June 27, 2019
Your simple, flexible, and affordable payment processing solution
As the industry progresses more and more towards automation, the question remains: why are distributors still collecting retailer payments via cash and check? The inconvenience of collecting payments in person can be costly for both the distributor and retailer. Distributorships lose valuable time and money by sending personnel on site and retailers are often forced to stay at their place of business all day in order to write a check. These old, out-of-date methods of payment collection are simply no longer the best business practice.
So, what is the solution? Encompass PayLink!
Encompass PayLink is an automated payment collection process that generates and sends ACH files to the bank automatically. With Encompass PayLink, distributors are able to receive payment from their retailers without having to physically collect the funds.
PayLink is simple in that the ACH file PayLink creates is sent to the retailer's bank requesting that funds be pulled from the retailer's bank account and moved to the distributor's bank account. Utilizing technology to collect payment is more reliable and has less moving parts which translates to less exposure to error and increased efficiency.
PayLink is flexible because Encompass is able to integrate with the bank of your choice. Encompass has currently integrated with 30+ banks. Some big names include Wells Fargo, USBank and Bank of America but small, local banks are able to do this as well. If you love your bank, stay with them! Encompass will work with you and your bank to get the process started.
Lastly, PayLink is affordable. The fee to distributors is only $0.05 per invoice + the bank's ACH fees and PayLink comes at no charge to retailers. Encompass estimates that the manual method of payment collection comes out to $2.85-$5.00 per invoice! With PayLink, distributors are able to increase margins and relieve the strain on their staff by securing the payment collection process and eliminating the need for multiple staff members to process cash and check payments.
To learn more about automating your payment collection methods, give us a call at (970) 449-8000.