It’s no secret that Automatic Credit Card Payments are changing the Food and Beverage Industry. As the Australian Food and Beverage Industry continues to adapt to the changes brought on by the Covid-19 pandemic, many businesses still face unprecedented challenges getting paid and invoicing customers.
Here’s How Automatic Credit Card Payments Help Food & Beverage Businesses.
Customer Payments are taken automatically at the agreed time
How long do you spend chasing customers for payment? Chasing customers for payment is such a frustrating job because it hurts your cash flow and impacts other areas of your business. Using an Automatic Credit Card Payment Solution, customer payments are taken automatically at the agreed time.
Once a customer places an order, the payment system will automatically debit the funds from your customers assigned account whether it be a credit card, debit card or bank account. The funds will then be deposited into your businesses assigned account within a business day (depending on your bank provider). An Automatic Credit Card Payment Solution minimises time-spent chasing customers, increase cashflow and reduce debtors.
Related Article: 5 Ways Food & Beverage Distribution Businesses Can Increase Cashflow.
Customer Payments are Automatically Allocated and Receipted to the corrected Invoice
Manually linking payments to the correct invoice is a time-consuming job and is prone to error. Using an Automatic Credit Card Payment Solution, Customer payments are automatically allocated and receipted to the correct invoice.
After a customer has placed an order and the funds have been debited, the credit card system instantly matches the transaction payment and customer receipt to the correct invoice in the background as you trade. The benefit of an Automatic Credit Card Solution is your team, and your accountant won’t need to waste time or resources manually allocating payments to invoices.
Related Article: How Food & Beverage Businesses Can Reduce Payment Processing Costs.
Auto Payments for Repeat Customers
Many Food & Beverage businesses have repeat customers who order the same products at their regular interval. For far too long Food and Beverage businesses have wasted time manually creating invoices for the same order over and over again. A benefit of using an Automatic Credit Card Payment Solution is businesses can set up automatic payment for repeat billing customers.
For repeat customers, your business can set an amount you wish to be debited at a particular time. For example, if your customer orders their regular order every Friday, you can automatically set a debit of payment at that time recurringly. The benefit of setting up automatic payments for repeat customers is it limits time spent chasing payments, creating invoices and increases your cashflow.
Related Article: The Most Time Consuming Tasks in the Food and Beverage Industry in 2022.
Enforce Customer Credit Limits
A common occurrence in the Food and Beverage industry is customers who already owe an amount continue to order and accumulate more debt. The problem with letting this happen is it hurts your cashflow and impacts your other areas of your business. An added benefit of using an Automatic Credit Card Payment Solution is businesses can enforce customer credit limits.
Enforcing a customer credit limit will stop customers who already owe an amount from ordering until the remaining balance has been paid. The less money owed to your business by customers the better the position you will be in.
Manages Complex Discounts, Rebates and Price Levels
For many Food and Beverage business, different customers or products may have different rebates, price levels or discounts. Managing different prices, rebates and discounts manually is difficult and it’s very easy to make an error. The last thing your business wants is to upset a valued customer with incorrect pricing.
An Automatic Credit Card Payment Solution automatically manages complex discounts, rebates, and price levels for different customers without you needing to do anything.
Automatic Credit Card Payment Solutions are changing the way Food and Beverage businesses operate in 2022. An Automatic Credit Card Payment solution will minimise time-spent on the invoicing and payment processes and increase cashflow for your business.
To learn more about Automatic Credit Card Payments in EasyVend click here.
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For food and beverage vendors, distributors, and wholesalers, EasyVend supports and automates every part of your business, freeing you up to grow your sales simply unlike other ERP systems.
EasyVend includes all your everyday management features like Stock Management, Online Ordering, Invoicing, Receipting, Automatic Credit Card Payments, Integrated Accounting, Route Management and Business Reporting in one central, industry specific solution.
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