What are the alcohol regulations in each state? This infographic shows how simple it really is. iControl’s alcohol payment process is authorized and...
How to Improve Your Workforce with Compliant Alcohol Payment Software
Moving from manual to electronic alcohol payments doesn’t have to be complex. Learn how iControl’s compliant alcohol payment software facilitates the process.
A patron walks into your establishment looking for their favorite alcoholic beverage, only to find that it's out of stock. Frustrated, this patron considers either getting a different brand or leaving altogether. Both these scenarios are not favorable to you and your business.
To curb this eventuality, you have to develop a top-notch buying strategy. What's more, it is necessary that you build a portfolio of beer, wine, and spirits to offer your patrons and generate profit. As a prudent alcohol retailer, you need to know what your customers want and when they want it if you are to avoid losing business due to stockouts.
However, the average alcohol retailer has outdated, manual alcohol payment processes that are expected to meet alcohol regulations. An additional disadvantage of this outdated payment system is that as a retailer, you and your staff stand to lose a lot of time, money, and even customers seeing as these processes are often inefficient.
How Advanced Alcohol Payment Technology Supports Retailers
As highlighted, a manual alcohol payment process is not only tedious, but it can also result in you losing money. To stay competitive and protect your margins, you want to invest in a dynamic B2B platform that can streamline compliant alcohol payments, stocking, and invoicing. In hindsight, investing in advanced alcohol payment technology supports operational efficiency.
This is achieved through:
Faster, Compliant Alcohol Payments
Chances are that your current process requires you to write either a check or money order to the distributor. This is then given to the distributor at the time of delivery and is expected to mature within a day or two.
When you get compliant alcohol payment software, you get to make cash-on-delivery (COD) payments via electronic funds transfer (EFT). A signature is the only requirement that will act like an irrevocable commitment to pay via EFT. In this way, this payment system is akin to signing a check.
Keeping up with both federal and state regulations as it pertains to alcohol payments can be quite tedious. Unfortunately, you cannot afford to ignore these regulations as that would attract fines and could put your license at risk. When you get compliant alcohol payment software, it comes with the peace of mind of knowing that 100% of your payments are made in accordance with State, Federal and local regulations.
With the manual payment system, you have to take images of checks. With compliant alcohol payment software, you can use an included app to make mobile, fast payments. What's more, this feature means your staff can pay from anywhere.
Automated Price Book Maintenance
As an alcohol retailer, you want to have your staff offering their best to your patrons instead of delving into administrative work. With compliant alcohol payment software, you get automated price book maintenance where you can update your books, handle accounting and maintain your inventory system.
The advantage is that you and your staff enjoy reduced time-consuming administrative work. Additionally, you eliminate human error, which helps protect your already slim margins. Overall, by having your bookkeeping automated, you give your team more time to focus on high-value strategy.
Automated Invoice Matching
As an alcohol retailer, you can never really escape the recurring alcohol delivery invoices and receiving records. This can be quite a headache when you rely on manual invoicing. With compliant alcohol payment software, you get to free yourself and your staff from the tedious task of reconciling your invoices.
With this technology, you eliminate invoice paperwork. By going paperless, you also reduce the likelihood of an invoice getting lost as all invoices are recorded in a cloud-based platform. Additionally, by automating invoice matching, you avoid discrepancies that could lead to significant losses. Variances are automatically detected, which means that you end up with higher levels of accuracy.
What's more, with automated invoice matching, you’re able to prevent significant downtime. You no longer have to send out multiple emails or make endless phone calls as you try to line up what product cost or allowance a vendor has on the invoice. Overall, automating invoice matching means you enjoy greater accuracy and have more time freed up.
How iControl Can Facilitate Better Compliant Alcohol Payments
The thought of moving from manual alcohol payment to an electronic process can sound quite complex. However, in today's competitive landscape, you cannot afford to rely on cash, checks, or money order. These cause unnecessary inconveniences, increase your risk and lead to operational inefficiencies both for you as a retailer, and your suppliers.
Alcohol Payments by iControl help you navigate the recurring payment issues that you would otherwise have to deal with if you had to handle your payments manually. Through EFT debiting, you get to go paperless, which comes in handy during invoice reconciling. Besides, with this payment system, you get a centralized platform through which you can access invoice and payment records.
When you invest in the system, you are assured that all of your alcohol payments are compliant with regulations. The iControl payment solution is authorized in all 50 states, and as such, you can always be sure that you are fully compliant with the law.
When you invest in the iControl alcohol payment system, you will be investing in the only alcohol payment solution currently in the market that offers an exclusive data usage pledge. As a business, we believe that it is our job to treat our customer's data the same way you would an asset. This means that you can depend on the system we have created as it pertains to the responsible and transparent handling of all of your data.
Overall, using software for electronic payments means that you get to enjoy greater operational efficiency. Request a demo today to find out more about the iControl platform for more manageable payments and easier reconciliation.