What is Early Pay and how are my Retailers using it?
Learn about the Early Pay feature and how retailers can send payments ahead of invoice due dates.
What is the Early Pay feature?
The Early Pay feature allows your retailers to schedule payment for their credit term invoices before the due date of the invoice.
How do retailers use Early Pay?
All retailers using a paid service will have the option to log into their FMS or Fintech Portal account and schedule an early payment for their pending invoices.
Do I have to enable Early Pay in my FMS Distributor account?
No, you do not need request Early Pay as a feature in your FMS Distributor account. Your retailers utilizing our paid services will have access to the Early Pay feature on their accounts.
Will all of my retailers be able to use Early Pay?
No, only retailers on a paid service can access the Early Pay feature at this time.
We are working on a feature that lets distributors request early invoice payment from retailers on our free service (DEFT), which could encourage them to upgrade their account to use Early Pay. Stay tuned!
Can I see if a retailer has scheduled an early payment in FMS?
Yes, you can view an invoice's updated payment date within Reports > Pending Activity. Once the invoice is paid, it will be added to Reports > Bank Activity where the updated payment date will be reflected.
Additionally, if you receive a remittance file, any invoices that were paid early will be included; all systems will show up-to-date information.
Does Early Pay allow my retailers to make partial payments on a credit term invoice?
No, partial payments are not allowed. If a retailer schedules an earlier payment date, the invoice amount will be paid in full on the date chosen.
Will Early Pay allow retailers to schedule a payment beyond the invoice's due date?
No, your retailers will not have the option to schedule payment beyond invoice's due date.
Can my retailers schedule same-day payments using Early Pay?
Yes - if your retailer schedules a payment for the current day before 3:00 p.m. (EST), we’ll send the payment request with the next batch, according to our current batch schedule.
Payments scheduled after our daily cutoff of 3:00 p.m. (EST) will be processed the following morning. The funding process is the same as our current process, with funds deposited by the end of the next business day.
Can my retailers request early payment for credit invoices?
No, credit invoices will continue to be funded on the due date provided by you, the distributor.
If I or my retailers need help, who can we contact?
If you or your retailer needs assistance with Early Payments, please contact our client services team: support@fintech.com or 800-572-0854 (Option 1).