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June 7, 2019
MarginEdge Partners with Fintech to Blend Liquor Payments & Back of House Intelligence
At MarginEdge, we like to think we play well with others. Our success comes from integrating our software with the other parts of our clients’ business – from accounting to POS – so we’re happy to announce we’ve just teamed up with specialist alcohol management service Fintech. Let’s mingle.
Finessing Liquor Payments
We’ve often heard from restaurants about how their bar operations face different challenges from the rest of their business. Payments, especially, can be complicated, and compliance varies by state. Many MarginEdge clients depend on Fintech, a pioneer in secure electronic payment and purchasing exclusively for liquor, to keep them on the right side of licensing laws (and keep the books balanced).
At the core of the business is Fintech’s OneSource electronic payment system, which eliminates the need for cash, checks and escrow accounts, streamlining the sometimes-cryptic world of liquor laws. Fintech also tracks and manages invoice data, and provides immediate reporting and business insights.
Fintech’s services are perfectly in tune with MarginEdge when it comes to business efficiency, so it made sense to work together. We’ve integrated our systems, so clients can now have all their Fintech-paid liquor invoices flow into MarginEdge automatically. Just like MarginEdge, Fintech sends daily invoice and credit info, so data is always accurate and current. A few other key benefits for clients who use Fintech:
- All line-item info is imported automatically
- Products are automatically coded and counted
- Real-time liquor pricing feeds into budgets, P&Ls and variance reporting
- Liquor invoices and payments sync directly with accounting
Fintech’s a natural partner for MarginEdge – the company started 25 years ago when the management team very clearly saw the problems they could address for the alcohol industry. We’re excited to be working with people who see problems . . . and are determined to fix them!