Interested in streamlining your business’s vendor payment activities? Who isn’t? This is one task any retailer would love to expedite as long as it doesn’t jeopardize payment accuracy. If you haven’t explored electronic B2B payment solutions, this article can provide the information you need to identify the right provider for these services.
Electronic B2B payment solutions are a great way for retailers to speed up and simplify the payment process across their retail footprint. This can have an immediate benefit for your organization, but like any technology, there are quite a few options on the market.
To find the right solution for your business, here are a few key features to look out for:
Sending detailed payment requests quickly
Your chosen B2B payment solution should — at a bare minimum — allow you to send payment requests quickly and easily. Traditional payment processes which are typically slow and inefficient can present issues for distributors and retailers alike: they increase the time and resources needed to deliver and receive goods, creating costly delays throughout the supply chain.
An electronic B2B payment solution should enable you to send highly detailed payment requests — including invoices, request confirmations, and processing requests — to the right person instantly from your desktop and mobile device.
Compliant with state and federal regulations
Many organizations face regulatory compliance hurdles when transitioning to an electronic payment system. For example, the alcohol industry has extensive regulations on both the federal and state level. Therefore it’s crucial that any electronic B2B payment solution used by your organization is fully compliant with all applicable rules and regulations.
Look for a widely trusted and recognized payment processing solution so you can rest assured that everything is aboveboard at all times. As an example, many Topco members utilize iControl to ensure prompt and accurate payment of their alcohol distributors. This eliminates worry about fines, penalties or having their liquor license revoked given that iControl is authorized to process payments in all 50 states.
Facilitates transparency between distributors and retailers
For any B2B payment solution to succeed, regardless of industry, both parties need to trust each other to deliver on their respective ends of the agreement. Trust is far easier to maintain when retailers and distributors both have access to clear and detailed information regarding the status of any payment. This includes tracking, archiving and reconciliation of all credits and deliveries.
Increased transparency promotes and ensures honest, mutually beneficial communication between you and your distributors. When everyone’s on the same page, it’s easier to manage expectations, plan for the future and strengthen your business partnerships.
Future-proof and scalable
Last but not least, your chosen B2B payment solution needs to be versatile and scalable enough to remain valuable over time. There’s no point investing time and money into a new payment system if that system is going to be obsolete in a few years.
Finding the right electronic B2B payment solution for your business
Taking the leap from manual to electronic B2B payments can boost efficiency, transparency and security of throughout your distribution network. However, you need to know what to look out for to find a solution that best suits the needs of your business.At Topco Indirect, we have partnered with iControl to offer a streamlined approach to business-to-business payments and offer your organization a solution that is accurate, fast, transparent, and efficient. Contact us today to learn more about iControl and how we can improve the vendor payment process for your organization.
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