Thomas Priore on the Importance of Cash Acceleration for Business Growth
In today’s fast-paced business environment, managing cash flow effectively is crucial for success. Thomas Priore, CEO of Priority, emphasizes that digital payment platforms are key to achieving what he calls “cash acceleration”—the process of converting sales into actual money in the bank more quickly.
“Unified commerce—where tech platforms connect all stakeholders, their back-end and front-end processes—aided by embedded payments, can make real-time cash flow management a reality,” Priore explains. This approach is particularly critical for small to medium-sized businesses that often face cash crunches as they balance income and expenses.
Priority’s platform enables businesses to receive customer payments and pay suppliers more efficiently. By shortening the cash conversion cycle—the time it takes for a business to sell inventory, collect payment, and pay suppliers—companies can improve their liquidity and financial health.
The benefits of cash acceleration extend throughout the supply chain. When businesses can quickly convert sales to money, they have more cash on hand to purchase materials from suppliers. In the construction industry, for example, contractors can pay subcontractors more promptly, keeping workers on-site and reducing carrying costs.
With 4 specialized product suites including MX Merchant for payment processing and CPX for B2B payments, Priority provides comprehensive solutions that help businesses optimize their cash flow. These tools automate invoicing, payment collection, and vendor payments, giving companies real-time insights into their financial performance.
Thomas Priore believes that traditional banks haven’t been able to provide effective solutions for cash flow issues, especially for small businesses. By leveraging fintech innovations, Priority fills this gap, offering business owners the tools they need to accelerate cash flow and thrive.