BUSINESS WIRE
Leading invoice payment and data solutions provider achieves unprecedented success in the alcohol industry.
Fintech Celebrates Remarkable Milestone: 1 Million Alcohol Distributor-to-Client Connections with PaymentSource®
Misha Hart
mhart@fintech.com
Financial Information Technologies, LLC (Fintech), the foremost provider of invoice payment and data solutions for the alcohol industry, proudly announces a significant milestone with 1,000,000 alcohol distributor-to-client business connections through its flagship product, PaymentSource®. This achievement underscores Fintech’s unwavering commitment to streamlining accounts payable and accounts receivable processes for B2B alcohol transactions.
Fintech’s extensive network spans over 225,000 businesses involved in alcohol sales, linking them with more than 5,000 distributors and self-distributing suppliers nationwide. Processing an impressive weekly average of over 950,000 invoices, totaling $50 billion in annual alcohol purchases, Fintech has firmly positioned itself as the premier platform for alcohol purchases within the industry.
Nearly 40% of all retail and hospitality establishments holding alcohol licenses rely on Fintech to oversee their invoice payments nationwide. With PaymentSource, Fintech empowers businesses to automate both cash-on-delivery and term payments for alcohol deliveries, supporting compliance with state regulations governing alcohol purchases.
While renowned for its accounts payable and receivable benefits, PaymentSource also incorporates automation technology for various manual processes involved in alcohol business management. Once an invoice is received and automatically paid, the Fintech integration seamlessly delivers error-free, GL-coded invoice data directly into the client’s back-office or accounting system. Additionally, all invoices are securely stored within the Fintech client portal, which offers a consolidated view of payment activity and credit request functionality. Moreover, the portal provides actionable reporting tools such as the Spend Overview Report, Distributor Analysis Report, and Cost Variance Report. These tools enable clients to monitor changes in expected product costs and identify potential influences affecting margin erosion, allowing prompt resolution of issues impacting desired results.
For over three decades, Fintech has been a trusted partner for alcohol businesses of all sizes. With a commitment to optimize alcohol business management, Fintech continually expands its suite of solutions, incorporating scan-based trading, customer sales management, and more. These comprehensive offerings ensure growth, support, and protection of margins and profits across various cost centers for its clients.
“We are immensely grateful for our clients’ continued trust as we reach new milestones in the alcohol industry,” said Tad Phelps, CEO of Fintech. “Fintech remains dedicated to developing innovative solutions that directly address the evolving needs of the industry across all three tiers.”
For more information about Fintech and its range of solutions, please visit their website.
About Fintech
Fintech, a pioneering business solutions provider, has dedicated nearly 35 years to serving the beverage alcohol industry. Supported by TA Associates and General Atlantic, it stands as a leader in this sector. The flagship product, PaymentSource®, is utilized by over 225,000 retail and hospitality businesses, along with more than 5,000 alcohol distributors and suppliers nationwide. This proven platform automates alcohol invoice payment, streamlines payment collection, and facilitates comprehensive data capture for over 1 million B2B business relationships. In 2024, Fintech expanded PaymentSource capabilities to encompass all B2B purchases, not just alcohol, offering a one-source solution for invoice management. Recognizing operational hurdles, it added inventory management through scan-based trading and enhanced CRM tool functionality to fortify supplier and distributor field execution, addressing diverse profit center challenges.
For more information about Fintech and its range of solutions, please visit their website.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240123129581/en/