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Three Benefits of EFT for Alcohol Payments
Retailers and distributors benefit from using EFT for alcohol payments. Here are three ways your business will improve with iControl’s technology.
Retailers and distributors have one primary need in common: they must have the ability to make and receive payments for alcohol beverage products. In today’s competitive Direct Store Delivery (DSD) environment, distributors and retailers are always looking for that “something extra” to improve and streamline processes.
As a bonus, that something should improve their efficiencies, reduce operating costs and provide security assurance during every step of the process. This is where EFT payments come in – get Alcohol Beverage Payments with no added fees for the retailer.
What is EFT?
Electronic funds transfer (or EFT) works as a direct deposit, when money is moved digitally from one bank account to another, eliminating the need to physically carry cash, checks, or money orders–instead, all transactions occur online. It is fast, secure, and provides an efficient solution that retailers and distributors are looking for.
EFT for retailers and distributors
Most large retailers, and virtually all alcohol beverage distributors, are already using Electronic Funds Transfers to improve their business.
Many larger retailers use EFT to pay their distributors for their alcohol deliveries. However, many smaller, independent retailers (on and off-premise), haven’t taken advantage of this technology. EFT is available for retailers of all sizes, not just large ones, and saves retailers time and money with streamlined processes.
There are many advantages to using EFT for distributors. By eliminating manual steps involved with alcohol payments, one of the biggest advantages of EFT is how much time it saves during deliveries. Distributors get paid securely and on time while easily being able to track all the involved paperwork electronically.
|For Retailers||For Distributors|
+ Saves time and money
+ Streamline processes
- Large retailers have EFT
- Small, independent retailers don’t have EFT
+ Save time during deliveries
+ Get paid on time
+ Reduction of e paperwork
Three main benefits of EFT
While there are many advantages to switching to EFT, the top three immediate benefits for retailers and distributors can be summed up in three words: convenient, compliant and secure.
The biggest convenience when using EFT payments is the time you will save.
Without physical payments, delivery time is reduced, on average, about 15 minutes per delivery. You don’t have to wait for payment via check, cash or money order.
Payments for Alcohol Beverage product deliveries are faster and distributors can spend more time merchandising their products to better help the retailer sell more products. As a result, this allows retailers more time to assist their customers. It also means both parties are saved from manual errors. That’s less time spent correcting mistakes and more time spent where it’s needed. Overall, using EFT is so convenient to use, you’ll notice the time-saving benefits immediately.
Keeping up with both federal and state regulations for your business can be a headache. EFT processors exist to make your life easier, and that includes staying compliant with regulations. For example, iControl’s EFTDirect is compliant in all 50 states, which means that 100% of payments are made in accordance with State, Federal, and Local regulations. With that comes peace of mind for retailers and distributors: a streamlined process that will be compliant with regulations no matter the location.
With the use of EFT, retailers don’t have a need for large sums of cash, checks or money orders in the store anymore to make their alcohol payments. This also means that distributor delivery personnel no longer have to carry around cash, checks or money orders. By eliminating the need for physical money, both parties will feel safer doing their job.
As a part of the EFT process, invoices also go through a set of validations and verifications so all parties can be assured that everything will be taken care of securely. This also means that the end of the workday just got a little better when it comes to reconciling deliveries and payments for the distributor’s AR department.
What is EFTDirect and what can it do for you?
Over the last 7 years, iControl has offered a solution called EFTDirect. EFTDirect is an easy way for retailers to pay their distributors for all their alcohol beverage products. The best part is that it’s free for the retailer. Here’s how you will benefit by using EFTDirect for your alcohol beverage payments:
- Fully secure with end-to-end encryption
- Compliant in all 50 states with all payments made in accordance to federal, state and local regulations
- No need to carry physical cash, checks or money orders
- Save delivery time for distributors and retailers
- Eliminates errors associated with manual payment entry
Once you start using the technology, as either a distributor or a retailer, you will realize immediate benefits by embracing EFTDirect. Your processes will be more convenient and you will stay compliant no matter your location so you can rest assured that everything is secure.
You can learn more about EFTDirect and read testimonials from distributors here. And investigate EFTDirect from iControl to see how you can improve your organization’s efficiencies and operating costs today.