners

Beyond just paying employees more quickly, integrated payments and banking solutions solve challenges that some employees face, including the lack of traditional banking services.

While not a bank, Priority can offer solutions to ease the way employees access their money. Thomas Priore uses the example of the construction industry, where a significant portion of the workforce may be underbanked, and offering alternative banking options can make a meaningful difference.

Priore says that by making use of fintech and both receiving and sending payments faster, construction companies can probably give a good portion of workers “access to a traditional bank account and not have to go to a payday lender to cash their check. These are practical issues. Businesses struggle with it. They just never thought, ‘Oh man, you can actually help me solve this.’ Well, we should. And that's what we're endeavoring to do at Priority.”

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.