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| Alcoholic Beverage Payments EFT Process Description |
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fintech.net's flexible electronic funds transfer (EFT) solutions allow trading
partner communities the ability to exchange and settle their invoice data
electronically, while maintaining compliance with state regulations. fintech.net's
programs are proven to save time & money during the delivery, payment and
reconciliation processes.
Deliveries are made just as you do business today. The buyer checks in the
delivery and signs the invoice or delivery ticket. A paper copy is left with
the buyer and the delivery driver has a paper copy for his records. With this,
the invoice becomes the EFT irrevocable commitment to pay.
In Cash on Delivery States, the major benefit to the buyer and the seller is that the payment does not have
to be made at the delivery; therefore, both parties are able to realize immediate time
savings in their backdoor processes. Sellers on the program report an average
15 minutes and buyers report an average 10 minutes of time saved per delivery.
In Credit States, term payments can also be processed via EFT, eliminating check and paper invoice handling by both parties.
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At the end of the seller's day, the invoice information is entered into
the route accounting system. The seller then submits the information
to fintech.net.
Based on the payment due date, fintech.net processes the data and transfers it
through the Federal Reserve System. The funds are then simultaneously
transferred from the buyer's bank directly to Federal Reserve settlement
account at the seller's bank.
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fintech.net provides each trading partner with reconciliation and postback
reporting. This reporting may be received via FTX® Internet Services, FTP, e-mail, fax or postal
service. fintech.net's flexible system enables trading partner communities
with the ability to exchange and settle their invoice data electronically,
in a format that works directly with their existing systems.
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| Delivery Day |
Normal delivery, invoice signed
(i.e. Monday) |
Normal delivery, invoice signed
(i.e. 1st day of month) |
| Within 24 Hours of Payment Due Date - morning |
Invoice information submitted to fintech.net no later than 3 pm ET
(i.e. Tuesday morning) |
Invoice information submitted to fintech.net. Invoices can be submitted on delivery date up to the morning of the payment due date. Invoices received early will be stored and processed based on the payment due date submitted.
(i.e. morning of 2nd day of month) |
| Within 24 Hours of Payment Due Date - 5 pm |
Funds are available in the Federal Reserve settlement account at seller's bank.
(i.e. Tuesday by 5 pm) |
Funds are available in the Federal Reserve settlement account at seller's bank.
(i.e. afternoon of 29th day - 30 day terms) |
| Payment Due Date |
Funds are available in seller's account.
(within 24 hours of delivery) |
Funds are available in seller's account.
(i.e. Day 30 - 30 day terms) |
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| Contact Us |
www.fintech.net |
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| Corporate Office |
| fintech.net |
| 7702 Woodland Center Blvd, Suite 50 |
| Tampa, FL 33614 |
| 800.572.0854 |
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