Provi is expanding its electronic payment offering designed for the beverage alcohol industry.
The company’s ProviPay, which is currently available to select retailers in Colorado and Texas, has evolved to adhere to state-specific payment regulations and will be rolled out in select markets throughout the United States this year, Provi said in a Wednesday (May 3) press release.
ProviPay is adaptable to meet market regulations for both cash-on-delivery (COD) and credit terms markets, according to the release.
“We’re excited to bring an end-to-end online solution for our retail and distributor customers with the expansion of ProviPay,” Provi Founder and CEO Taylor Katzman said in the release.
PYMNTS research has found that nearly two in three surveyed executives across industries expect to integrate B2B payment innovations into their operations this year.
High inflation, rising interest rates and the threat of further economic headwinds are sending executives scrambling for working capital and cash flow management solutions that help them get paid, as well as pay their vendors faster and more seamlessly, according to “The One-Stop Bill Pay Playbook,” a PYMNTS and Mastercard collaboration.
ProviPay is designed to streamline invoice tracking and payments between on- and off-premise beverage alcohol retailers and their distributors, according to the press release.
It allows retailers to view invoices and submit payments to multiple distributors online in one place and enables distributors to manage invoices for orders placed on Provi’s marketplace and view payment statuses in real-time, the release said.
This electronic payment offering joins the other services offered by Provi and its online B2B marketplace, all designed to connect buyers, distributors and suppliers and simplify the process of ordering wholesale alcohol, per the release.
“Solving for the burdens and challenges our customers face with our digital solutions enables them to grow their business and generates tremendous impact for the entire beverage alcohol industry,” Katzman said in the release.
This expansion comes about three months after Provi and SevenFifty joined forces to make a new, combined marketplace for the beverage alcohol industry.
The deal announced Jan. 25 brought together Provi’s marketplace featuring a communications system allowing restaurants, stores and bars to order all their beverages in one place, and SevenFifty’s web-based and mobile tech-based eCommerce marketplace connecting buyers, distributors and retailers.
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