Priority Technology Holdings is a payments and embedded finance company that helps businesses collect, store, lend, and send money. Priority ranks as the 5th largest non-bank merchant acquirer in the U.S. by volume. The company operates through three segments: Merchant Solutions, Payables, and Treasury Solutions. Merchant Solutions (~67% of revenue) provides full-service payment acquiring for SMBs and enterprises through Priority's MX Merchant suite, which supports card, ACH, e-commerce, and POS payments across roughly 179,000 merchant accounts. Priority reaches SMB merchants primarily through ~1,100 resellers including ISOs, ISVs, and bank partners. Payables (~10% of revenue) automates AP for businesses and financial institutions via the CPX platform, facilitating buyer-to-supplier payments through virtual card, ACH, or check, and capturing interchange on those transactions. The Plastiq product allows businesses to pay suppliers via credit card even when suppliers don't accept cards, helping buyers extend working capital. Treasury Solutions (~23% of revenue) offers embedded banking and BaaS for software platforms and enterprises, earning fee revenue and interest income on the $1.6B+ in account balances it administers. This segment carries gross margins above 93%. Priority does not own a bank, instead partnering with sponsor banks including Wells Fargo, Synovus, and Axos, while holding money transmission licenses in 46 states. Priority argues the business has countercyclical properties, as economic stress tends to drive higher demand for working capital tools and debt resolution programs.