Priority Technology Posts Record Earnings; Fortis Partners With WooCommerce for B2B Payments

Payments-technology provider Priority Technology Holdings Inc. posted record revenue of $755.6 million in 2023, up 13.9% from the previous year.

The year was capped off by a record fourth quarter, during which Priority posted revenues of $199.3 million, a 12.2% increase from the same period a year earlier.

In both instances, the gains were driven by processing for small and mid-size businesses and for business-to-business and enterprise payments, Priority says.

“We delivered record fourth quarter and full-year 2023 results, driven by continued strength in [small-business] acquiring, B2B payables, and enterprise payments,” Priority chairman and chief executive, Tom Priore, said in a statement. “Everything we’ve done over the past several years …was done with intention and purpose, to provide our customers with an elegant, unified commerce experience combining our core pillars of acquiring, banking, and payables on a single platform. Our results demonstrate that we are achieving that goal.”

Looking ahead, Priority is forecasting 2024 revenues to be in the $875-million-to-$890-million range, a growth rate of 16% to 18%. compared to fiscal 2023 results.

In related acquiring news, payment facilitator and independent sales organization Fortis Payment Systems LLC has partnered with WooCommerce to process B2B payments for the e-commerce platform provider.

Fortis will embed its B2B payments app— which supports credit card, automated clearing house, and electronic funds transfer payment acceptance—on the checkout page of the WooCommerce Marketplace. The Fortis app will also provide users with quick-invoicing capabilities and real-time transaction monitoring and settlement detail.

“Fortis’s integration with WooCommerce brings value to B2B businesses seeking to elevate their online commerce experience,” Web Griebel, head of payment partnerships at WooCommerce, says in a statement. “Our users can expect a seamless and flexible checkout process, which will enhance user satisfaction and ultimately drive increased conversions.”