The benefit of alcohol payments: Alcohol sale is a fast-paced business that has stayed competitive while the industry keeps expanding. There are some new payment methods (like electronic alcohol payment) that are being incorporated by the top companies in this industry to make transactions easier. These new methods pack plenty of benefits for Alcohol Payments, and here are some of them; In this blog, we will explain What is Electronic Alcoholic Payments (EAP)? What are Some Common Benefits of Alcohol Payments? What Is EAT And What Can It Do For You? Can It For You?
What Is Electronic Alcoholic Payments (EAP)?
It works as a direct deposit, when money is moved online from one bank account to another, eliminating the requirement to physically carry cash, checks, or money orders instead, all transactions happen digitally. EAP is fast, safe, and offers an effective solution that distributors and retailers are searching for.
EAP For Retailers And Distributors:
Most large retailers and virtually all alcoholic beverage distributors are already using electronic alcoholic payments to improve their business.
Several large retailers use EAT to pay their distributors for their alcoholic deliverables. However, many smaller, independent retailers have not taken benefit of this technology. The availability of EAT is for retailers of all sizes, not just large ones, and also saves retailers money and time with the streamlined procedures.
There are so many benefits of using EAT for distributors. By eliminating manual steps involved with alcoholic payments, one of the biggest benefits of the EAT is how much time it saves at the time of deliveries. Distributors get securely paid timely while easily being able to track all the involved documentation electronically.
Also Read: How Do Merchant Accounts Work?
What Are Some Common Benefits Of Alcohol Payments?
There are some common benefits of Alcoholic payments. The following are some common benefits that you should definitely know:
They are time-savers
Compared to other kinds of methods, the speed of electronic alcoholics is unmatched. From retail to wholesale, payments can be processed within minutes. Once delivery is confirmed, a retailer payment can be processed almost immediately. In the past, the order of money had to be created at the store level while drivers waited. Paying with cash needed the retailer to count out a large amount of money, the distributor to recount the sum, and lastly, for the distributor to deposit it. Of course, this process is time-consuming that could have been allocated by making more deliverables or servicing clients. However, electronic alcoholic payment methods greatly reduce wasted time and eliminate the time spent waiting at the back door.
With the assistance of electronic alcoholic payments, your store does not have to rely on making deliveries and collecting payments by cash which can prove to be a hassle to record and deposit. Electronic payments, on the other hand, take only a few moments and a good internet connection to get the transaction completed.
They are safer to use
Electronic alcoholic payment methods are much more secure as compared to traditional forms of payment. Unlike traditional payments like cash that expose you as an alcohol merchant to several risks, electronic alcohol payments provide more security for transactions. With this method of payment, cash is eliminated from this process. Of course, this greatly decreases the risk of theft after the delivery is made. This is because there is nothing for a robber to take. This fact also has the potential to decrease the insurance costs for the distributor which will drive more profits directly to the bottom line.
Electronic alcohol payments are safer. This is mainly due to the fact that distributors are paid in compliance with state and local regulations. Moreover, they also eliminate the risks associated with later payments and bad checks. This could result in payments out of compliance. With electronic payment methods, these problems are eliminated and all sales are legitimate, final as well as immediate. These e-payments remove the need to carry cash around and reduce the risk of getting robbed. In turn, this reduces the cost of insurance for companies and increases their profit. Wholesale merchant is also easily paid with e-payments since it’s guaranteed to be a safe payment mode. With them, you can forget about late payment cases of rejected checks after all transactions happen immediately.
Reliable and convenient to use
It is far cheaper for purchasers to pay using electronic payments as compared to other means. Traditional methods are now outdated and most stores encourage their customers to use these electronic alcoholic payment methods. They greatly reduce the quantity of time usually spent by merchants in the past waiting for checks or money orders. Now, you can be sure of no surprises when you receive your receipts as the data from the transaction is collected and stored in a secure web-based platform.
Also, electronic alcoholic payment methods reduce the chances of experiencing errors in transactions. Other traditional methods can expose your transaction to human errors like miscalculations or incorrect entries on checks or inventory. Since all the data gotten in electronic payments will be handled by technologically advanced auditing tools, the margin for error is much smaller. Now distributors can rest assured their payments will be accurate and their sensitive data will be protected.
What Is EAT And What Can It Do For You? Can It For You?
Over the past 7 years, 5 Star Processing provides solutions for retailers to pay their distributors for all their alcoholic beverage products. The best part is that it is free for the retailer. Here, is how you will benefit from buying EAP directly for your alcoholic beverage payments:
- Completely safe with end-to-end encryption
- Compliant in 50 states all payments are made in accordance with federal, state, and local regulations.
- No need to carry, checks, money, and money orders
- Same delivery time for distributors, and retailers
If you start this technology for the first time, as either a distributor or a retailer, you will realize instant benefits by embracing EAM direct. In addition to this, your procedures will be more convenient and you will stay compliant no matter your location so you can rest assured everything is safe.
In sum, electronic alcoholic payments are becoming better known across the alcohol industry as they make transactions safer and easier. However, you have to be careful in selecting a payment solution that is best suited to your business. Your chosen service provider must provide reliable results with minimal cases of data breaches. You should also review the different prices of your options to select one that saves your business cost without compromising on the quality of service.
Also, your alcohol store will benefit from mobile-powered e-payments apps that provide even more flexibility and convenience for customers. Even distributors can enjoy greater benefits with such technologically advanced payment options. Make sure to choose one from a credible platform that has earned a good track record with their alcohol merchants.