New VINPay - Buying
A wine industry-first!
Buyers - Bulk & Bottled Wines
Negotiate lower purchase (cash) prices - Receive extended payments terms - Preserve your cash flow
VINEX pays suppliers’ invoices (on behalf of buyers) within 3 days of each wine dispatch, and buyers can benefit:
- Negotiate best available discounted cash prices and save
- Receive 60 days (Domestic) and 90 days (Export) credit terms
- Plus an option to an extra 60 days payment terms (for a fee)
All your purchases of bulk and bottled wines, either sourced directly from your existing suppliers or through the exchange, can now be easily settled through VINEX enabling you to negotiate 'cash prices' and save, and receiving extended payment terms.
To transact through the VINEX payments service you need to have a pre-approved credit limit. A credit application is available from your VINEX Manager, or email: email@example.com
Negotiate cash pricing – lower your purchase costs and achieve attractive savings
- Maximise your cash flow – further delay invoice payments to preserve cash
- No deposits or pre-payments – maximise cash to increase business liquidity
- Non-bank funding – flexible, and unrelated to any asset-backed bank funding
- Applies to all purchases – transact current direct or exchange traded wine purchases
- Approved VINPay sellers – all VINEX suppliers are verified and trust rated
- Lower transaction costs – members benefit from digitised efficiency gains
- +60 days credit terms – extend existing payment terms, for a standard fee
Extra 60 Days to Pay
Extended invoice payment terms, up to 150 days (for exports) are available.
VINEX provides you with an option to purchase an extra 60 days credit for one +60 Premium.
|All Wine Purchases||Standard Term (Free)||Extra Credit Term (Paid)||+60 Premium Fee||Total Credit Term|
|Domestic||60 Days||+60 Days||2.5%||120 Days|
|Export||90 Days||+60 Days||2.5%||150 Days|
How does it work?
VINEX is available to all verified and registered VINEX buyers and sellers responsible for the legal ownership and transfer of a wine. Brokers and agents are not eligible to complete trades. All buyers must complete a credit application to receive a VINEX pre-approved credit limit. All transactions operate under a tri-party agreement, between you, the seller and VINEX. All invoices are settled in the supplier’s major currency, either EUR, USD, AUD, NZD or ZAR.
Payment of all invoices must only be made to VINEX by electronic transfer, on or before the agreed due date in cleared funds. Recovery Fees apply to invoices unpaid after the agreed due date, and not in dispute.
If you extend an invoice’s payment due date by +60 days, a +60 Premium is payable (in advance).
A minimum +60 Premium of €500 (or equivalent currency) applies.
1. Wines purchased through the exchange
- All wines purchased through the exchange are now settled through VINEX, provided you have a pre-approved credit limit. Suppliers agree to have a Settlement Fee deducted to receive payment assurance, plus 80% payment of their invoice by VINEX within 3 days of each wine dispatch and the balance at either 60 days (domestic) or 90 days (for export orders).
- You have the option to extend your invoice’s payment date by +60 days for a fee.
- If no VINEX credit limit is available then transactions cannot be settled through VINEX wine payments, and the supplier will offer to you a separate payment arrangement.
2. Wine purchased directly, from your current suppliers
- All wines purchased by you directly from your suppliers can be settled through VINEX, provided you have a pre-approved credit limit and your supplier agrees.
- In addition to you negotiating a discounted cash price, you will also have the option to extend each invoice’s payment term by an extra 60 days (for a fee).
Enquiries welcome. Please email: firstname.lastname@example.org
How am I protected, making sure I receive the wine that I approved?
It is the supplier’s responsibility to deliver the wine as per the Sale and Purchase Tri-Party Agreement, similar to the current VINEX Agreement. However, the assurance has been strengthened by requiring you to sign a Proof of Acceptance following each delivery, and for export purchases, sign an unconditional acceptance of the pre-dispatch sample, before the wine is loaded and dispatched.
As per the current VINEX Agreement, if there is a problem with the delivered wine, it is the responsibility of the supplier to make-good the wine.
Please contact your VINEX Manager with any questions, or simply start entering your current wine purchases through your VINEX account to receive extended terms and receive the VINPay advantage.