SYSPRO USA Enables AP Payment Automation With Automated Payables for SYSPRO, Powered by Priority CPX

Rhea-AI Summary

Priority Technology Holdings (NASDAQ: PRTH) has partnered with SYSPRO USA to enhance accounts payable (AP) capabilities through a new solution called Automated Payables for SYSPRO, powered by Priority CPX. This integration digitizes the AP process, offering flexible payment options such as ACH, virtual card, check, and wire. By automating payment processes, the solution aims to reduce costs, streamline operations, and decrease the risk of payment fraud, which affects 75% of companies as per J.P. Morgan.

Positive

• Partnership with SYSPRO enhances AP capabilities, offering a digital transformation for their payment processes.
• Automated Payables enables flexible payment options that could improve revenue through rebates on virtual card transactions.
• Reduces costs associated with manual payment processing and minimizes risks of payment fraud.

Negative

• None.

Seamless integration with SYSPRO ERP Software enhances payables process, automates and produces rebates and incentives

TUSTIN, Calif.--(BUSINESS WIRE)-- SYSPRO USA, a global provider of ERP software, today announced a partnership with Priority Technology Holdings, Inc. (NASDAQ: PRTH) and their market leading accounts payable (AP) solution, CPX, enhancing SYSPRO’s already robust accounts payable capabilities. With this new offering, named Automated Payables for SYSPRO, powered by Priority CPX, SYSPRO customers can enable AP automation, digitizing supplier payment capabilities within SYSPRO ERP Software.

Integrated with SYSPRO ERP Software, Automated Payables for SYSPRO digitizes and automates the AP payment process, providing flexible payment options. (Graphic: Business Wire)

Previously, manufacturers would receive an electronic or paper invoice, which would trigger a series of manual processes that culminates in a paper check mailed to the vendor. It’s an expensive process, and error-prone, which delays payment, harms business relationships and racks up further costs. Finally, the process is vulnerable to payments fraud, a huge problem that affects 75% of companies, according to a report from J.P. Morgan.

Integrated with SYSPRO ERP Software, the solution digitizes and automates the AP payment process, providing flexible payment options. Vendors can automatically choose ACH, virtual card, check or wire to remit payment. The virtual card option is particularly advantageous – if the vendor pays in this way, instead of the manufacturer paying a per-check fee, CPX pays a rebate to the manufacturer on each virtual card transaction.

“With the SYSPRO ERP and CPX partnership, we provide manufacturing and distribution companies with a turnkey solution to digitally transform the way payments are handled,” said Sanjay Ejantkar, Vice President of Alliances for SYSPRO Americas. “This offering enables faster, efficient payments that are more accurate and secure.”

“We are thrilled about our partnership with SYSPRO and the opportunity to bring best-in class payment solutions to their customers,” said Stephen Tackett, Executive Vice President and head of the B2B division for Priority. “Together, our technology will provide a streamlined payment strategy that delivers greater fee revenue, while reducing manual processes and minimizing risk.”

For more information on SYSPRO and CPX, please visit us.syspro.com/automated-payables

About SYSPRO

SYSPRO is a leading, global Enterprise Resource Planning (ERP) software provider specializing in key manufacturing and distribution industries. For over 40 years, SYSPRO’s team of specialists have continued to address unique industry needs and enable customers to easily adapt and grow. The solution is scalable and can be deployed in the cloud, on-premise, or both, and accessed via the web on any device to provide customers with choice and flexibility.

SYSPRO remains focused on the success of partners and customers. Our evolving solutions are aligned with industry trends to leverage emerging technology that will enable partners and customers in securing a digital future.

With more than 15,000 licensed companies in over 60 countries across six continents, SYSPRO offers guidance and support every step of the way as a trusted advisor. For more information and career opportunities, visit SYSPRO.com

About Priority Technology Holdings, Inc.

Priority is a payments powerhouse driving the convergence of payments and banking. The company has built a single platform to collect, store, and send money that operates at scale. We help our customers take and make payments while managing business and consumer operating accounts to monetize payment networks. Our tailored, agile technology powers high-value payments products bolstered by our industry-leading personalized support. Additional information can be found at www.PRTH.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220329005094/en/

Erin Schlee

Marketing Communications Manager

SYSPRO – United States

(714)437-1000

erin.schlee@syspro.com

Whitney Sellers

Marketing Manager

Priority Technology Holdings, Inc.

(229) 588-8354

Source: SYSPRO USA

FAQ

What is the partnership between SYSPRO and Priority Technology Holdings (PRTH)?

Priority Technology Holdings has partnered with SYSPRO to enhance accounts payable capabilities through the Automated Payables for SYSPRO, powered by Priority CPX.

How does the Automated Payables solution benefit SYSPRO customers?

The solution digitizes and automates the accounts payable process, offering flexible payment options and potentially reducing costs and payment fraud risks.

What options are available through the Automated Payables for SYSPRO?

Vendors can choose between ACH, virtual card, check, or wire for payment, providing flexibility in payment methods.

How does Priority Technology Holdings (PRTH) enhance payment processes?

PRTH's solution streamlines payment strategies, aiming to improve revenue and reduce manual processing.