Fintech Extends Automated Invoice Processing to All Transactions

Financial Information Technologies (Fintech) has expanded its platform’s automated invoice processing capabilities to include all B2B transactions.

Previously designed to handle the retail and hospitality industries’ purchases of alcohol, the company’s PaymentSource accounts payable (AP) automation platform can now handle all their business purchases, Fintech said in a Thursday (May 30) press release.

This capability has been added in response to requests from the company’s clients, Fintech CEO Tad Phelps said in the release.

“These developments will address the invoice payment needs for clients of all sizes, whether they are a distributor, supplier, vendor or retail/hospitality operator,” Phelps said.

Fintech has been automating invoice payment submission and collection for deliveries in the alcohol industry for 35 years, according to the release. It currently serves a network of 1 million B2B relationships and processes more than 52 million invoices annually.

With the expanded automated invoice processing now offered via PaymentSource, the company can help businesses save time, reduce costs, improve accuracy and ensure compliance across their entire invoice database, per the release.

This capability helps businesses eliminate the need to wait for managers to manually enter each invoice, Randy Schneider, director of food and beverage at game room and attraction operator Family Entertainment Group, said in the release.

“PaymentSource speeds up this process by allowing our managers to simply scan and upload the invoices into one portal for review and payment approval,” Schneider said.

PYMNTS Intelligence has found that among mid-size firms, 70% of those who embraced full AP automation said they were satisfied with the results.

Full automation allows organizations to cut labor costs and reduce the occurrence of errors, according to “Accounts Payable and Receivable Trends: What’s Next in Automation,” a PYMNTS Intelligence and American Express collaboration.

In another recent move, Fintech said Wednesday (May 29) that it acquired Nexxus Group to expand its B2B payment capabilities.

This acquisition, which closed in May, adds Nexxus Group’s consignment-selling technology to Fintech’s solutions for the hospitality and retail industries, allowing retailers to reduce inventory and enabling vendors to assume control of inventory until it is purchased by consumers.

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