Intro
How Founders Group International Saved Time and Money with Fintech
Results by the Numbers
1,450+
alcohol invoices processed in one year
60+
distributor relationships with payment and invoice history for 19 locations
100%
compliance for over five years
The Story
How Fintech Helped Founders Group International
The Challenge
Prior to implementing Fintech’s PaymentSource®, Founders Group International struggled with outdated alcohol invoice payment methods which lead to inefficient business practices. Their cash-on-delivery requirements for alcohol meant that only authorized employees were able to issue payment for deliveries, resulting in extended delivery times and time spent away from customers. Additionally, if deliveries were received that didn’t match the check amount or included damaged products it was not easy to re-issue a check, often resulting in out-of-stocks of top-selling products and decreased sales behind the bar. They searched for a system that could streamline the delivery process and give managers more time to focus on overall guest experience. Founders Group International also wanted a simpler way to research pricing inconsistencies without adding hours of manual research. They searched for an end-to-end solution that could solve their challenges, so they turned to Fintech.
The Fintech Solution
Founders Group International began using Fintech’s PaymentSource in 2014 and immediately transformed their previously tedious delivery process. The automated payments provided by PaymentSource not only ensure all alcohol invoices are paid according to their due date, keeping each location compliant with state regulatory laws, but also decreases the time of each delivery. Now, authorized personnel don’t have to waste time preparing individual payments and delivery trucks spend far less time at the club house. Through Fintech Management Suite (FMSTM), Founders Group lnternational’s accounting team has gained access to a centralized, online portal that breaks down all their alcohol invoices by line item, allowing them to easily reconcile payments for any location. Fintech also provides monthly, personalized reports with clear, actionable purchase data that highlight costly price discrepancies and avoidable ordering fees. By using these lnfoSource reports, they have been able to drastically reduce the amount of money wasted on unnecessary split case fees each month, particularly in their wine category. Armed with this information, Founders Group has been able to identify and communicate opportunities for ordering that better align with their profit goals. Since partnering with Fintech, Founders Group International has enhanced their daily operations and improved ordering decisions, saving them valuable time and money.
What Our Partners Say
“Fintech has changed the way we order alcohol by bringing to light all these price discrepancies and split case fees. We had no idea we were leaving that much money on the table! With Fintech we’ve been able to teach our managers to order more efficiently and cut unnecessary fees. The price for Fintech is incredibly reasonable, and the value we’ve received in return is exceptional! I can’t imagine not using Fintech.”
Lois Spoto, Director of Food & Beverage, Founders Group International
About Client
Founders Group International is Myrtle Beach’s leading golf-management company, overseeing several award- winning PGA courses including TPC Myrtle Beach and World Tour International. As a premier management company, Founders Group International has been providing golfers with a one-of-a-kind experience since 1971. They offer a variety of golf programs, training events, and multi-round specials, along with unique dining and entertainment options at each course. Founders Group International partnered with Fintech in 2014 to improve daily operations and margin accuracy for their beverage alcohol program across 19 courses.
