CA Retailers EFT- QR

Stay Compliant and Pay All Your Alcohol Wholesalers
for Free with Fintech's PaymentSource®

The new California EFT law will require all wholesaler alcohol invoice payments to be made using an electronic funds transfer (EFT) by December 31, 2025.
Click here to learn more about it and how Fintech can help.

Here's why over 265,000 businesses use Fintech to automate alcohol invoice payments:

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34 years as an industry leader in alcohol invoice EFT payments
Automated alcohol payments based on the invoice due date
Comprehensive network of 360+ CA wholesalers
Fully compliant with EFT law

Testimonials from Our Clients

By making our labor hours more efficient, we spend more time focusing on areas that have a positive financial impact. I am focusing less on correcting errors, and more on rebate tracking to maximize return. We are meeting our goals for closing out each month, which means our monthly financial statements (P&Ls) are being released on a timely basis.

Pam Miller

Operations Controller
Sprint Mart

After switching to Fintech, we no longer had to write checks. Instead, we started using ACH withdrawal, which significantly reduced the time I spent on accounting. With each debit transaction, the name of the distributor is clearly shown, making reconciliation a breeze. Overall, Fintech has improved both productivity and efficiency across my business.

Kitty Hopkins

Chapmans Foods and Spirits

Fintech has helped streamline our ordering and record-keeping process. Prior to coming on-board, we were managing accounts across 4 major distributors - each with a different delivery schedule and invoicing system. Fintech keeps things tidy in the backend by providing a centralized location for billing and order records, saving our accounting team time and energy.

Margaret Cooper

Director of Events & Logistics
Mickey's Black Box

Fintech has become an integral part of our business and has given us visibility into how our operators purchase alcohol. Fintech’s custom reports have improved our alcohol reconciliation and helped us coach managers to maximize discounts, correct overages, and receive unnoticed credits. The return on investment was immediate, and it has helped us save time and money.

Scott Hastings

Senior Financial Analyst
P.F. Changs

The solutions provided by Fintech have become invaluable for World Wide Wings, and part of our daily beverage alcohol management routine. We don’t have to think twice about our store’s compliance, we save money and order more efficiently. Whether I operated 66 locations or one, I would, and will always be a Fintech user.

Joe Janaszek

Chief Marketing Officer
World Wide Wings

About The California EFT Law

Learn more about California’s new EFT law.

Additional details about the EFT law and how to get started.

How Fintech can help keep you compliant with the EFT law.

As of September 22, 2024, Assembly Bill 2991 has been signed by Governor Newsom, becoming the new EFT law. This bill 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.

What are EFT payments?

The new law defines them as “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.” It’s basically just an electronic version of a paper check.

Other notable clarifications to consider:

California’s 30-day credit limits remain unchanged and at the wholesaler’s discretion
Electronic payments include credit cards – but the retailer must pay the transaction fee for each credit card transaction
Wholesalers and retailers must pay their own costs for EFT services (neither party may pay for the other)
Wholesalers must initiate the payment process
Wholesalers will be responsible for selecting which third-party payment platforms they use, but there is an exception for retailers already using a third-party payment platform

Do you have questions about the new EFT law or how this will affect your business? Reach out to Wendy Turk, VP of Regulatory Affairs at Fintech, at [email protected].