What is the Early Pay feature?
The Early Pay feature allows your retailers with a Fintech subscription to schedule payment for their credit term invoices before they're due.
You can also request any of your retailers to make an early invoice payment at their discretion. Please note that you cannot request a retailer pay an invoice by a specific date, only that the invoice be paid before it's due.
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.
How does Early Pay work?
All retailers using our paid services will have the option to log into their FMS or Fintech Portal account and schedule an early payment for any of their pending invoices, or for invoices that you've requested be paid early.
DEFT retailers can only pay invoices early if you send them a request to do so.
If you request a retailer pay an invoice early, they'll receive an email notification and an alert in their Fintech account. They can then choose to update that invoice's payment date. If they make a change, you'll be notified of the new payment date in your FMS account (read more below: Where to view early payments)
How can I send a retailer an Early Pay request?
To request that a retailer pays an invoice early:
- Go to Reports > Pending Activity
- Select the invoice(s) you'd like to request an early payment for:
⚠️ Please note that the calendar and Change Payment Date button allow you to modify an invoice's due date, but these functions are not related to Early Pay. As mentioned above, you cannot assign a due date to an early pay request.
- Click Request Early Payment, then Confirm the change:
⚠️ If a retailer's contact information is unavailable, you'll be asked to provide an email address to send the request to.
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).