“The added value of being able to also process checks and automate the posting and cash application from both checks and payments made online back into our eoStar system, made FTNI’s ETran platform the perfect fit for our business.” -- Jesse Robbins, Director of IT, Peerless Beverage Company
OMAHA, Neb. (PRWEB) July 21, 2020
Financial Transmission Network Inc. (FTNI), a provider of industry-leading integrated receivables, payment processing, and cash application solutions, today announced that Peerless Beverage Company, one of the largest beer distributors in New Jersey, has selected its ETran Integrated Receivables platform to deliver the distributor with Online Payment Portal and Advanced Remote Deposit Capture (RDC) solutions. FTNI and Peerless Beverage are on track to launch these new services early in Q3 2020.
Family-owned since 1933, Peerless Beverage serves over 3,500 bars, restaurants and stores throughout seven counties representing 46% of New Jersey’s nearly 9 million residents. Housed in a 250,000 square foot state-of-the-art warehouse in Union County, Peerless Beverage Company’s more than 275 employees and delivery fleet of 75+ vehicles support the sale and delivery of more than 9 million cases per year of the beer market’s biggest brands.
ETran’s fully-hosted Online Payment Portal will enable Peerless Beverage to deliver its customers with new, secure, online payment options. Peerless Beverage customers will enjoy the ability to conveniently view and pay their open invoices via ACH within an easy-to-use payment portal that features a responsive design to ensure a user-friendly experience via any device.
The addition of ETran’s advanced RDC module will help internal Peerless Beverage A/R personnel streamline the scanning of customer checks, the association those check payments with open customer invoices, and automatically transmitting check payments for deposit to its banking institution.
Peerless Beverage will also leverage FTNI’s partnership and ready-integration with Rutherford and Associates’ eoStar route accounting software. This exciting integration streamlines the transmission of invoice and payment data between FTNI’s ETran platform and eoStar, delivering true straight-through processing, automating the delivery of posting and cash application of remittance information and associated transactional data into eoStar.
“As we looked at how to most efficiently and securely accept payments from our customers, online payments had been a topic growing in popularity among our customers,” said Jesse Robbins, Director of IT, Peerless Beverage Company. “The onset of COVID-19 definitely helped accelerate our need to get a solution in place to allow our customers to pay online. The added value of being able to also process checks and automate the posting and cash application from both checks and payments made online back into our eoStar system, made FTNI’s ETran platform the perfect fit for our business.”
Currently used by leading companies spanning numerous industries across the U.S. and Canada, ETran has been proven to decrease the time it takes companies’ A/R departments to process and post payments by up to 80 percent, and reduce DSO by more than five days.
ETran’s highly-configurable, modular design allows accounts receivables (A/R) organizations to efficiently tailor the platform to their unique business processes and workflows to modernize and automate payment processing and cash application operations across all payment methods and channels, from a single Software as a Service (SaaS) platform. ETran’s agnostic, ‘plug-n-play’ nature works with existing banking and merchant processor relationships and supports efficient integration (batch or real-time) with any back-office system.
“The sudden disruption brought on from the COVID-19 pandemic has caused not only distributors, but companies spanning many industries, to evolve the systems and processes that support how they get paid,” said John Karhoff, director of sales, FTNI. “FTNI is proud to be able to deliver Peerless Beverage Company with new RDC and online payment solutions delivered from a single, cloud-based platform, that will provide benefits not only to their customers, but also to internal A/R operations within the company.”
About Peerless Beverage Company
Peerless Beverage Company, a family-owned business since 1933, is heading into its eighty-eighth year, led by third-generation owners Scott Beim and Chuck Salzman. The company is housed in a 250,000-square-foot state-of-the-art warehouse space, selling more than 9 million cases a year of the beer market’s biggest brands. Located in Union County, Peerless services Essex, Union, Hudson, Passaic, Bergen, Sussex, and Morris Counties, ranking it one of the largest beer distribution centers in the state. Along with its cutting-edge technology, insight, and innovation, Peerless provides the best-quality products and service. Visit them at: peerlessbeverage.com, facebook.com/PeerlessBeverage, and twitter.com/peerlessbev.
Financial Transmission Network, Inc. (FTNI) accelerates the way businesses accept, process, post and manage payments. Processing millions of transactions monthly, FTNI’s integrated receivables platform, ETran, accepts any payment method, via any payment channel—on a single, secure, cloud-based platform. ETran’s easy-to-deploy, modular design seamlessly integrates current business processes, bank and processor relationships, and back-office accounting software to deliver increased efficiencies and cost savings as a result of true straight-through processing. Founded in 2007, FTNI serves more than 20,000 corporate users from over 1,000 leading companies spanning numerous industries including Banking and Financial Services, Distribution, Insurance, Nonprofit, Property Management, Utilities, and more. For more information, visit ftni.com.