Financial Information Technologies, LLC (“Fintech”), a leading business solutions provider for the hospitality and retail industries, today announced it has expanded its B2B payment capabilities through the asset acquisition of Nexxus Group, a payment solutions provider facilitating scan-based trading and consignment selling between convenience, grocery, and big-box retail stores and their vendor partners.
Established in 2003, Nexxus Group helps retailers and vendors reduce costs, improve sales visibility, and increase speed to market through its powerful scan-based trading technology. The acquisition marks Fintech’s second investment in consignment-selling technology within the last six months, following its asset acquisition of iControl in December 2023. This strengthens the payment capabilities of Fintech’s current product portfolio leveraged by over 240,000 consumer-servicing establishments and over 5,000 vendors nationwide. This represents over 1,100,000 business-to-business connections that depend on Fintech’s payment automation solutions for seamless business transactions and cost controls across accounts payable and inventory management.
“We are pleased to add Nexxus Group’s payment capabilities to our B2B payments platform,” stated Tad Phelps, CEO of Fintech. “Combining their leading payment technology for scan-based trading and consignment selling with Fintech’s invoice payment automation software, we can now process and pay all invoice types for retailers of any size.”
Under the Fintech platform, the Nexxus consignment-selling payment software will enable retailers to reduce inventory, while allowing vendors to assume control of inventory until purchased by the consumer. Upon completion of the purchase transaction at the point of sale to the consumer, the vendor submits an invoice to Fintech for items sold. The payment is then initiated between the retailer and vendor through the Fintech system. The convenience of invoicing based on scanned purchases ensures prompt payment, minimizing discrepancies and accelerating reconciliation. Additional benefits of this consignment relationship and payment capability for both retailers and vendor partners include accurate inventory tracking by Universal Product Code (UPC), optimized labor use, increased inventory controls, a decrease in out-of-stock products, and reduced shrinkage. For both parties, these benefits result in significant cost savings, elevated cash flow, and a relationship designed to increase profitability.
“We are excited to contribute to the growth and success of Fintech’s technology portfolio,” said Mark Landgren, CEO of Nexxus Group. “The resources afforded to us through this combination, in conjunction with Fintech’s recent acquisition of iControl, will accelerate our growth in scan-based trading and consignment selling while supporting Fintech as the leader in B2B payments.”
The Nexxus Group asset acquisition closed in May 2024.
About Fintech
Fintech, a pioneering accounts payable (AP) automation solutions provider, has dedicated nearly 35 years to automating invoice processing between retail and hospitality businesses, and their supply chain partners. Backed by leading investors TA Associates and General Atlantic, it stands as a leader in this sector. Its flagship product, PaymentSource®, was first built for the alcohol industry to provide invoice payment automation between alcohol distributors and their customers across all 50 states. Today, it is utilized by over 245,000 businesses nationwide for invoice payment and collection associated with B2B business transactions. This proven platform automates invoice payment, streamlines payment collection, and facilitates comprehensive data capture for over 1.1 million business relationships. Recognizing operational hurdles, Fintech expanded its payment capabilities to include scan-based trading/consignment selling for its vendors and retailers and built an advanced CRM tool with functionality to fortify vendor, supplier, and distributor field execution, addressing diverse profit center challenges. For more information about Fintech and its range of solutions, please visit www.fintech.com.
Follow us @Fintechbevalc on Facebook, Instagram, LinkedIn, and X
View source version on businesswire.com: https://www.businesswire.com/news/home/20240529734696/en/