With crisis, comes innovation. As the COVID-19 pandemic began to spread throughout the world, businesses in all industries were pushed to adapt to a new normal. Over the past few weeks, Fintech has worked diligently to enhance our solutions and product offerings to better support our clients amidst these changes. In a time where the safety and security of your employees and customers are top of mind, Fintech's electronic payment solution has proven to be more valuable than ever. As regulations eased and sales focuses shifted, Fintech quickly began developing tools to provide immediate benefit to clients during a time of great uncertainty and constant change.
Modifying Payment Dates
One by one, states began to restrict on-premise dining, significantly impacting revenue and cashflow in the retail sector. As a result, state legislators took action. While closely monitoring the regulatory changes throughout the country, Fintech swiftly developed a tool that allowed distributors to adjust invoice payment dates within their Fintech portal. Fintech distributors are now able to directly modify due dates, or place any pending invoices on hold, extending payment terms for their customers. This tool proved to be invaluable in states where businesses were forced to close, and payment regulations became more lenient.
Expanding Secure, Touch-Free Payments
As the U.S. became more directly impacted, we saw an increase in off-premise activity and a rapid need for new safety protocols. In an effort to support both our distributor and retail partners, Fintech opened the free distributor autopay program to retailers of any size across the country. These secure, touch-free payments have allowed both distributors and retailers to digitize their transactions and minimize physical contact. To make the setup of electronic payments even easier, Fintech moved to a fully digital enrollment process. We’ve also made significant enhancements to the Potential Relationships Report. For the first time, distributors can initiate electronic payments with retailers on any Fintech program, with the ability to find retailers in a 30, 60, or 90-mile radius of their delivery area. Additionally, retailers can now register for autopay, with all their distributors, by simply visiting our homepage at Fintech.com.
Many distributors are partnering with Fintech to expand, and in some instances, mandate, electronic payments. To support these distributor efforts and help ensure safer interactions between employees and customers, Fintech is providing custom enrollment URLs and marketing materials for distributors to place on their website and disburse to retailers. Contact us to learn more about how Fintech can help you move toward 100% touch-free payments.
It’s safe to say that our industry has been forever changed. As businesses continue to adapt to our new normal, and closed doors begin to re-open, it’s critical to have partners who can help you respond to these fundamental shifts. Fintech continues to focus on providing time-saving management tools, valuable data insights, and support to suppliers, distributors, and retailers alike.