As the industry continues to grow, it is essential to adapt and incorporate new methods of payment into the entire distribution process. Electronic...
How EFT Payment Processing With iControl Can Improve Your Business
Don’t let outdated payment processes hold your business back. Here’s why EFT payment processing helps you drive efficient operations and get paid faster.
As B2B payment technologies continue to advance, the positive impact on retail supply chain partners has been profound. This is especially evident in the food and beverage industry - where margins are slim, regulations are high and cash flow is always top of mind. Moving to EFT payment processing with iControl can eliminate the inefficiency of paper checks, while improving cash flow for even the smallest alcohol, beverage and grocery distributors.
The numerous benefits of electronic payment options—including increased efficiency, cash flow and security, to name a few—have effectively redefined the standard of how distributors interact and do business with their retail partners.
This leads us to two categories of food and beverage distributors:
- Those who refuse change and wonder why business is stagnating
- And those who take action with optimized EFT payment processing, and reap the benefits of significant efficiency improvements and savings
Let’s take a look at how moving to EFT payment processing can have a positive impact on your day-to-day processes:
Improved Cash Flow
For food and beverage distributors, EFT payment processing can immediately improve Day Sales Outstanding numbers by providing an electronic receipt for processing of payments from commercial customers. The immediacy of electronic transacting, as opposed to more traditional forms of money transfers, is beneficial for both consumer and business clients.
The Reliable ACH Payments Network
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. This reliable network ensures your payments are processed accurately and timely.
Reduced Labor of Bank Deposits
Receiving paper checks for invoices requires numerous trips to the bank to deposit those checks. Moving to EFT payment processing eliminates the need for these trips - providing you with more time to service your retailers’ establishments. In addition, you gain peace of mind knowing your EFT payments are deposited and available to you immediately.
Immediate Availability of Funds
Speaking of immediate availability, our special banking arrangements and transaction volume allows funds to immediately clear a distributor’s bank account, same as a wire, but without the banks charging the distributor a fee for receiving a wire. This would be a cost that averages $15.50 per wire at the 10 largest U.S. banks, according to mybanktracker.com.
Consistent Check Clearing
Receiving paper checks introduces possible delays in payment due to factors that are out of your control. Using postal mail can cause delays due to logistics issues and weather, while also carrying the risk of lost or stolen checks. Distributors receiving payments via EFT payment processing enjoy a more consistent, reliable payment schedule, and get paid much quicker.
Gain Faster, Contactless EFT Payment Processing
If you’d like to learn more about how iControl can revolutionize your business with streamlined and secure EFT payment processing, get in touch today!