Michigan EFT Mandate for Beer, Wine, and Mixed Spirit Drink
If you own or work for a business that sells alcohol in Michigan, you likely received an email from the Michigan Department of Licensing and Regulatory Affairs about an Electronic Funds Transfer (EFT) mandate going in place by March 31st, 2023. To comply with these laws, you must be on EFT payments by March 23rd, 2023.
Since 1991, Fintech has automated regulated invoice payments for wholesalers and their customers – bars, restaurants, retail stores, etc… Most importantly, our solutions comply with state law requirements such as cash on delivery(COD) or specific set terms. Businesses that use Fintech don’t have to waste time with manual payment methods and gain new insight with an online portal to easily manage their invoices.
Our most popular solution is PaymentSource which automates invoice payments and easily integrates into back-office RAS systems to streamline manual accounting. An online portal is also provided to view all your alcohol invoices, providing clear visibility to protect margins further and reduce costly human error through automation.
Our second most popular product is distributor autopay, which only automates your wholesaler invoice payments with no online portal access and no back-office integrations.
Talk to a Fintech automation expert to determine which solution best fits your business.
Complete the form below to request a call from our team, or call us directly to speak with an expert today. 813-452-3599
Want to learn more?
Read our blog explaining the EFT Administrative order created by the MLCC (Michigan Liquor Control Commission).