As of September 22, 2024, Assembly Bill 2991 has been signed by Governor Newsom, becoming the new EFT law. This law requires all wholesale alcohol invoice payments to be made using an electronic funds transfer (EFT). Cash, checks, money orders, and other forms of payment will be replaced by EFT.

FAQs

How long has Fintech been processing alcohol 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

• 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 
• 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