Banking FAQ

How are vendors paid, and what payment types are available in the Fintech Portal? 

Vendors can require payments to be made automatically, or they may offer flexible payment options. The way a vendor is paid - known as a payment type - is dependent on your subscription level.

• Automatic Payment Vendors: Vendors who require payments to be processed as soon as a retailer receives an invoice.

  • Alcohol vendors always require automatic payment, including for non-alcohol products.

  • Some non-alcohol vendors may also require automatic payments.

  • Automatic payments are processed via EFT (Electronic Funds Transfer): Fintech receives these invoices and automatically pays the vendor on your behalf by transferring funds electronically from your bank account to the vendor. This activity can be monitored in the Fintech Portal.

  • No other payment types are supported for these vendors.

• Flexible Payment Vendors: Vendors who allow more flexibility in how and when invoices are paid.

  • Usually only offered by non-alcohol vendors.

  • Access to additional payment types and payment scheduling requires a Premium Plus subscription. Additional payment types include:

• • • ACH - Requires the vendor’s bank account details to route payments from your account. 

    • Check - Upon request, Fintech generates and mails checks using the vendors address.
      

• • • Pay outside of Fintech - These payments can still be tracked in the Fintech Portal, but users are responsible for confirming the vendor has received payment.

    💡 Learn more about payment types: What options do I have to pay non-regulated invoices?

     

If you want to learn about Pro, Premium or Premium Plus options, go to the Plans and Billing page under Settings in the Fintech Portal

How do I change the payment method (bank account) being used for a vendor? 

If you have more than one bank account, you can change how a vendor is getting paid for a single location: search the vendor within Vendors > My Vendors, then view their profile and click the pencil icon within the Payment Method tile (How do I manage my current vendors & distributors?). 

You can also change how a vendor and all their associated locations are being paid: find the bank account within Settings > Payment Preferences, then click the Replace button (How do I add or update a Bank Account?). 

⚠️ To Replace a bank account, you will need your Federal Tax ID, an account number from any active bank that you've added to the portal, and the new bank's information.

How do I add a payment method? 

To add a new payment method (bank account) for your invoices, go to Settings > Payment Management. Click Add New Payment Method under Payment Types: Invoices.  

You will need your bank account’s Routing and Account Number, and know if your company uses ACH Filter or Debit Blocks. Follow these steps: How do I add or update a Bank Account? 

How do I remove a payment method? 

You must contact Client Services to remove a payment method that has been added to your account (How do I remove vendors, locations, and bank accounts, and update my email address?). 

How can I use certain payment methods for certain vendors? 

If you’re looking to use specific payment methods per vendor, confirm all payment methods have been added within Settings > Payment Management (How do I add or update a Bank Account?).  

How do I update my current payment method? 

To update bank account details, first go to Settings > Payment Management. Click Replace on the payment method needing to be edited, which will either be listed under Payment Type: Invoices or Payment Type: Subscription Fees. Follow our instructions: How do I add or update a Bank Account? 

Accounts that process non-regulated invoices can edit their default maximum payment under Payment Management > Non-Regulated. For more information regarding processing non-regulated products, click here AP Automation | Fintech Automated Invoice Processing 

How do I verify a bank account as fast as possible? 

To verify your bank account more quickly, you will need to contact your bank directly and confirm they have received your request to process invoice payments using the Fintech Portal.