Target chooses firm to manage payments

TAMPA — Target Corp. has selected Fintech to manage payments between Target and 749 of its 814 beverage alcohol distributors.

Tampa-based Fintech, which provides data and electronic payments for alcohol purchases, first began working with Target in 2003. According to a press release, Target chose Fintech because of its regulatory and industry knowledge and ability to help the retail giant ensure compliance.

“Fintech is proud to be the data and electronic payment solution for Target's beverage alcohol category,” says Fintech CEO Scott Riley in a statement. “Fintech will continue to provide Target with outstanding customer support, unmatched distributor coverage and a comprehensive solution for its alcohol purchases.”

Fintech worked with all 50 U.S. states to ensure electronic funds transfer was an accepted method of payment for alcohol invoices. According to a press release, Fintech services more than 450,000 relationships and 3,200 distributors. It processes over 500,000 invoices weekly, representing $24 billion in payments annually.