Convenience stores, liquor stores, and smoke shops are a few examples of businesses in off-premises retailing. The term “off-premises” relates to alcohol purchasing and consumption, meaning alcohol can be bought at the location but cannot be consumed there like with a bar or restaurant. These stores carry a range of other products, some of which are regulated, though each comes with its own invoice. These stores can increase their operational efficiency with automated invoice payments, electronic data interchange (EDI) integration, and inventory management tools. Whether it’s a one-store operation or a company with multiple locations, adding smart solutions like Fintech and RetailzPOS allows these types of businesses to flourish.
Using the Right Solutions for the Job
Retail businesses can optimize their operations with the right technology. For example, businesses can use an integrated point-of-sale (POS) system with inventory management capabilities, customer relationship management tools, and sales reporting insights. Cloud-based solutions are especially critical, providing real-time data access and inventory updates across multiple locations.
There is also the option to combine an integrated POS system with hardware configurations like tablets that double as barcode scanners and credit card terminals, receipt printers, and more. These systems are customizable based on the needs of the business and create a connected inventory ecosystem that helps keep track of important inventory and sales data.
RetailzPOS carries both software and hardware options, giving liquor stores, convenience stores, and smoke shops a dedicated system for each location.
Automated Invoice Payments
Removing manual processes around procurement, inventory management, and other time-consuming tasks is the best path toward optimal efficiency. Businesses can also do this by automating invoice payments. Each vendor is different, but let’s use alcohol as an example. When a convenience store receives an alcohol delivery, the operator must stop what they are doing to write a check or pay cash, depending on the invoice terms.
Solutions like Fintech’s PaymentSource® facilitate automated invoice payments without interrupting the daily workflow to process a delivery. Fintech has since expanded its accounts payable automation capabilities with PaymentSource Premium, which includes things beyond alcohol, like operating supplies, goods, services, and other business expenditures. Now, businesses can have one convenient portal to pay all their invoices.
EDI Invoicing
It can be difficult to manage the volume of invoices for all the different products carried in the store. Once an invoice is received, the line-item data must be inputted into the back-office system to keep track of inventory and maintain financial records. Electronic data interchange (EDI) provides a hassle-free alternative procurement process method.
How does EDI invoicing work? When a vendor sends an invoice, all data (product price, name, quantity, etc.) is processed into an electronic file. This file is then delivered seamlessly into a business’s back-office or accounting system, providing visibility into all invoices across each location, either at the summary or line-item level.
Fintech and RetailzPOS integrate using EDI to help liquor stores, convenience stores, and smoke shops better manage all business invoices.
Modernize Off-Premises Retailing With the Fintech and RetailzPOS Connection
Companies like Fintech and RetailzPOS allow off-prem businesses to modernize with a versatile system that works well, whether at one store or across several. The invoice data from the Fintech and RetailzPOS integration provides purchase data insights that help protect margins and identify top-selling products. It also digitizes invoice history and simplifies bookkeeping.
Both Fintech and RetailzPOS have a long track record of working with off-premises retail businesses, providing solutions that meet the unique needs of the industry.
To learn more about RetailzPOS and what they offer, click here.
