Stay Compliant with the New EFT Alcohol Invoice Law
The new California EFT law requires all wholesaler alcohol invoice payments to be made using an electronic funds transfer (EFT).
Take these steps to register in 10 minutes or less:
- Click the self-sign-up button
- Enter your business location details
- Enter your Location ID if applicable*
- Create a Fintech account and password
- Log in to your Fintech account and connect your bank
- Add all the distributors you do business with
*Location ID is a way we assist those who manage multiple business locations. When entering your information, be sure to include any numbering system you use. If you are a single-site operator or don’t use a system like this, then you don’t need to enter anything. We default the Location ID to 0001.
Here's why over 50% of California businesses use Fintech for automated EFT alcohol invoice payments
- Free service with self-sign-up feature
- 34 years as an industry leader in alcohol invoice EFT payments
- Automated alcohol payments based on the invoice due date
- Comprehensive network of 420+ CA wholesalers
- Fully compliant with new EFT law
- Easily add CA wholesalers & locations by logging in below
Interview with Cali BBQ Media
Hear from Wendy Turk, VP of Regulatory Affairs at Fintech, on how this law impacts California businesses and how Fintech is a smarter way forward when it comes to managing alcohol invoice payments.
FAQs
How long has Fintech been processing invoices?
Fintech has been processing alcohol invoices electronically (EFT payments) for over 35 years.
What are EFT payments?
The electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions via computer-based systems.
What plans does Fintech offer?
We have several plans to offer, including our free plan. The free plan has limited invoice visibility, but users are able to upgrade to one of our paying plans for added features if they desire at any point during or after their trial.
What are the next steps after registration?
- You will need to add your wholesalers to your account for automated EFT payments
- You will also need to confirm banking details
- It will take 5-7 business days for the prenote to clear for your bank account
- As Fintech is prenoting the bank account, our system notifies your wholesalers to request your customer number and approval of the setup request
- A notification will be sent when the account is ready to activate
What is a prenote?
A prenote is a zero-dollar payment used to validate the account and routing details of a bank account before initiating an EFT payment.
What if I can't see my wholesaler on Fintech?
You can search for your wholesaler in the Fintech portal and add them for electronic invoice payments. If you can’t find them, you can request a new distributor, and Fintech will help get them onboarded.
Who initiates the alcohol invoice payment?
Per the law, wholesalers must initiate the payment.
Are you having problems setting up an account or need assistance adding wholesalers or locations?
Contact casupport@fintech.com for help.