With a dynamic electronic payment platform, it's easier than ever to streamline alcohol payments, invoices, and reconciliation. Learn more about the...
How to Track EFT Payments for Alcohol
Make sure your EFT payment solution has a tracking feature –and know how to use it.
Whether you’re already using electronic funds transfer (EFT) or thinking about implementation, tracking EFT payments is a must-have feature for your business. Commonly used to manage beverage alcohol payments, EFT is quicker, easier, and more secure than manual transactions. But the only question is –if you’re not physically handing off cash or a check, how do you track your payments?
Similar to other aspects of EFT, tracing these transactions is fast and easy. However, it does take a few days for the money to transfer. Nonetheless, EFT is a way to streamline your day-to-day operations. And luckily –there are solutions that track EFT payments so you stay up-to-date. After all, if you’re cutting manual payment processes, you should cut manual tracking too.
Why you should track EFT payments
EFT makes alcohol payments quick throughout the supply chain without changing the product ordering and store delivery processes.
EFT payments are vital to save money and stay in compliance with federal, state, and local alcohol regulations. However, it can take several days for a payment to fully process, which is where tracking comes in. Tracking EFT payments allows you to make sure the funds arrive on time. It’s also a good way for you to know if there are any holds or delays so you can fix any issues.
If you are waiting on money from an invoice, a tracking system can prevent any stress. And knowing how to track EFT payments correctly helps keep your business and payments more accurate and compliant.
How EFT payments work
EFT payments are faster, more secure, and more efficient than paying with physical money or checks. And the short transaction time means distributors save time during deliveries, while retailers benefit from the security of electronic payments.
All EFT payment instructions get sent through the Federal Reserve, and usually, you only need a signature to complete a transaction for a delivery. In 2019, the United States saw a total of $4,144,965 million in digital purchases through EFT.
How to track EFT payments
Even though EFT payments are encrypted for safety, they can easily be tracked online. And, most banks and software solutions allow owners to check the status of an EFT payment and offer end-to-end tracking. Easily check to see which ones are pending and which ones have been cleared.
An EFT payment software system allows you to easily make and receive payments, plus all the tracking features are included.
Benefits of an EFT payment software
A B2B payment solution can help you implement EFT and improve your payment processes by automatically:
- Issuing invoices for distributors
- Tracking the progress of transactions
- Flagging late payments
- Following up on overdue invoices
Suppliers and distributors can also identify any inconsistencies, easily track invoices, and categorize payments by type.
Payment programs allow you to gain full visibility into all of your checking and credit accounts so you can make sure any owed EFT payments for alcohol get completed on time during each transaction.
What to look for in a payment solution
There are dozens of B2B payment solutions out there. Besides the ability to track your electronic payments, you’ll want a robust system. Here’s what you should consider:
You want a system that fully and seamlessly integrates with your Route Accounting System (RAS) for a more efficient payment process.
The right solution offers end-to-end payment status reporting, invoice detail reporting, credit request tracking, and duplicate credit tracking.
Check the track record and read customer testimonials before committing to a solution. You’re looking to remove manual work and the risk of human error, not add inaccuracy issues to your process.
Simply enter your invoice and payment information and move on with your day. An automated system is quick, accurate, compliant and secure.
Payment processing takes time. However, even with tracking, you don’t want a solution that takes weeks to go through. Aim for a system that promises timely action, and processes payments in a few days.
Finding the right solution
Don’t stress over digital payments for alcohol –use accurate tracking to ensure your EFT payments make it to the receiver on time.
You will find all of the above features –and then some in a single platform. Request a demo with iControl today to get started.