Sponsored by Fintech
Convenience stores face significant challenges when managing paper invoices and the lack of a digital organization system. Manually handling paper invoices is not only time-consuming but also prone to human error, leading to misplaced documents, delayed payments, and inefficient processes.
Without a streamlined digital system, tracking inventory and managing vendor relationships becomes increasingly difficult, impacting the store’s overall efficiency and productivity. Transitioning to a digital platform can alleviate these issues, providing a more organized and reliable approach to invoice management.
Fintech is a digital platform that has offered its partners invoice payment technology and data capture for nearly 35 years. It supports over one million business-to-business relationships nationwide and provides accounts payable and accounts receivable automation for all business purchases.
Victory Marketing, LLC DBA Sprint Mart is a convenience store that has been using Fintech at 103 locations. With the motto, “Be the best,” Sprint Mart strives to offer the best customer service and deliver quality at every level. “We invest in our team members and aim to foster long-term relationships,” says Pam Miller, operational controller at Sprint Mart.
After using Fintech’s payment services for several years, Sprint Mart decided to expand its invoice automation process by implementing the use of an integration to digitally capture invoice data from beer vendors in July 2023. “It’s been almost a year now, and the process has worked so well that we’re now looking to include all of our vendors,” Miller says. “The support team on the Fintech side has been great. We’ve never had any issues.”
Prior to using Fintech for invoice processing, Sprint Mart relied on store leaders to scan paperwork, which was audited internally and stored in the cloud. This method was unreliable due to its dependence on the auditing team’s speed and susceptibility to human error. “Now, with Fintech, I can see invoices immediately, which improves the flow of data and accuracy,” Miller says. “We aim to have 100 percent of our invoices imported so our team can focus on customers and operations.”
One feature that stands out to Miller and her team is Fintech’s 15-month storage of rolling invoice history. “It’s incredibly valuable, especially as an accountant, having immediate access to 15 months of data is a huge benefit,” Miller says. The ability to go into a portal and access any invoice rather than rummaging through a desk is a game-changer.
“Fintech has pre-existing relationships with many of our vendors, which simplified the integration process and allowed us to stay ahead of the learning curve,” Miller says. Due to this, Fintech was able to problem solve with vendors quite easily, eliminating many challenges. “As I have a lot of responsibilities, it’s a significant relief to have Fintech mitigate vendor relationships and integrations,” Miller says.
Fintech offers multiple options for all levels of technical expertise. “One initial concern we had was that some of our vendors aren’t very technically savvy,” Miller says. “Fintech assured us they have several programs, down to the simplest invoice builder for small vendors without an IT department.” Everything is standardized across all levels, eliminating any confusion regardless of the vendor’s technical capabilities, which instantly eased Miller’s concerns.
Additionally, Fintech offers scan and OCR technology, upload capabilities, and EDI functionality. By having the ability to handle vendors of all sizes, Fintech ensures all parties are on board to increase accuracy and help partners get paid faster.
“I wish we had this system for all of our vendors years ago,” Miller says. “Immediate access to invoices saves time and helps get our finances out sooner, benefiting everyone.”
To learn more about Fintech and its AP and AR experience, visit Fintech.com.
By Abby Winterburn
