Streamline Alcohol Invoice Payments with the Leading Technology Provider for the Bev Alc Industry
PaymentSource® is a smarter way to manage your alcohol by transforming manual processes into automated invoice payments and seamless alcohol data integrations that not only save time but also grow your bottom line.
With over 200,000 alcohol retailers nationwide utilizing PaymentSource for alcohol invoice management, the tool has become an integral part of operating a bar or off-prem store.
Let’s explore some of the functionalities that PaymentSource provides to create proactive alcohol data management practices.
1) EDI File Integration
Alcohol Inventory management and accounting are crucial for ensuring every cent poured into your business yields a positive return. Towards that end, having accurately inputted all invoice information can make or break your monthly P&L statements.
Why leave room for human error and waste time manually keying in invoice data when PaymentSource handles that automatically?
PaymentSource can capture all alcohol invoice information and create a file that can be imported into your accounting or back-office system. No matter which system you use, PaymentSource handles all invoice data importing in the background for over 200 back-office and accounting systems so you can focus on running your business.
Benefits of EDI integration include:
- Saving time on manually keying in invoice data
- Eliminating human error from losing paper invoices or incorrectly keying in invoice data
- Can view by line-item in an easy-to-read format
- Automating GL coding
- Monitoring cost changes with inventory among distributors
- Tracking money lost on costly orders
- Developing better alcohol buying strategies
With the EDI integration capability, you can take advantage of seamless, automated invoice data transmission into your back-office system.
PaymentSource integrates with the below common systems and many more!
2) Invoice Detail Report
PaymentSource comes with multiple reporting components that highlight different areas of your business. One of these reports is the Invoice Detail Report.
This report shows your past 13 months of purchases from a distributor using the Fintech platform. You can sort the listing by:
- Date Range
- And more…
You will get a digital rendering of the paper invoice for each alcohol delivery. Fintech automatically converts any abbreviations to normal text so you can understand what you purchased. You can view the Pack UPC, quantity, U/M, PPC, any discounts or adjustments, and any extended pricing.
This report also comes with an Invoice Inquiry feature. If you notice an error or discrepancy on your invoice, you can use the Invoice Inquiry feature to draft a message to your distributor. This initiates a conversation with your distributor through the Fintech portal to address the situation and makes things simple.
3) Bank Activity Report
The Bank Activity Report feature makes alcohol invoice reconciliation quick and painless. You can see the lump sum payments to each distributor in one simple-to-read online report.
You will see the distributor name, store ID, invoice number, invoice state, and total invoice amount. You can open the file electronically to view at a line-item level.
You can also see any distributor credits that have been requested. The Bank Activity Report is downloadable in a detailed or summary format for seamless integration into your accounting system.
4) Cost Variance Reporting
The Price Discrepancy Report feature is versatile and has applications for both on and off-premise retailers. You can use this tool to find any time you paid a different price for the same product from the same distributor across your locations within a multi-day period.
This feature allows you to determine whether these discrepancies are from quantity discounts from hitting distributor objectives or some other type of error.
Keep your margins intact through the actionable insights provided by PaymentSource.
5) Split Case Report
One of the best ways to reduce bar inventory is to be savvy with distributor orders. Specifically, how frequently you place an order for a product and how much of that product you order. Alcohol invoices can carry hidden fees like gas taxes, delivery fees, liquor taxes, and what are known as “split case fees”.
The split case fee is an additional charge applied by distributors when alcohol retailers order a partial case and vendors must split a full case into smaller batches. For retailers, this makes sense for low-volume products, but it is a pain for distributors. Those fees can add up quickly and affect your bottom line.
PaymentSource’s Split Case Report helps eliminate unnecessary ordering fees by analyzing your product inventory over a 60-day period to determine how much you are moving. This data can then be used to determine whether it is better to buy certain products by the case or the bottle.
6) Top Products Report
Put your alcohol data to work for you through PaymentSource’s Top Products Report. This report identifies fast-moving products so you can take advantage of quantity buys to keep your business stocked with the right inventory. This eliminates the guesswork of experimenting with different products. PaymentSource provides quantitative data to inform your purchasing decisions.
7) Regulatory Compliance Across Locations
Each state has its own regulatory guidelines surrounding alcohol payment and delivery. For example, one state may permit COD for beer deliveries, but have strict terms mandating payments on the 10th and 25th of each month for wine and spirits.
If businesses do not remain compliant with these terms, they risk being put on a “Do Not Sell” list and losing access to the alcohol product they need. Not to mention potentially losing their license.
With PaymentSource, there is no need to worry about staying compliant! Fintech’s platform ensures each item is paid automatically per the terms of the invoice. The intuitive software can handle invoices with variable payment terms and segment out payments accordingly.
Trust a reliable payment automation service from Fintech for all your alcohol deliveries.
Upgrade to PaymentSourc
Fintech’s EZ Enroll Autopay provides the great benefit of automated electronic payments at no charge, but retailers can push business optimization further by upgrading to PaymentSource for purchase data insights, portal access, and back-office alcohol invoice data integration.
Learn more about PaymentSource and request a product demo here.