VINPay - Wine Payments Re-invented
Announcing an industry-first!
B o t t l e d + B u l k W i n e P a y m e n t s
VINEX launches a new wine payments service. Now, producers can be guaranteed payment, plus have 80% of their invoice value paid within 3 days of dispatching wines. Also, buyers can extend their supplier’s invoice payment dates by an additional 60 days.
VINPay is available to all wine producers and credit qualifying buyers, when either trading through VINEX or for current direct wine sales and purchases.
VINPay re-invents wine payments
- Guaranteed payment - eliminating commercial risk and the need for credit insurance, with a buyer's Proof of Acceptance
- Access to working capital - invoices paid (to 80%) within 3 days of dispatch, allowing you to invest cash and grow your business
- Applies to all wine sales – VINPay transact your existing customer sales, or new trades executed through the exchange
- One transaction fee – deducted by VINEX on the transfer of funds to you
- Approved buyers – verified and credit rated by VINEX
- Flexible funding – VINPay funding is unrelated to any bank funding obligations
- VINPay choice - VINPay transact to receive earlier payment on all your existing direct Domestic and Export sales
- Maximise cash flow - preserve cash by extending invoice payment dates by an extra 2 months
- Interest free term - only pay a fee on the balance owing, if you decide to extend the original invoice's due date
- No deposits or pre-payments - maximise your retained cash-on-hand, so you can better manage your cash flow
- Flexible financing – VINPay financing is unrelated to any bank funding arrangements
- Approved VINPay sellers – suppliers verified and rated by VINEX
- One transaction fee – the VINPay fee is transparent, and payable on the extended invoice due date
- VINPay Choice - receive extended payment due dates on all your existing direct wine purchases, even if not traded through VINEX
"At last, a payments service that really understands our business needs!"
Name withheld, Producer, Argentina
"Finally, non-bank funding that enables me to preserve cash when I need it most!"
Name withheld, Importer, United Kingdom
The Key Facts
Seller receives 80% of invoice value within 3 days of dispatch
Seller pays one transaction fee, from just 0.80% (for 30 days)
Buyer may extend current invoice due date by 60 days
Buyer pays one transaction fee, from just 2.15%
Who can use VINPay...
VINPay is a supply-chain payments service from VINEX for VINEX registered members. Sellers and Buyers must be legal entities, and Buyers will be required to apply for a VINEX pre-approved credit limit.
A VINPay transaction can be started by either the Seller or the Buyer, or both.
(1) Sellers may want to transact through VINPay, either after the execute a trade through the exchange, or transacting their existing direct sales to receive both certainty of payment, and earlier access to payment.
(2) Buyers may want to transact through VINPay, to further extend an invoice payment due date to preserve their cash flow.
VINPay is available for all bottled and bulk wine product. You DO NOT need to trade through the exchange - you can simply transact direct contracts and invoices through VINPay.
VINPay is a 'disclosed trade payments service' with both Seller and Buyer executing a VINEX Sale and Purchase Agreement.
How VINPay works…
- VINPay express transfers 80% of your invoice inclusive of any taxes (less our transaction fee) within 3 days of VINPay receiving a Proof of Acceptance from the buyer. For 'wine exports', proof of acceptance is based on a pre-shipment sample being accepted by your buyer.
- VINPay transfers the 20% balance of your invoice within 3 days of the due date, adjusted for any agreed discounts, rebates or delivered quantity variances.
- For all bottled and bulk wine purchases, if you have a pre-approved VINPay credit limit you can receive an additional 60 days to pay
If the supplier's invoiced amount is paid by the original due date no interest is payable. If you choose to extend, then part invoice payments are permitted at any time up to the new extended due date. Recovery fees apply if the invoice is not paid in full by the agreed VINPay due date.
VINPay Scenario 2... a buyer wants to preserve cash flow by extending all invoice terms to 120 days The Buyer has a VINPay pre-approved credit limit and wants to extend the payment term of each invoice beyond the Seller’s credit terms. Each month the Buyer transacts invoices through VINPay with the total value remaining below his pre-approved credit limit. VINPay provides the Buyer with an extra 60 days to pay on each invoice, in addition to the Supplier's standard 60 day terms. The Buyer pays VINPay for each invoice, adjusted for any agreed rebates or product quantity variances, on or before 120 days, including the agreed VINPay transaction fee.
VINPay Schedule of Fees
Below are examples of the fees payable by the Seller to receive guaranteed payment, plus 80% payment of each invoice within 3 days. The scheduled fee is deducted by VINPay at the time of transferring the funds to your nominated bank account.
30 Day Invoices < €100,000
VINPay transact and pay €900 to receive guaranteed payment, and 80% of cash within 3 days of dispatch
90 Day Invoices > €100,000
VINPay transact for guaranteed payment, 80% payment within 3 days of dispatch for 2.6% of the invoice value
Below is an example of the fee (or interest) payable for extending invoice due dates by up to 60 days.
An extra 60 days to pay > €100,000
Buyers' Credit Limits
All buyers are credit assessed by VINPay. For sellers to receive guaranteed payment they must not dispatch stock and raise an invoice that will take the Buyer's payable value over their credit limit. Buyers will be required to pay-down any outstanding invoices to ensure they remain below their credit limit at all times.
Buyers can apply for a credit limit at: email@example.com
Please direct your enquiries to firstname.lastname@example.org
Level 1, One Mayfair Place
London W1J 8AJ UK
VINPay is an integrated supply-chain payments service offered by Vin-Exchange IP Ltd. VINPay is a registered trademark of Vin-Exchange IP Ltd.