Fortis CEO Greg Cohen on Defining the Future of Embedded Payments and Powering Global Growth

In this exclusive Q&A for the April 2025 edition of ERPNews Magazine, we sit down with Greg Cohen, CEO of Fortis, to explore how the company has achieved a 12-fold expansion since 2020 and what’s ahead following a significant joint investment from Audax Private Equity and Lovell Minnick Partners. Greg shares his vision for the future of embedded payments, unpacks the technology roadmap, and discusses how Fortis is redefining B2B payment experiences through innovation, ERP integrations, and AI-powered solutions. As the market accelerates toward digital and omnichannel strategies, Fortis is not just adapting—it’s leading the way.

• Fortis has seen impressive growth over the last five years. What would you say were the key strategic decisions or innovations that fueled this 12-fold expansion since 2020?

Fortis’s remarkable growth over the last five years stems from our strategic focus on reinventing how payments integrate within business software ecosystems. We identified a critical need within the embedded payments space, specifically for software platforms, ERP systems, and their customers. These businesses were struggling with fragmented payment experiences. There’s a major need for seamless payment integrations to enhance the business user experience.

Three key factors have driven our 12-fold expansion:

First, our technology. We have a proprietary technology platform that seamlessly integrates within software workflows. We’ve gone beyond simply offering payment processing, delivering comprehensive commerce enablement tools that transform how businesses handle transactions across their business operations.

Second, our cultivation of strong, collaborative partnerships has been instrumental in forging deep relationships with software providers and platforms. ERP systems and software platforms have created a powerful distribution channel that has simultaneously fueled our growth while enhancing our partners’ offerings.

Third, is our vertical approach. We’ve dedicated ourselves to deeply understanding the specific needs of businesses across different industries and then tailoring our solutions to meet those demands. This deep understanding, combined with our ability to identify underserved markets, has allowed us to consistently deliver valuable solutions that go above and beyond generic payment solutions.

The initial investment from Lovell Minnick Partners in 2019 was instrumental in allowing us to execute these strategies at scale. Now, with Audax joining LMP as an investment partner, we’re positioned to further accelerate our innovation roadmap and expand our global footprint.

• The joint investment from Audax Private Equity and Lovell Minnick Partners marks a significant milestone. What does this mean for Fortis’ short- and long-term roadmap? How will this new capital infusion accelerate your technology roadmap, particularly in terms of enhancing your embedded payments capabilities?

The joint investment from Audax Private Equity and Lovell Minnick Partners provides Fortis with an opportunity to accelerate our innovation timeline and expand our market leadership in embedded payments. We’ll deploy resources to accelerate our product roadmap, pursue strategic acquisitions, and expand our global footprint, as we stay relentlessly focused on defining the future of embedded payments.

In the immediate future, we will significantly enhance our customer and partner experience through next-generation client engagement connectivity and portal experiences, including improved reporting, expanded enablement endpoints, and seamless access to customer data, enabling customers to make data-driven decisions that optimize their payment operations, enhance adoption, and boost revenue.

We will also be expanding our connectivity ecosystem, particularly with e-commerce platforms, value-added financial services, and ERP systems. Accelerating the development of these critical connections will also require us to scale our teams to meet the growing market demand that we’re experiencing across multiple verticals.

Our new partnership with Audax will provide the opportunity to leverage an extensive network to create strategic partnerships with complementary technology providers and access to global resources. We’ll be able to deliver more comprehensive solutions and create new value propositions for businesses seeking to modernize their payment infrastructure.

Looking ahead, this partnership will provide us with the fuel to pursue our long-term goals of unlocking omnichannel strategies for businesses. It opens doors to new connections, potential acquisitions, and opportunities to further solidify our position as a leader in the industry. This investment is not just about growth; it’s about solidifying our commitment to innovation and delivering exceptional value to our partners and customers.

• You mentioned that Fortis is defining the future of embedded payments. What differentiates Fortis’ platform from others in the market, especially in the context of ERP integrations?

What sets Fortis apart is our laser focus on business software, ERP systems, and the segments they serve. Our technology is purpose-built for the complexities of business payment, and our platform addresses the sophisticated requirements of business management software. Unlike others who may have a few solutions in various industries, our focused strategy has been on empowering software providers, particularly within these more complex ecosystems.

We’ve also built a team that deeply understands the ERP environment. When we talk with partners, we speak their language because we’ve lived in their world. This saves everyone time, reduces frustration, and allows us to anticipate problems before they happen. Beyond our expertise, our approach to support is fundamentally different. We don’t just provide documentation; we are actively involved, offering guidance and support every step of the way. This hands-on approach translates to quicker answers, greater satisfaction for our partners, and ultimately, happier merchants.

