With EOFY fast approaching, many businesses are quickly turning their attention to increasing sales as much as possible. End of Financial Year gives businesses the opportunity to see what areas are working well and what area’s need improvement. By far the biggest challenge facing all Food and Beverage businesses in 2022 is debtors.
Struggling to get your debtors to pay up? Are you sick and tired of constantly chasing customers for payment? If so, you’ve come to the right place. We all know how frustrating chasing customers is, but it doesn’t need to be that way, there are solutions available to Food and Beverage businesses that automate customer payments and get you paid faster.
To increase cashflow and reduce debtors, Food and Beverage Businesses need to implement an Automatic Credit Card Payment Solution.
What is an Automatic Credit Card Payment Solution?
An Automatic Credit Card Payment solution is an online payment system that automatically verifies and accepts customer payments and credit card requests on a business’s behalf. An Automatic Credit Card Payment solution transitions the customers transaction information directly to the bank to approve.
How Does an Automatic Credit Card Payment Solution Work?
All payments and transactions are controlled through a PCI compliant Payment Gateway system. Once a customer places an order, the gateway automates the normal procedures and either approves or declines a request based on information submitted. If approved funds are automatically debited from the assigned account and transferred to the merchants (the businesses) account.
What are the benefits of using an Automatic Credit Card Payment Solution?
Customer Payments are Debited automatically at the agreed time
As a Food and Beverage business, your number one priority is to get paid as fast as possible. Using an Automatic Credit Card Payment Solution, customer payments are automatically debited at the agreed time.
When your customer places an order, the payment system will debit the funds from the customers assigned account. Once approved by the bank, the funds automatically deposit into your businesses designated account within a business day – no chasing customers, no late payments.
Related Article: How to Get Your Debtors to Pay Up Faster.
Auto Payments for Repeat Customers
One of the most time-consuming tasks that many Food and Beverage businesses need to do on a weekly basis is create duplicate invoices for repeat customers. Using an Automatic Credit Card Payment Solution, F&B Businesses can set up automatic payment for repeat customers.
If your regular customers order similar products at regular intervals, the system can automatically debit the payment amount at the same time every week. The benefit of this is businesses don’t need to waste time creating invoices or manually setting up weekly payments for repeat customers.
Related Article: The Most Time Consuming Tasks in the Food and Beverage Industry in 2022.
Enforce Customer Credit Limits
A worrying trend in the Food and Beverage industry is many businesses allow customers who already owe and amount, continue to order and accumulate more debt. The problem with this is it reduces your businesses cashflow and increases total debt.
An advantage of using an Automatic Credit Card Payment Solution is businesses can enforce customer credit limits. The benefit of enforcing a credit limit is it stops customers from ordering more products until their current debt has been paid off in full. This ultimately saves businesses thousands and reduces total debt.
Related Article: Why Getting Paid On Time Is So Important For Food Distribution Businesses.
Customer Payments are Automatically Allocated and Receipted
One of the problems with traditional credit card payment methods is they don’t typically match customer payments to the correct invoice. Often businesses need to employ someone to perform this task, adding another unnecessary expense.
Using an Automatic Credit Card Payment System, customer payments automatically allocate and receipt to the correct invoice without your team needing to perform any administration tasks. After an order has been placed and funds have been debited, the system automatically matches the transaction payment and the receipt to the correct invoice as you trade. Your team can greatly reduce payment processing costs and focus solely on the more important parts of the business like buying and selling products.
Related Article: How Food & Beverage Businesses Can Reduce Payment Processing Costs.
Final Word,
Getting paid on time has never been more important. As the food and beverage industry continues to face record long wait times for payments many businesses are starting to feel the pinch. Implementing an Automatic Credit Card Payment Solution will help your business get paid on time, every time.
We hope you enjoyed reading this article. To read more articles like this, please visit the EasyVend latest news page here.
About EasyVend
For food and beverage businesses, EasyVend supports and automates every part of your business, freeing you up to grow your sales simply unlike other ERP systems.
EasyVend features include Stock Management, Online Ordering, Invoicing, Receipting, Automatic Credit Card Payments, Xero Accounting Integration, Route Management, Business reporting and more.
To learn more about EasyVend or to arrange a no obligation free demo of the software, contact us today on 1300 473 744 or submit the form below.