New VINPay - Suppliers
A wine industry-first!
Suppliers - Bulk & Bottled Wines
No broker commissions - Removes wine payment risk - Increases your capital liquidity
- VINPay guarantees the payment of your wine invoices
- 80% of each invoice is paid within 3 days of dispatch
- Introduces more buyers, and selling opportunities
All wine sales (bulk and bottled) through VINEX to credit approved buyers, will now be paid by VINPay under a tri-party agreement. You will receive guaranteed payment, plus cash access to 80% of your invoice within 3 days of each wine dispatch with no broker commissions to pay. Also, now you can settle your direct sales to your existing wine customers (provided they are VINEX credit approved) and receive the same assurance of payment and increased cash liquidity.
- Guaranteed payment – eliminating your commercial risk and need for credit insurance
- Capital liquidity – payment within 3 days of dispatch, providing greater business liquidity
- Reduced currency risk – on exports, receive earlier payment of invoices
- Approved buyers – independently verified and VINEX credit approved quality buyers
- Non-bank funding – flexible, and unrelated to any asset-backed bank funding
- Industry-leading value – no separate trading service fee applies, only a Settlement Fee
- Lower supply transaction costs – members benefit from digitised efficiency gains
VINPay Settlement Fee
The settlement fee is deducted from the wine price the buyer agrees to pay.
|All Wine Sales||Members|
How does VINPay 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 for VINPay.
- All transactions operate under a tri-party agreement, between you, the buyer and VINEX.
- All invoices are settled in the supplier’s major currency, either EUR, USD, AUD, NZD or ZAR.
- VINEX deducts the scheduled Settlement Fee from the advanced funds transferred to you.
- A minimum VINPay Settlement Fee of €500 (or equivalent currency) applies to each invoice.
1. Wines sold through the exchange
- With VINEX credit approved buyers, VINEX guarantees payment of your invoices, plus 80% of each invoice is paid within 3 days of dispatch for Domestic sales (and on the buyer’s acceptance of a pre-dispatch sample for Export sales). The remaining 20% is paid to you by VINEX within 3 days of your invoice due date, adjusted for any agreed discounts, rebates or quantity variances.
- All trades (to credit approved buyers) provide invoice payment terms of either 60 days for Domestic sales or 90 days for Exports.
- If the VINEX buyer has zero credit limit, the trade can still be completed through VINEX, but you will need to propose to the buyer your preferred payment arrangement and a standard (non-VINPay) agreement will apply.
2. Wine sold directly to your current buyers
- All wines sold directly by you (to VINEX credit approved buyers) can be settled through VINPay to receive assured payment and earlier cash access.
- The Settlement Fee, detailed above applies to all invoices settled through VINPay.
What does VINPay provide the buyer?
- VINPay provides all credit approved buyers with payment terms of 60 days (Domestic) and 90 days (Export) from your wine dispatch date.
- VINPay also provides the buyer with an option to extend the payment date of an invoice by an extra 60 days for a Credit Premium (fee). The payment extension does not change your original invoice’s due date and payment by VINEX of the remaining 20%.
What if the buyer doesn’t pay VINEX?
- VINEX still pays you. VINEX is responsible for collecting all invoice payments, provided all supply conditions have been met including receiving a signed Proof of Acceptance from the buyer (or in the case of Export a pre-dispatch sample), and the buyer’s unconditional acceptance of each wine delivery. It remains your responsibility to deliver the wine to the buyer in a condition as per the signed Sale and Purchase Tri-Party Agreement.
- If the buyer’s payment is overdue, VINEX will take action to recover the payment, which may include making a credit insurance claim, legal recovery proceedings and a down grading or removal of their VINPay credit limit.
No VINEX trading fees or commissions apply when transacting through VINPay.
Please contact your VINEX Manager with any questions, or simply start entering your current wine sales through your VINEX account to settle each invoice and receive the VINPay advantage.