TAMPA, Fla.--(BUSINESS WIRE)--Financial-Information-Technologies, LLC (“Fintech”), a leading accounts payable (AP) automation technology provider for the hospitality and retail industries, today announced its expanded capabilities of its flagship product PaymentSource® to include automated invoice processing for all business-to-business transactions. With Fintech’s nearly 35 years of experience in the alcohol industry automating invoice payment submission and collection for deliveries, scaling its services was an inherent progression. Today, Fintech processes over 52 million invoices annually, totaling $53 billion in annual purchases for its network of over 1 million business-to-business (B2B) relationships.
Managing over 1,200 data integrations today, Fintech works one-on-one with supply chain partners to establish these connections using EDI, CSV, and other formats to ingest, normalize, and send clean invoice data back to its retailers through an integration or daily electronic file. This data includes both product and vendor details. Fintech’s new developments also include its proprietary Invoice Builder tool for smaller vendors without e-invoicing capabilities. Using this tool, invoices can be created and uploaded inside the portal by the vendor, or retailers can choose to scan and upload an invoice, which leverages optical character recognition to capture the invoice data.
In conjunction with invoice data services, Fintech also provides a variety of payment methods for invoices. Automated payment and approval are utilized for alcohol invoices to keep compliant with state regulations. This method can also be used for any other recurring invoice payment specified by the retailer and eliminates all manual effort associated with approving, scheduling, or making a payment. Other available methods include both ACH, which allows retailers to schedule an electronic funds transfer (EFT), and check payment, which is scheduled by the retailer and processed by their bank on the date specified by the retailer. The Fintech client portal allows the retailer to monitor invoice payments, access 15 months of rolling invoice history, and utilize analytics by expense category.
The expanded functionality of PaymentSource helps businesses save time, reduce costs, improve efficiency and accuracy, lower exception rates, reconcile faster, and ensure compliance across their entire invoice database.
“Managing multiple locations across the country can be challenging, especially when having to wait for each invoice to be manually entered by our managers. PaymentSource® speeds up this process by allowing our managers to simply scan and upload the invoices into one portal for review and payment approval. All invoice data is transmitted into Compeat, automating our inventory management and saving hours on invoice data entry,” said Randy Schneider, Director of Food & Beverage, Family Entertainment Group.
“Throughout the years, our clients have frequently requested that we expand our invoice processing services to include not only alcohol but all their business purchases,” said Tad Phelps, CEO of Fintech. “Making advancements in our technology based on consistent client feedback has always proven to be the right decision to help our clients grow and be more successful. These developments will address the invoice payment needs for clients of all sizes, whether they are a distributor, supplier, vendor, or retail/hospitality operator.”
About Fintech
Fintech, a pioneering accounts payable (AP) automation solutions provider, has dedicated nearly 35 years to automating invoice processing between retail and hospitality businesses, and their supply chain partners. Backed by leading investors TA Associates and General Atlantic, it stands as a leader in this sector. Its flagship product, PaymentSource®, was first built for the alcohol industry to provide invoice payment automation between alcohol distributors and their customers across all 50 states. Today, it is utilized by over 245,000 businesses nationwide for invoice payment and collection associated with all B2B business transactions. This proven platform automates invoice payment, streamlines payment collection, and facilitates comprehensive data capture for over 1.1 million business relationships. Recognizing operational hurdles, Fintech expanded its payment capabilities to include scan-based trading/consignment selling for its vendors and retailers and built an advanced CRM tool with functionality to fortify vendor, supplier, and distributor field execution, addressing diverse profit center challenges. For more information about Fintech and its range of solutions, please visit www.fintech.com.
