In your newspaper distribution career, no doubt one of the biggest challenges you've faced is generating invoices and managing payments to make sure you've received payment from customers. Most likely, you have too many stories to tell about lost invoices, major discrepancies, or downtime from trying to get customers to pay.
At this point, you're realizing that as your distribution business grows, you need to make some kind of change in your payment system. No more can you take on the problems of late payments and other methods frequently causing additional issues.
While you might be settled on collecting payments the old fashioned way, you can find a new digital solution to expedite payments. Plus, you have more payment options than ever when using the right management software.
At the core of this is bringing more convenience and security to your invoicing and payments system. With profit margins in the newspaper business being thinner than ever, you need as much optimum efficiency and security as possible to maintain your cash flow.
Here's four benefits to newspaper electronic payments using our system here at iControl.
1. Using Automatic Clearing House Payments
A true benefit to using an electronic payment system for your distribution business is in the use of ACH, otherwise known as Automatic Clearing House payments. The ACH Network is already well-established in the industry as the center of commerce in the U.S. by moving money through direct deposits or direct payment processes.
According to the above statistics, the ACH Network moves about $40 trillion in online payments each year. As a result, they basically make up 90% of all online transactions around the globe.
iControl began piloting ACH electronic payments for newspapers late last year to test functionalities, gain feedback and optimize the process before opting for a broader rollout. After very positive feedback, iControl is proud to make electronic newspaper payments a reality - streamlining your payments in a faster way than ever before.
2. Getting Money Faster
How many late payment notices have you had to send out over the years to independent retailers selling your newspaper? It's probably brought constant headaches, especially when using a paper-based system.
Expedited payments are a strong aspect of ACH payment technology. This means getting payments a week earlier than you're used to.
With electronic payments, you don't have to worry about doing bank deposits on your own, something you've done for years. Check clearing is also eliminated, especially when some checks aren't always honored.
iControl actually incurs additional costs to make it possible for you to get payments immediately. We make sure this works for you without having extra fees from your bank.
3. Giving You More Payment Options
The most exciting aspect of electronic payments is the variety of payment options available. Because you and your newspaper distribution staff likely have to be traveling routes and visiting customers, it's especially tough to get payments coordinated when out of the office.
Through PayApp™ by iControl, you can process B2B payments quickly without having to visit on-site locations to collect. Plus, you can request payments to your retailers electronically so you don't have to manage paper-based systems where discrepancies can easily occur.
SEE ALSO: The Reason Why We Love Mobile Payments
4. Tracking When Payments Occur
With PayApp™ from iControl, you get the power of mobile B2B invoicing and payment technology combined with powerful analytics tools to help you track when you send out invoices and when a bill gets paid. PayApp™ also includes an enterprise solution that can help organizations move entirely to electronic invoicing and payments.
Information is easily accessible from one centralized online platform and available to everyone in your partnerships to avoid misunderstandings over numbers. This helps you and your trading partners keep track of your finances while traveling anywhere.
Contact us to learn more about ACH electronic payments for your newspaper distribution company and why we're an industry leader in providing EFT services.