Groups Aim to Increase Electronic Payments in the Beer Industry
ALEXANDRIA, VA – The National Beer Wholesalers Association (NBWA) and Fintech today announced a strategic partnership aimed at growing the number of beer industry payments conducted via electronic funds transfer (EFT).
As part of the partnership, NBWA member companies are eligible for discounts on their annual fees paid to Fintech and will enjoy quarterly rebates on new business they refer. Additionally, NBWA member companies who join Fintech in the future will enjoy discounts on their initial subscription costs. Qualified distributors also will benefit from rate locks on their transaction fees. Finally, as Fintech expands its already significant data services, the two organizations will work together closely to generate industry data.
“For years NBWA has been promoting the use of EFT as a way to meet retailer needs,” said NBWA’s Senior Director of State & Industry Affairs Dave Christman. “Through this partnership, we’re hopeful distributors will increase the amount of electronic payments they collect to the mutual benefit of their business as well as their retailers.”
Fintech, a leader in providing electronic data and payments to the alcohol industry, has been a strong advocate of the NBWA and a regular participant at the association’s annual convention and trade show. Fintech currently provides service to more than 300,000 retailer-distributor relationships nationwide and is the only EFT provider that is compliant and available for use in all 50 states. With more than 2,300 alcohol distributors utilizing Fintech’s system nationwide, the potential benefits of this partnership are limitless.
“I believe this strategic partnership demonstrates a mutual commitment to providing the beverage alcohol community enhanced data and services that will assist in the creation of a 100 percent electronically-paying customer base, which will in turn aid industry growth and streamline efficiency for both distributors and their retailers,” said Fintech CEO Scott Riley. “We couldn’t be more excited at the opportunity to work with such a great organization.”