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How to Minimize the Risks of Cash on Delivery in the Food & Beverage Industry
Find out how cash on delivery management software is quickly displacing traditional COD in the food and beverage industry.
For a long time, cash on delivery (COD) has been the de-facto mode of doing business in food and beverage businesses. In simple terms, this is a mode of payment where a customer pays the vendor or delivery person directly via cash or card when the items ordered are delivered. While it has been a popular way to buy and sell food and beverages, COD is gradually being phased away by better and more convenient ways of conducting business transactions.
This is because there are multiple downsides to cash on delivery transactions. For starters, they are risky. Most food and beverage businesses receive the delivery at the same location and time, regularly. This poses a security risk to both the delivery personnel and the receiving staff. It is easy for third parties to study delivery and payment patterns, and where cash payments are involved, there is a high risk of theft. Regardless of the amount of cash changing hands, it is not worth it to put staff and the business in danger of robberies that could result in personal injuries.
Cash on delivery also increases the risks of transmission of COVID-19. As the world continues to grapple with the pandemic, governments have put in place measures to minimize person-to-person transmissions. On top of the measures is the discouragement of cash transactions. Businesses and individuals are encouraged to conduct cashless transactions to minimize the risk of spreading or contracting the virus. Considering that there are numerous digital ways to make B2B payments, businesses in the food and beverage industry should not use cash on delivery unless they absolutely have to.
Cash on Delivery Management Software: A Better Less Riskier Alternative
Receiving deliveries is easy. You have probably been in the food and beverage business for years and have piles of notebooks to keep track of the delivery process and receipts. How great would it be for your business if you could do this faster with more accurate records?
In the interest of simplifying the day-to-day of your staff and customers, it is best to upgrade how you handle deliveries and their payments. Cash on delivery management software is built to simplify receiving deliveries and paying for them. It is efficient and streamlined and eliminates the risks associated with paper-based processes.
The best alternative to cash on delivery is one that does not sacrifice the benefits of traditional COD but instead streamlines it and adds to its advantages. A cash on delivery management software is an all-encompassing system that processes the invoice and transaction as well as the payment process.
Here are the top five benefits of automated online cash on delivery management software for businesses in the food and beverage industry:
1. Real-Time Collaboration With Suppliers
Both the supplier and the recipient of the order know the status of the transaction —from the dispatch and transportation to the handover and payment.
2. In-Depth Visibility into Supplier Accounts
Businesses that have to receive deliveries from multiple suppliers will have an easier time managing all orders. In addition, the software makes it easy to search, filter, and sort orders and suppliers on one dashboard.
3. Faster Payment Processing
Say goodbye to disagreements over missing, delayed, or unverifiable payments. With cash on delivery management software, it becomes much easier for the financial controller or accountant to track invoices and purchase orders with a single click.
4. Lower Risks of Disputes
Cash on delivery management software lowers safety risks since staff do not need to have cash on them when receiving deliveries. Payments for completed orders are processed through the software. With it comes better dispute management and invoice tracking.
5. Personalizable Payment Platforms
Businesses in the food and beverage industry can better optimize their payment experiences to suit their needs with a cash on delivery management software.
The right software offers a multitude of options to suit businesses of different sizes and different niches in the industry —whether they’re looking for B2B payments for the food and beverage industry, scan-based trading, or predictive analytics for the alcohol market.
Are You Ready to Switch to a Better Delivery and Payment Method?
As payment technologies evolve, it is more convenient, efficient and safe for businesses to make B2B payments electronically over cash payments. These new modes of payment save time and money and make it easy to keep and pull up records. More importantly, B2B platforms enabling these payments comply with federal and state alcohol regulations. Visit iControlData.net today and request a demo to discover how convenient a cash on delivery management software can be to your business.