For the businesses your readers serve, our differentiation lies in our commitment to automation and improving accounts receivable processes in addition to processing a payment. We understand the evolving landscape of commerce and provide tools that streamline processes for accounting and finance teams. Our technology automates much of the manual work, freeing up valuable time and improving efficiency. Additionally, we extend the same high-touch, custom support to merchants, ensuring their payment issues are resolved quickly and effectively.

• The B2B payments market is massive and evolving rapidly. What emerging trends are you most excited about, and how is Fortis positioning itself to lead in this space?

The B2B payments landscape is incredibly dynamic, and we’re excited about several emerging technologies that are transforming how payments are made and received. While integrated payment experiences within ERP and accounting software remain crucial, we’re also closely watching innovations like tap-to-pay and AI-powered payment solutions.

Tap-to-pay, for example, is shifting the paradigm of payment acceptance as businesses morph from invoice-only billing. Traditionally, an expensive terminal was required for physical payment acceptance. Now, with solutions like Apple’s tap-to-pay, a simple cell phone becomes the terminal. This accelerates setup, speeds up payment collection, and allows for rapid deployment of multiple ‘terminals,’ especially beneficial for counter-sales and field service opportunities. It also unlocks mobile payment acceptance beyond fixed locations, all while maintaining the lowest (card-present) rates. These features expand capabilities for B2B businesses, enabling quicker and easier payment collection in various scenarios, even for those who need to collect physical payments outside of traditional office settings.

Beyond tap-to-pay, we’re also enthusiastic about the potential of AI in streamlining payments. While automating payments is not new, the application of AI is taking it to the next level, particularly in accelerating payment collection and delivery. One of our partners is leveraging an AI system where customers can securely provide their credit card information over the phone to pay for orders. The AI translates and encrypts the information in the backend, with Fortis processing the payment. This type of cutting-edge technology, though not yet mainstream, is indicative of the future of payment collection and the innovations we’re exploring.

Finally, the application of AI and machine learning to optimize payment processes is a significant area of focus. This includes using AI to predict payment behavior, automate collections, and enhance fraud detection. While still evolving, we are exploring how AI can further enhance our platform and provide even greater value to our B2B clients.

Our strategy is to stay ahead of these trends by investing in technology, building strong partnerships, and continuously listening to the needs of our B2B customers. We are committed to providing innovative solutions that simplify complex B2B payment challenges and help our clients thrive in the evolving landscape.

• Could you tell us more about your vision for global expansion and the specific markets you’re targeting in this next phase of growth?

Our immediate strategic focus remains on ERP and specifically, deepening our penetration within our core segments and growing acceptance in markets like construction and field services. We have identified a significant opportunity to provide these sectors, which are often underserved in terms of payment technology, with tailored and innovative solutions. This targeted approach allows us to build expertise and deliver exceptional value where it’s needed most.

While North America remains a core market, we are actively exploring opportunities for global expansion as a natural progression of our strategic growth. We recognize the immense potential in international markets and are laying the groundwork for strategic entry. While specific markets are still under evaluation, we are particularly interested in regions where our expertise in embedded payments and our focus on underserved industries align with market needs.

We understand that navigating the complexities of different currencies, regulatory landscapes, and market dynamics requires careful planning and execution. Our current focus on building a strong foundation in North America provides us with the necessary experience and resources to approach global expansion strategically and effectively when the time is right. We are committed to a thoughtful and well-planned approach to ensure our global expansion is successful and sustainable.

• How do you envision AI, machine learning, or advanced analytics enhancing the embedded payments experience in the near future?

AI, machine learning, and advanced analytics hold immense potential to revolutionize the embedded payments experience, both behind the scenes and for the end user.

In the near term, we anticipate significant advancements in how these technologies optimize backend infrastructure. AI can enhance transaction authorization processes, improve fraud detection, and streamline reconciliation, making the entire payment ecosystem more efficient and secure. While these improvements may not be immediately visible to the public, they are crucial for a seamless and reliable experience.

Closer to the user, we will see AI playing a more prominent role in enhancing service and training experiences, reporting and data analytics. Businesses will gain deeper insights into their payment capabilities and data, allowing them to make more informed decisions, personalize customer experiences, and optimize their payment strategies.

Looking further ahead, the potential of AI in transforming payment collection is incredibly exciting. Imagine AI-powered systems that can intelligently predict payment patterns, automate follow-ups for overdue payments, or even offer personalized payment options based on individual customer behavior. The example of AI handling voice payments securely is a glimpse into this future.

At Fortis, we are actively exploring and investing in these technologies to enhance our embedded payments platform. Our focus is on leveraging AI to create more efficient, secure, and user-friendly experiences for both our partners and their customers. We believe that AI will be a key driver in shaping the future of embedded payments, and we are committed to being at the forefront of this innovation.

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