Your liquor store and distributor may have the biggest challenge with payments. Here's 5 credit processing scenarios that will definitely give you a...
What To Look For In An Electronic Payment Processing Solution For Your Business
Don’t rush into any given electronic payment processing technologies for your distribution company. Here are key features to look out for.
Electronic payment processing, like iControl’s Alcohol Payments, is a great way for alcohol distributors to speed up and simplify their payment processes across their distribution network.
There are quite a few options on the market, so it’s important to carefully consider what’s available before throwing budget behind any given offering. Considering the harm that an ill-fitted electronic payment processing solution can do to your business, it’s not a decision that you want to make lightly.
Here are a few key features to look out for:
Sending Detailed Payment Requests Quickly
Considering the core reasons for transitioning to an electronic payment processing system in the first place, your chosen solution should—at a bare minimum—allow you to send payment requests quickly and easily. Slow traditional payment processes are an issue for distributors and retailers alike: they increase the time and resources needed to deliver and receive goods, creating costly delays throughout the supply chain.
Electronic payment processing technologies should enable you to send highly detailed payment requests—including invoices, request confirmations, and processing requests—to the right person instantly from your mobile device.
Compliant With State And Federal Regulations
The alcohol industry faces extensive regulation on both a federal and state-wide level. It’s important that any electronic payment processing technology used by an alcohol distributor is fully compliant with all applicable rules and regulations.
Using a widely trusted and recognized payment processing solution like Alcohol Payments from iControl, you can rest assured that everything is above board at all times. You don’t have to worry about fines, penalties, or having your liquor license revoked over accidental red tape violations or noncompliance.
Facilitates Transparency Between Distributors And Retailers
For any B2B payment solution to succeed, regardless of industry, both parties need to trust each other to deliver on their respective ends of the agreement. Trust is far easier to maintain when retailers and distributors both have access to clear and detailed information regarding the status of any payment. This includes tracking, archiving, and reconciliation of all credits and deliveries.
Increased transparency promotes and ensures honest, mutually beneficial communication between you and your retailers. When everyone’s on the same page, it’s easier to manage expectations, plan for the future, and strengthen your professional relationship.
Future-Proof And Scalable
Last but not least, your chosen electronic payment processing solution needs to be versatile and scalable enough to remain valuable over time. There’s no point investing time and money into a new payment system if that system is going to be obsolete in a few years.
Thankfully, an electronic payment solution like Alcohol Payments from iControl has all your bases covered. It’s fully scalable and can adapt to the changing needs of your distribution network as it grows. This puts you in a position to easily manage and oversee any number of payments from as many retailers as you please.
Taking the leap from manual to electronic payment processing can boost efficiency, transparency, and security of B2B payments throughout your distribution network. However, you need to know what to look out for to find a solution that best suits the needs of your business. At iControl, we pride ourselves on providing alcohol distributors, suppliers, and retailers around the country with a convenient and secure way to request and process payments.
If you’d like to learn more about how our payment solutions can improve your business, feel free to get in touch. Otherwise, download a copy of our free eBook, “The Mobile Revolution: How Mobile Payments Are Redefining B2B Transactions”.