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Priority Technology Holdings Inc.’s third-quarter results have improved from a year ago, despite the Covid-19 pandemic generally weighing on the economy.
The Alpharetta, Ga.-based payments provider said it had $109 million in third-quarter revenue, up 16.1% from $93.9 million in the same quarter in 2019. Its net income of $85.7 million reversed the year-ago loss of $5.8 million.
The results attest to the “countercyclical nature” of Priority’s platform, Tom Priore, chairman and chief executive, said in a release. “Our commercial and consumer payments teams have performed exceptionally well. We expect the momentum of our integrated product and payment infrastructure as a service offering to drive similar growth in the fourth quarter.”
Notably in the quarter, Priority sold its RentPayment business to MRI Software, a move that reduced Priority’s debt by more than $100 million and will continue to provide annual cash flow, Priore said. Priority is providing the payment processing services for the business.
Priority also announced in the quarter a deal with Behalf Inc. to allow Priority clients to finance purchases at checkout through Behalf rather than through cash, check, or credit card.
