Three Benefits Of Electronic Alcohol Payments 4/5/2016
Time is truly money in today's busy world, and Alcohol distribution is no exception. It is fast-paced, competitive, and time is an incredibly precious asset. As this $200 billion industry continues to grow, it is essential to adapt and incorporate new methods of payment into the entire distribution process. Electronic alcohol payment methods are here and they are here to stay. Here are three ways these payment methods are beneficial.
1. Removing In-Store Payments Saves Time
Electronic payment methods are incredibly fast. Once a delivery is confirmed, a retailer payment can be processed almost instantly. In the past, money orders had to be generated at store level while drivers waited. Paying with cash required the retailer to count out large sums of money, the distributor to recount the sum, and finally, for the distributor to deposit it. This process, of course, consumes a lot of time – time that could have been utilized making more deliveries or servicing customers. Electronic payment methods greatly decrease this wasted time and eliminates the time spent waiting at the back door.
2. It's a Safer And More Secure Payment Method
Electronic alcohol payments are much safer than traditional forms of payment. With this method of payment, cash is eliminated from this process. Of course, this greatly reduces the risk of theft after a delivery is made because there is nothing for a robber to take. This fact also has the potential to reduce insurance costs for a distributor which will drive more profits directly to the bottom line.
Electronic payment methods are also secure due to the fact that distributors are paid in compliance with state and local regulations. They also eliminate the risk associated with late payments and bad checks that could result in payments out of compliance. With electronic payment methods, these problems are eliminated and all sales are final, legitimate, and immediate.
3. They are Easier And More Accurate
Paying electronically is simply far easier than traditional methods of payment. Customary procedures become a thing of the past with the ability to pay for alcohol electronically. Electronic payment methods reduce the amount of time a distributor spends waiting for checks and money orders or someone allowed to handle the cash. There is no guessing game associated with electronic payment methods. All information is conveniently stored in a secure web-based portal accessible by both alcohol distributors and the retailers they deliver to.
In addition to being easier by being convenient, electronic payment methods also eliminate all room for error. By using an electronic process, human errors such as forgetting to sign a check, counting cash wrongly, or improperly taking inventory are totally eliminated with this convenient payment method. Everything being received has gone through a data verification process that involves incredible auditing tools. From this, distributors will have the benefit of knowing that they will always be receiving reliable and accurate data and payments.
Electronic Alcohol Payments Are Changing The Industry
To conclude, electronic alcohol payments continue to shift the industry to more efficient means of commerce. But it is important to choose the right alcohol payments solution that offers fully compliant and accurate payments alongside robust data integrity and reporting tools - all for a cost that is significantly lower than alternative solutions. It is also important to choose a solution that is trusted by alcohol distributors and retailers alike.
For more information pertaining to electronic alcohol payments or our iControl's mobile payment app, visit iControl's website, or email me directly.