Electronic funds transfer (EFT) is becoming the preferred method for alcohol invoice payments for many businesses. EFT offers a range of benefits, including electronic alcohol invoice payment automation capabilities, enhanced security, and the elimination of the need to pay with cash or checks. Several states have even passed legislation requiring EFT payments for alcohol invoices, with California being one of the more recent examples.
Despite all this, some businesses remain hesitant to make the switch to EFT payments. Here at Fintech, we’ve seen three common misconceptions surrounding EFT adoption, and we’re here to address them in this blog.
1) I will lose control of my alcohol invoice payments.
Fintech does not take title of your funds at any point. All payments move directly from your account to your distributor’s account through the Federal Reserve. Fintech serves as a payment facilitator by automating alcohol invoice payments according to the terms specified on the invoice. With Fintech, you do not lose control of your payments. You only lose the burden of manually making each individual payment every time a distributor makes a delivery.
2) I need to pay my alcohol distributors through different portals.
Fintech consolidates all your invoice payment activity into one portal. There is no need to log into multiple invoice payment platforms. Fintech provides one source for you to easily set up your distributor payment relationships, automate payments, view payment history, and more.
3) I can pay my alcohol distributors directly through EFT.
This is not always an option. Not all distributors offer a direct EFT payment service. And not all direct payment services are compliant with laws that specifically mention EFT. In fact, your distributor may already be on Fintech and use us as their preferred payment method.
Fintech Makes Switching to EFT Alcohol Invoice Payments Simple
When considering EFT adoption, why not work with a company that has been automating alcohol invoice payments for over three decades? Fintech’s PaymentSource® not only automates your payments (without ever taking title of your funds) but also has a portal where you can easily add new distributors as your business expands, view payment history, and request credits from your distributors if there is a delivery issue.
If you are in a state where EFT is required for invoice payments, then Fintech is the go-to option. We work with over 275,000 businesses, over 7,700 alcohol distributors, vendors, and suppliers, and process approximately 53 million invoices annually. With over 34 years of experience in the alcohol invoice payments sector, we’re a trusted name in the industry.
Please fill out the form below to get in touch with a Fintech expert who can answer any questions about our EFT alcohol invoice payment solution.
