Digital Wine Ventures, an online beverage supplier, is rolling out a buy now, pay later (BNPL) solution in partnership with Earlypay, a payment solution provider, a press release said Monday (May 3).
According to Dean Taylor, Digital Wine chief executive officer, the service could appeal to both buyers and suppliers as venue operators are looking to simplify business operations.
“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,” he said. “On top of that, each supplier typically has different ordering systems and offers credit on vastly different trading terms.”
Taylor also said the ability to purchase from numerous suppliers on a single order, to be received in one delivery and settled in one payment, could be a big improvement for venue operators.
The deal will also come with the launch of Liquidity, a payment management solution allowing for access to a line of credit for WineDepot Market buyers. It will be able to be used for any product listed on Digital Wine’s B2B eCommerce platform.
Taylor said Earlypay was picked as a collaborator because of the other company’s innovative capabilities and decades of experience in the field.
“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,” he added, according to the release.
Grovara’s Co-founder and CEO Abu Kamara and Co-founder and Chief Innovation Officer Peter Groverman spoke with PYMNTS recently about the need for digitization. They said the pandemic had sped up the evolution of such digitization, with the buyer now unable to rely on in-person interaction to get the job done.
Because of that, digitization is likely to go the same way as consumer commerce, they said.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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