The Michigan Liquor Control Commission’s mandate requiring electronic funds transfer (EFT) payment for all beer and wine distributors is just weeks away. Hotels, restaurants, and bars must set up automated EFT payment capabilities before the March 31 deadline to avoid interruptions with their alcohol deliveries.
Hotels, restaurants, and bars can make the most of this situation by partnering with an EFT payment provider with additional benefits that create efficiencies for their business. Look for a vendor with a user-friendly interface and customer support that can handle the setup and implementation processes for you.
So, what else should you look for in an EFT payment vendor?
Proven Experience from a Vendor in the Alcohol Industry
Alcohol could be your biggest revenue generator. A missed or late payment can disrupt deliveries and significantly impact your profit margins. A vendor in the bev alc space understands how these transactions work and how to stay compliant.
One-Source Solution for Paying All Your Alcohol Distributors
Why deal with the hassle of bookkeeping for multiple distributors and leave your business vulnerable to human error? An automated EFT vendor will disburse all payments on time without you having to lift a finger.
Look for a solution that electronically integrates line-item invoice data into your back-office system.
Saves Digital Copies of Invoices
No one likes to rifle through old filing cabinets looking for an old paper invoice. An EFT vendor should be able to store digital copies of previous invoices for faster reconciliation.
Request and Receive Credits Across Your Distributors
There are EFT vendors with built-in communication capabilities that allow you to start a dialogue with your distributor when you see a discrepancy on an invoice.
Dedicated Customer Support and Industry Experts
You need a company with a dedicated customer support department. It would be a bonus to work with people with experience in the alcohol industry. You want to be confident in the people managing your payments and know they understand how the alcohol industry works.
Keeps You Informed on Regulatory Changes
Alcohol laws are constantly changing – as seen with Michigan’s latest mandate. An EFT vendor with a dedicated regulatory department can inform you when changes are enacted and how they impact your business.
Reveals Product Pricing Fluctuations
When you order the same products from the same distributors each time, it can be easy to let something slip through the cracks with pricing. There are EFT vendors with the capability to provide visibility into any time you pay a different price for the same product from the same distributor across your locations.
As you can see, this EFT mandate presents an opportunity to create more business efficiencies. Fintech is already used by 56% of Michigan hotels, bars, and restaurants to manage their EFT payments and more. Our solutions can fit any size business with any size budget.