The use of EFT payments is still relatively new to the beer industry. The majority of beer distributors still choose to complete their beer transactions with checks or money orders because they are leery of trying EFT. As awareness of the many benefits of EFT has grown, the number of beer distributors who use EFT has increased substantially. Below are 10 surprising stats about beer EFT payments.
1. EFT transactions can be completed in a matter of seconds.
In many cases, a signature is the only item that is required to complete a transaction. Drivers no longer have to wait on customers to locate their checkbooks.
2. The National Beer Wholesalers Association (NBWA) encourages payment by EFT.
In fact, the NBWA partners with electronic payment providers to offer discounts to distributors who collect payments by EFT.
3. Laws regulating the use of EFT for licensed beverage transactions vary by state.
4. With payment by EFT, there is a more rapid notice of insufficient funds.
When using other modes of payment, there can be a delay of several days before receiving notice of insufficient funds.
5. Beer EFT payments save roughly 15 minutes during each delivery stop.
This savings enables drivers to complete more stops per day and helps distributors expedite the payment process.
6. EFT payments eliminate the possibility of misplaced checks or money orders.
The right beer payment app reduces the amount of time retailers and distributors must spend to reconcile lost funds and frees up time to spend on new business development.
7. Beer distributors enjoy faster access to funds by up to three days with EFT payments.
Because payments are deposited precisely on specified due date, distributors do not have to wait for checks to clear.
8. Payment by EFT eliminates excuses related to mailing checks.
In the past, distributors had to regularly contend with retailer excuses regarding checks payments that were not processed. Beer payments by EFT eliminate these excuses.
9. EFT payments help to reduce the potential for driver theft, as drivers carry less cash.
Many people do not consider the indirect impact that beer payment by EFT can have on the safety of delivery drivers and the security of funds. There is also a possibility that insurance rates may be reduced.
10. Distributors save approximately 20 minutes per day by reducing cash counting.
Receipt of beer payments by EFT means that distributor office personnel no longer have to spend valuable time counting money and tracking checks. The NBWA suggests that beer distributors can save approximately 20 minutes per day by using EFT payments.