A recent payment concept brought a lot of new discussions and trouble to some breweries. Here's more on understanding alcohol payment regulations:...
Why The Alcohol Industry Needed An Electronic Payment Option
Retailers and distributor who use alcohol payments need to be more aware of electronic payment options – they're changing the industry for the better.
Retailers and distributors alike in the alcohol industry need to be more aware of electronic payment options because it could not only save them a lot of money but it could also make their jobs a whole lot easier. There is a lot to learn about the myriad of benefits that electronic payment solutions can provide. Let's explore the features of electronic payments and streamlining payments to see how they can positively affect the alcohol industry as a whole.
First and foremost, it is a payment process that is not only compliant with all state regulations regarding alcohol sales, but it is also authorized for use in all fifty states. For companies operating nationally it is important to have one uniform system in place not only for ease but also for continuity.
This process supports both COD and term states, so no matter how your customer likes to settle up there is no reason for them not to embrace EFT payments.
EFT Debit processing makes paying distributors simple and easy for retailers. Plus, all invoice details are stored electronically, so there is never any worry about misplacing or being able to find an old invoice even if you want to check an invoice years from now.
Invoice remittance is available for both chain customers and individual accounts.
Pricing integration across systems so that all of your prices and changes are visible to you and your customers.
Credit request generation and tracking ensures that all open accounts are settled in a timely manner. Duplicate credit tracking highlights duplicate transactions and ensure that customers are not charged more than once for the same order.
The best part of the electronic payment system is that there are no setup, implementation, or annual maintenance fees.
Pros For Retailers
Less money handling and money order fulfillment streamlines the entire receiving process. This saves retailers a lot of time spent during the receiving process and allows them to focus more of their time and energy on serving their customers.
Automatic electronic invoicing and archiving of all electronic transactions for beer payments also saves an enormous amount of time. This feature ensures that no invoice is ever lost or misplaced and that all records are in their proper place. It also processes e-invoices from Distributors with ease through the electronic payment system.
Complete integration into your accounting system allows for a singular view of all the payments. It simplifies the payment to distributors and ensures that all regulations are complied with based on the state and local regulations. Advanced audit tools ensure that all assets are accounted for at all times.
Pros For Distributors
The electronic system reduces the use of cash, checks and money orders which significantly reduces the risk of theft or misplacement. This saves delivery personnel and sales people time on delivery as well, since there is less paper being used. Invoices are automatically archived electronically so there is no risk of them being lost or damaged during delivery.
Collecting payments electronically is compliant with all regulations in every state in the country. In combination with powerful data verification and auditing tools distributors' jobs have become far more streamlined as a result of this essential technology.
The alcohol industry needs a scalable system for mobile b2b payments desperately. This payment method can provide the numerous benefits to the industry. In an industry where the rules and regulations are changing from state to state and county to county distributors and retailers who are working on a national, regional and local level need to be compliant with constantly changing regulations.
SEE ALSO: 4 Things Every Alcohol Distributor Needs
Learn more about the different types of reporting and dashboards that are essential for more streamlined alcohol payments. Click below to download your free copy.