Digital Wine Ventures (DW8 ASX), or the “Company”, is pleased to report that WINEDEPOT has entered into an agreement with Earlypay to launch LIQUIDITY, a simplified payment solution for users of its B2B marketplace.
Earlypay is a publicly listed Australian company, that has become a market leader in providing innovative business financing solutions, both direct to Australian businesses and by powering Buy Now Pay Later (BNPL) services for B2B marketplace. It will provide the back-end technology, operational support and funding for WINEDEPOT LIQUIDITY.
Backed by Earlypay’s comprehensive credit insurance, the payment solution will allow WINEDEPOT MARKET buyers access to a line of credit that can be used across any product listed on its B2B e-commerce platform, ensuring that AOV (Average Order Value) remains high and credit terms are no barrier to sale.
Digital Wines CEO, Dean Taylor is confident that the availability of a single credit line that can be used across hundreds of suppliers will have significant appeal to most venue operators as they look for ways to simplify their business operations and effectively manage their cash flow in a post COVID-19 world.
“The average fine dining restaurant sources wine and other alcoholic products from about 50 to 200 different suppliers. That’s a lot of relationships, accounts and payments to manage. On top of that each supplier typically has different ordering systems and offers credit on vastly different trading terms.”
“Being able to purchase from many suppliers using a single account, on a single order, that is received in a single delivery and settled with single payment 30 days from the end of each month will be a game changer for venue operators.”
“Similarly having access to a guaranteed and optional early payment is also very attractive to suppliers, who can often spend several days a month chasing up overdue invoices. Being able to outsource this function will have significant appeal to suppliers large and small.”
Digital Wines CEO, Dean Taylor is also pleased to be partnering with another local listed company to provide the simplified payment solution.
“What attracted us to Earlypay is that they are an innovative Australian owned and operated company with 20 plus years of experience in supporting Australian businesses. Their market leading platform integrates directly with our own platform, allowing us to provide a seamless buy now pay later solution to our marketplace buyers.”
“We know that credit terms are a critical element for success on B2B marketplaces and are excited to be able to partner with Earlypay to offer the Australian wholesale beverage market a much simpler payment solution.”
Earlypay CEO, Daniel Riley said of the new partnership:
“We’re really excited to support a fast growing and innovative business like WINEDEPOT as they use technology to reinvent the supply chain of Australia’s wine industry. For many Australian businesses, managing cash flow is a challenge so we’re proud to provide additional payment flexibility for marketplace buyers and facilitate early payment for suppliers.”