Tampa, FL – March 19, 2013 – On Thursday, March 14th, Fintech and Dollar General won this year’s Best Collaboration Award at the third annual BizTech Innovation Summit.
The awards, presented by the Tampa Bay Technology Forum and the Tampa Bay Business Journal, spotlight the extensive growth Tampa Bay businesses have accomplished in the development and use of emerging technology.
Fintech is the leading provider of electronic data and payments for the alcohol industry and allows retailers to pay their alcohol distributors electronically instead of with cash, checks, or money orders. Their innovative electronic payment system provided the ideal solution when Dollar General sought to implement the sale of alcohol into their business model.
Despite Dollar General’s successful history, size, and sophistication, the company recognized that selling alcohol – with its complex licensing process, specific state payment regulations, and stiff penalties for compliance violations – was not a business to enter solely on its own.
By using the Fintech system, Dollar General was able to streamline payments to alcohol distributors and roll out alcohol products in varied states such as Michigan, West Virginia, South Dakota, Georgia, Tennessee, Louisiana, etc.
In addition, Fintech developed a specific data reconciliation capability to convert alcohol buying units to selling units. This provided Dollar General the internal reporting capabilities necessary for them to monitor alcohol sales, ensure accurate reporting in public earnings releases, and continue rolling out alcohol products in locations across the country.
Fintech CEO, Scott Riley, said: “Our collaboration with Dollar General was significant, as it not only afforded us the opportunity to help rejuvenate revenue businesses lost during the Great Recession, but it also allowed us to develop additional reconciliation solutions that are now used nationwide by other large retail chains.”
Fintech, a U.S. Chamber of Commerce Best Business of the Year winner located in Tampa, Florida, provides a secure way for alcohol purchases to be paid electronically rather than by cash, check, or money order. Fintech now serves over 250,000 relationships in all 50 states.
For more information on Fintech, go to www.fintech.net