New VINPay - Buying
A wine industry-first!
Buyers - Bulk & Bottled Wines
Negotiate lower cash prices - Receive 150 day credit terms - Preserve your cash flow
VINEX pays suppliers’ invoices (on your behalf) within 3 days of each wine dispatch, and you can benefit:
- Negotiate best available discounted cash price terms and save
- Receive either 60 day and 90 day credit terms
- Plus, an option for an extra 60 days credit, up to 150 days
All your purchases of bulk and bottled wines, either sourced directly by you from existing suppliers or through the exchange, can now be easily settled through VINPay enabling you to negotiate 'cash price terms' and save (and receive extended credit terms to 150 days).
To transact through the VINPay you need to have a pre-approved credit limit and enrol on the VINPay platform. For detail, email VINEX at: email@example.com
Negotiate cash pricing – lower purchase prices 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 non asset-backed funding
- Applies to all purchases – transact current direct supply and VINEX traded purchases
- Reduce currency risk - pay invoices in your local currency (GBP, EUR or USD)
- Approved VINPay sellers – all VINEX suppliers are verified and trust rated
- Lower transaction costs – benefit from lower fees and digitial efficiency
- +60 Days Credit – extend payment terms, up to 150 days
Extend Invoice Payments to 150 days
VINEX provides you with an option to purchase an extra 60 days credit for a +60D Credit fee.
|All Wine Purchases||VINPay Settlement Fee||Extra Credit Term||+60D Extension Fee||Total Credit Term|
|60 Days Credit||Supplier||+60 Days||1.9%||120 Days|
|90 Days Credit||Supplier||+60 Days||1.9%||150 Days|
How does it work?
VINPay 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 register and enrol to receive a VINPay pre-approved credit limit. All transactions operate under a rolling 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. You have an option to pay for invoices in either GBP, EUR or USD; based on live cross-market rates.
Payment of all invoices must be made to VINPay by electronic transfer, on or before the agreed due date in cleared funds. A Recovery Fee applies 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 +60D Extension fee is payable in advance.
A minimum +60D fee of €500 (or your equivalent currency) applies.
1. Wines purchased through the exchange
- All wines purchased through the exchange can now be settled through VINPay, provided you have a pre-approved credit limit. Suppliers agree to pay a Settlement Fee which is deducted from the advanced payment they receive, being 80% of their invoice within 3 days of dispatching wine, with the balance paid within 3 days of the invoice due date (being either 60 days or 90 days from dispatch).
- You have the option to extend each invoice’s payment due date by +60 days.
- If no VINPay credit limit is available, then transactions cannot be settled through VINPay, and the supplier will be required to offer to you a separate payment arrangement.
2. Wines purchased directly, from your current suppliers
- All wines purchased by you directly from your existing suppliers can be settled through VINPay, provided you have a pre-approved credit limit and your supplier agrees.
- In addition to you negotiating a discounted price based on cash terms, you also have the option to extend each invoice’s payment due date by a further 60 days.
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 rolling Tri-Party Sale & Purchase 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 to sign an acceptance of a 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 us at VINEX with any questions. Start today to preserve cash flow, and buy on cash terms.