Fintech PrePay is a private label prepaid EFT product for distributors looking to expand their EFT offerings. Fintech PrePay operates in a similar fashion as Fintech's current EFT offering; deliveries are made normally and after the delivery has been made the distributor sends the invoice information to Fintech in an electronic format. Next, the distributor's operating account is paid for the amount of the invoice from the Fintech PrePay account and a remittance data file is sent to the distributor. The remittance file is downloaded by the distributor's route accounting software package and automatically marks the invoices as paid. Finally, the retailer's account is debited and the PrePay account is replenished. With Fintech PrePay, the distributor has the option to send automated statements and replenishment notices to each retailer.
 
Fintech PrePay works with not only traditional escrow/prepaid customers, but also with "troubled" and "slow pay" retailer accounts as well. This new product eliminates the need for distributors to track down retailers for their checks, while automating funding, monitoring and reconciliation of their PrePay accounts. Another major benefit is the ability to view real-time balances for each retailer prepaid account.
 
With Fintech PrePay, retailers can also benefit from this streamlined approach to traditional escrow. They can potentially reduce the amount of funds held in an escrow and are assured compliance with state regulations. Prepaid accounts are automatically replenished thereby eliminating the retailer's need to write checks and decrease the time employees spend throughout the payment process.
 
Fintech PrePaysm Benefits