Learn about the Early Pay feature and how retailers can send payments ahead of invoice due dates.
What is the Early Pay feature?
The Early Pay feature allows your retailers to schedule payment for their credit term invoices before the due date of the invoice.
Will all of my retailers be able to use Early Pay?
Most of your retailers will be able to use the Early Pay feature. Starting in late Spring 2025, Fintech distributors will be able to initiate early payment requests, which can be sent to all retailers, including those using the free (DEFT) service.
Do I have to enable Early Pay on my account?
No, you do not need request Early Pay as a feature in your FMS Distributor account.
How do retailers use Early Pay?
Your retailers will have access to the Early Pay feature on their accounts where they can schedule to pay a pending invoice before the due date.
Can I see if a retailer has scheduled an early payment?
Yes, you can determine if an invoice was scheduled for early payment in FMS.
For a pending invoice, go to Reports > Pending Activity, then compare the Payment Date and Invoice Due Date columns:
Once an invoice has been paid, it will move to Reports > Bank Activity. To find Early Pay invoices here, compare the Payment Date listed to the Due Date column:
Additionally, if you receive a remittance file, any invoices that were paid early will be included; all systems will show up-to-date information.
Can my retailers schedule same-day payments using Early Pay?
Yes, if your retailer schedules a payment for the current day before 3:00 p.m. (EST), we’ll send the payment request with the next batch, according to our current batch schedule.
Payments scheduled after our daily cutoff of 3:00 p.m. (EST) will be processed the following morning. The funding process is the same as our current process, with funds deposited by the end of the next business day.
Can retailers schedule a payment beyond an invoice's due date with Early Pay?
No, your retailers will not have the option to schedule payment beyond invoice's due date.
Can retailers use Early Pay to make partial payments on a credit term invoice?
No, partial payments are not allowed. If a retailer schedules an earlier payment date, the invoice amount will be paid in full on the date chosen.
Can my retailers request early payment for credit invoices?
No, credit invoices will continue to be funded on the due date provided by you, the distributor.