Fintech, a U.S. Chamber of Commerce Best Business of the Year winner located in Tampa, Florida, is the OneSource®solution for your beverage alcohol business. Working with over 3,000 distributors, our business processes alcohol invoices for more than 450,000 relationships nationwide and over $25 billion in payments annually.
Since receiving our first state approval in 1991 to use electronic funds transfer (EFT) as a cash equivalent for the payment of beer, wine, and spirits, the Fintech system has reinvented the alcohol data and payment process for customers across the country.
However, in the beginning, it had to overcome the fact that an electronic payment option was not as widely accepted in the '90s as it is today. Besides, alcohol payments by cash, check, or money order had withstood the test of time since 1933 – if it wasn't broken, why fix it?
Fintech, nonetheless, very clearly saw the problems we could address for the alcohol industry. With electronic payments and data reporting Fintech could increase security, ensure compliance with all alcohol regulations, and most importantly – make alcohol payments universally more convenient.
The challenge was persuading not only customers to transition to electronic payments, but also each state to declare EFT a cash equivalent. With Fintech’s home state of Florida being the first to pioneer this approval in 1990, our founders journeyed to each state to prove that EFT was consistent with the principles behind each states’ alcohol regulations.
It took years of perseverance, but Fintech’s electronic data and payment program is now approved by all 50 states as a cash equivalent for alcohol payments – an achievement that solidifies Fintech as an instrumental asset to the modernization of the alcohol world.