Features & Benefits of Automated Accounts Payable
  • Improves security by eliminating payments at the store and the need for maintaining extra cash and checks
  • Minimizes vendor delivery time, reducing the time delivery trucks are parked in the store's parking and fueling area and allows store personnel to focus on serving customers
  • Eliminates pre-paid and escrow accounts
  • Provides a one-source solution for all beer, wine and spirits purchases and distributors
  • Processes simultaneous transactions directly through the Federal Reserve System
  • Limits daily access to your bank account by making one debit for all beer, wine and spirits purchases, while managing all trading partner bank accounts
  • Store personnel enter summary invoice data, remittance information provides item level detail
  • Works with your current account system; providing electronic reconciliation
  • Fintech is insured and bonded; protecting your funds
Reduce Paperwork and Cut Costs!
 
Automate Your Payment Process, Improve Security and Control!
 
Your desire to streamline alcohol commerce and communications with your trading partners is driven by your need to reduce the "cost of doing business".
 
You are asking your partners to assist in the reduction of paperwork and improve the delivery of information. Both of you can enjoy the benefits of electronic funds transfers and data interchange. However, in the process you may have encountered many obstacles along the path of accomplishing your goals.
 
As with many other businesses looking to expand or initiate automated electronic payment systems, you are looking for:
  • The ability to strategically reallocate headcount to more strategic activities
  • OneSourcesm for eCommerce and payment services for regulated and franchise royalty payments
  • A solution that saves you both time and money
  • Security and reliability in data transfer
  • No new IT/MIS projects
  • Common platform availability
  • Control over your multiple/decentralized distribution systems
  • The ability to easily expand your electronic commerce community
  • No technological barriers for your trading partners
  • State by state legal compliance for regulated commerce
  • Elimination of costly VAN (Value Added Network) charges
Regulated Electronic Alcohol Commerce
Getting invoice information and paying distributors for beer, wine and spirits is now easier and more secure than ever! Fintech offers benefits to both retailers and vendors and is quickly becoming the most accepted method of invoice data entry, payment and reconciliation.
 
Fintech solves the operational problems retailers face in paying distributors on delivery. The need for writing money orders, checks, or maintaining cash for payments is eliminated, creating greater security.
 
Because drivers do not need to wait for payment, they reduce their time in the store and the time their trucks are in the retailer's parking lot.
 
Store managers enter summary invoice information into their information systems. Full invoice detail, by item, is provided electronically for reconciliation at the corporate office. Automated alcohol invoice processing allows for data entry errors to dramatically decline.
 
Accounting's work is further reduced, as money orders and checks previously written at the store no longer need to be reconciled. Additionally, any prepaid or escrow accounts are also eliminated.
 
Process Description
The benefits experienced with Fintech create a win/win scenario for both retailers and vendors. When a retailer accepts a delivery and signs the invoice, it becomes the EFT irrevocable commitment to pay.
 
At the end of the distributor's day, the information is uploaded into their system, where the invoice data is extracted and sent to Fintech to process the automated alcohol payment. Fintech formats the information to the Federal Reserve's requirements and forwards it on.
 
The Federal Reserve then simultaneously transfers the appropriate funds between the retailer and distributor's accounts. The remittance information, including the invoice detail, is electronically sent to the retailer within 24 hours. Retailers can then electronically reconcile their account and manage any exceptions.
 
Solutions for Alcohol Distributors | Solutions for Alcohol Retailers