Fintech has helped hundreds of companies like yours define, implement and expand their EFT and financial settlement business strategy.
 
Fintech maintains a strong, trusted presence in many industries including convenience store, grocery, drug, and restaurant/hospitality. With a proven track record, Fintech has provided EFT and financial settlement solutions to over 190,000 business relationships.
 
To see how companies like yours are implementing real EFT and financial settlement solutions, continue reading below to hear stories profiling how companies have solved their business problems with our invoice payment solutions.
C.A. Muer Restaurant Corp.
The C.A. Muer Restaurant Corporation is a collection of twenty fine dining seafood restaurants located in FL, MI, NJ, OH, PA and SC which include Charley's Crab, Chuck Muer's Seafood Tavern, The Grand Concourse, Big Fish and the Gandy Dancer to name a few.
 
Like most restaurants, C.A. Muer serves alcoholic beverages. Before implementing Fintech's regulated payment services, C.A. Muer utilized a cumbersome process of paying for these regulated products. Since many of their restaurants are located in states (MI, OH, PA and SC) requiring all beer, wine and liquor payments be made at the time of delivery, each C.A. Muer location had to keep extra cash and a supply of partially completed manual checks on hand.
 
These regulations, resulted in managers needing to stop, pay and sign for every delivery, stripping them of valuable time with customers and staff. This process was a disruptive, insecure and sometimes inaccurate way of paying for regulated goods. Also, once a check was paid, there was no guarantee that the check was received within a state's guidelines for these regulated products, which increased the risk of serious legal issues for the restaurant chain.
 
Full C.A. Muer Restaurant Corp. Case Study
R.H. Barringer Distributing Co.
R.H. Barringer Distributing Co. is a wholesale distributor of Anheuser-Busch products in North Carolina. As with 32 other states, in North Carolina, beer is a cash-on-delivery product. Prior to Fintech, a typical day of deliveries would consist of the driver arriving at a retail destination and unloading the delivery. Since the drivers cannot leave without payment, they must wait on the store manager to pay for the shipment. In many cases, store managers were usually too busy with customers or overloaded in other ways to deal with providing payment right away. Therefore, during this time, it meant the driver had to wait for payment, losing time for other deliveries and thusly losing profit.
 
For their invoice and settlement service, R.H. Barringer was utilizing a manual bank draft EFT system through their commercial bank. This painstaking system required them to manually transcribe the trading partner totals to the bank software, manually generate and manually fax confirmations to each trading partner. Then, they would manually post the payments to their accounts receivable. For R.H. Barringer, this was a time-wasting, laborious process, only adding to their administrative costs. And, since it was a non-standard solution, a large majority of their larger chain retail customers preferred to not use this service at all. In the end, the actual number of their retail customers using this manual EFT process was less than 1%.
 
Full R.H. Barringer Distributing Co. Case Study