Simplify Your Invoice Processes and Eliminate Inventory Holding Costs
Easily processes all your invoices with automation and scale your supply chain business with consignment-selling.
Simplify Your Invoicing Process
PaymentSource®
Managing over 1,200 data integrations today, Fintech works one-on-one with supply chain partners to establish integration connections using EDI, CSV, and other formats to ingest, normalize, and send clean invoice data back to retailers through an integration or daily electronic file. This data includes both product and vendor details. Fintech’s new developments for vendors also include its proprietary Invoice Builder tool for vendors without e-invoicing capabilities. Using this tool, invoices can be created and uploaded inside the portal by the vendor.
Automating your invoice processes through Fintech will speed up payment collections by ensuring they are sent in the preferred format to the appropriate department, especially for larger retailers. This automation increases compliance with payment terms and reduces the administrative burden of handling manual invoice processes, as retailers can immediately access and review the invoice details.
Scale with Consignment Selling
Scan-based Trading
Scan-based trading can be best characterized as consignment selling, where vendors invoice customers based on point-of-sale data. This method simplifies invoicing and guarantees prompt payment through scanned purchases, thereby minimizing discrepancies and expediting reconciliation.
The advantages of this consignment relationship and invoicing method extend to both vendors and retail partners. They include precise inventory tracking through Universal Product Codes (UPCs), optimized labor use, enhanced inventory control, reduced out-of-stock products, and decreased shrinkage. These benefits collectively lead to substantial cost savings, improved cash flow, and a mutually profitable relationship.
