As a supplier, you could be wasting time with manual processes, here are 5 important signs it's time to switch to electronic payments.
How EFT Payment Processing With iControl Can Improve Your Business
Don’t let outdated processes hold your business back. Here’s why you should take the initiative and make effective change with EFT payment processing.
As B2B payment technology continues to advance, the positive impact on retail supply chain partners has been profound. This is especially evident in the Newspaper industry - where margins are slim, 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 Newspaper 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 to two categories of Newspaper distributors: those who refuse change and wonder why business is stagnating, and those who take action and optimize processes, resulting in significant 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 Newspaper distributors, EFT payments can immediately improve Day Sales Outstanding numbers by allowing the electronic receipt and 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.
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. This reliable network ensures your payments are processed accurately and timely.
Reduced Labor of Bank Deposits
Receiving paper checks for Newspaper invoices requires numerous trips to the bank to deposit those checks. Moving to EFT payments eliminates the need for trips to the bank - providing you with more time to service your stores and routes. In addition, you gain peace of mind knowing your EFT payments are deposited and available immediately.
Immediate Availability of Funds
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 (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 enjoy a more consistent, reliable payment schedule, and get paid much quicker.
To take advantage of the benefits of EFT payments, sign up today by clicking on the "Enroll Now" button below and complete our enrollment form: