Here’s why all Food & Beverage Businesses MUST Have a Payment Gateway in 2022.
What is a Payment Gateway?
A Payment Gateway is an online, automated payment system that allows businesses (Merchants) to accept credit and debit card (EFTPOS) Customer payments. A Payment Gateway will automatically verify, authorize, or decline customer payments based on information provided – reducing the risk of fraud and error.
Why your business needs to have a Payment Gateway?
A Payment Gateway offers many benefits to Food & Beverage Businesses. Here are the top 5 Reasons why your Food and Beverage needs to have a Payment Gateway.
1. Automates Customer Payments
The biggest challenge facing all Food and Beverage businesses in 2022 is debtors. Studies show that the Food and Beverage Industry has the longest payment wait times out of any industry in Australia with businesses waiting 24-days on average for payment.
Implementing a Payment Gateway system automates the entire customer payment process, helping your business get paid on time, every time. A Payment Gateway offers fast transaction processing, flexible payment methods and automatically verifies or declines payment based on the customers transaction information. The benefit of having a Payment Gateway is your business can quickly identify if an order has been paid for by a customer or not. Your business will never need to waste time or products, fulfilling an order that has not been paid for by a customer – ultimately reducing your businesses liabilities and debtors.
Related Article: Why Getting Paid On Time Is So Important For Distribution Businesses.
2. Automatically Links Payments to the Correct Invoice
One of the most tedious tasks of running a Food and Beverage is manually linking payments to the correct invoices. Manually linking payments is not a fun job, it’s time consuming and carries a high risk of error. Another benefit of implementing a payment gateway system is it automatically links customer payments to the correct invoice.
When a customer places an order through your businesses Online Ordering Website, the customers transaction information and payment will automatically link to the correct invoice in your accounting software in the background as you trade.
3. Reduces Debtors
Debtors have and will always be one of the most frustrating aspects of running a Food and Beverage business. The worst thing you can do as a business is let customers who already owe an amount, continue to order, and gain more debt. The more debtors your business gains, the higher your chance is of insolvency.
One of the biggest benefits of using a Payment Gateway is it reduces the risk of acquiring debtors. A Payment Gateway system offers fast transaction processing, instantly letting your businesses know when a transaction request is valid or not. Having quick transaction information gives your business the ability to only fulfil orders that have been paid for in full. Those orders that haven’t been paid for can be pushed aside until payment is received. The less debt your business has, the better the position you will be in, it’s that simple.
Related Article: How to Get Your Debtors to Pay Up Faster.
4. Accepts different Payment Types
One of the main reasons why so many businesses acquire debtors is because they don’t accept a customers preferred payment type. The harder it is for a customer to pay, the longer your business will wait. To reduce your debtors, your business needs to cater for multiple payment methods whether it be credit card, EFTPOS, PayPal etc.
Another benefit of using a Payment Gateway system is it caters for multiple payment types. All major payment methods are accepted by most payment gateways.
5. More Secure Transactions
Data Security is the most important part of running a business. Your business needs to make sure your transactions are secure at all times. Using innovative technologies, a payment gateway offers the greatest protection for customer transactions.
Payment Gateways in Australia need to be PCI compliant in order to trade. When a payment is processed through a PCI Compliant Gateway, customer credit card information cannot be accessed by anyone after they have been entered.
To learn more about PCI Compliance click here.
To be successful in the Australian Food and Beverage Industry in 2022, your business needs to have a Payment Gateway. A Payment Gateway offers your business greater protection, faster customer transactions and reduces both debtors and tedious administration tasks.
To learn more about Payment Gateway in EasyVend click here.
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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 and what sets us apart call us today on 1300 473 744 or submit the form below.