6 Reasons Why Convenience Stores Should Integrate Fintech with PDI

PDI helps convenience stores increase profits, simplify operations, and secure their c-store data to optimize day-to-day management. With software like PDI running in the background, convenience stores can automate inventory management, foodservice, loyalty programs, and payment processing. Convenience store operators can enhance their PDI experience by integrating with Fintech, the leading solutions provider for beverage alcohol management.

PDI partnered with Fintech back in 2018 to deliver a cooperative product offering for convenience store owners, operators, and accountants. Fintech enhances the PDI solution by adding capabilities that implement secure, accurate, and hassle-free electronic alcohol invoice payments with clean alcohol invoice data. Fintech integrates this data directly into the PDI system, providing a more comprehensive view of all cost of goods sold (COGS).

Convenience stores can gain a competitive advantage by leveraging the combined PDI/Fintech solution to perform the following key tasks.

1. Automate alcohol invoice payments

It can be frustrating to stop what you are doing to handle payments for alcohol deliveries from different distributors, especially if there are distributors with different payment requirements like cash-on-delivery or term payments.

Fintech’s PaymentSource® automates alcohol invoice payments on the day they are due through electronic funds transfer (EFT). This gives convenience store operators time back to handle other areas of the business. Now, instead of stopping to create a money order or write a check, operators can continue with their daily tasks knowing that Fintech ensures all alcohol invoice payments are made on time and in compliance with the terms of the invoice.

2. Help ensure accurate invoice details with no manual entry

Another benefit of Fintech is its back-office integration. Fintech integrates directly with PDI to automatically deliver the alcohol invoice line-item details operators need, eliminating time-consuming manual entry and human error, giving operators time back to attend to customers and staff.

3. Track bank activity and benefit from actionable purchase reporting

C-store operators can view 15 months of invoice history inside the Fintech client portal. This grants complete visibility into the status of all alcohol invoice payments, including both past and pending invoices. Operators can view bank activity information, see line-item invoice details, and know confidently when each invoice will be paid. Fintech also has insightful purchase reports that highlight margin-building opportunities to save both time and money.

Some examples of Fintech’s alcohol purchasing reporting include:

  • Cost Variance Report: Track fluctuations in product costs and quickly take action to protect margins.
  • Top Products Report: Determine fast-moving products to take advantage of quantity buys and stock the right selection.

4. Request, track, and receive distributor credits

If there is a discrepancy between what was delivered versus what was on the invoice, operators can submit credit requests directly to their alcohol distributors and track receipts through Fintech’s easy-to-use portal. Operators and accountants can view the progress of credits in one place rather than managing requests individually through a variety of communication types. Fintech streamlines this process and allows operators to receive the requested funds easily through EFT.

5. Protect margins

Alcohol margins are affected by shelf price, cost fluctuations, and the price programmed in the point-of-sale (POS) system. Fintech’s Margin Protection cleans invoice data and compares it to the POS data to find anomalies down to the specific product SKU by location and distributor. If any anomalies are found, Fintech will alert operators with timely notifications to take action to protect margins.

6. Optimize product ordering

Operators can take control of their ordering with Fintech’s OrderSource®. OrderSource helps c-stores with purchase order validation, order syndication, and more. With OrderSource, convenience store operators can send all their alcohol POs to their distributors in a single format. The distributors can then convert POs directly into invoices, ensuring a valid PO number is used. Operators can use the PO Discrepancy Report in the Fintech portal to view, resolve, or update purchase orders.

Come see Fintech at PDI Users Conference 2023

Convenience store operators can visit Fintech at this year’s PDI User Conference! Fintech will be at Booth #135 and scheduling account reviews to show how their solutions can help with bev alc purchasing, payments, and overall management. If you are interested in learning more about Fintech and how they help convenience stores by integrating with PDI, you can visit our landing page here.

Conference attendees can also catch Allison Joy’s presentation, “PDI Enterprise: Building Financial Reports with GLFD,” on August 28 from 2:50 to 3:50 PM MT. Part of her presentation will cover how PDI users can benefit from an integration with Fintech.