eBev joins forces with Spenda to implement frictionless payment options across their marketplace network
Spenda, a leading integrated business platform offering a wide range of SaaS, payment and lending capabilities, have announced that it has entered into a binding Memorandum of Understanding (MOU) with eBev, Australia’s largest marketplace for wholesale beverages, to integrate payment solutions into their platform.
eBev is a software provider with a platform that enables licensed premises to order alcoholic beverages from eBev’s approved catalogue. eBev has over 2,500 licensed premises (buyers) purchasing through its platform on a regular basis and has a catalogue of approximately 70,000 products from 12,000 beverage producers and 800 distributors.
Business-to-business (B2B) marketplaces are a rapidly growing and important sector of the Australian economy, and the market is expected to reach A$23.3 billion by 2025. However, as the average B2B business is losing $1.3 million per year due to inefficient and expensive payment processes, it shows a clear demand for better payment solutions to be available for B2B marketplaces that can seamlessly support growing demand.
To improve payment and cash flow efficiency across the eBev network, Spenda will integrate its Pay Statement by Link and Accounts Payable payments solutions into the eBev platform across the hospitality supply chain. eBev and Spenda will supply licensed premises with merchant services that enable them to take B2C payments via both physical and virtual terminals, as well as eInvoicing services and payment services.
In addition, licensed premises will, subject to credit approval, have access to card-blended finance (trade) accounts using Spenda’s lending and card-blended finance, which will enable them to purchase goods from the eBev platform on standard statement terms, via the Spenda Pay Statement by Link product. Spenda will also provide extended terms of trade to eBev customers through the provision of pre-approved virtual Mastercards (card-blended trade finance).
Ian Harris, CEO of eBev, said, “In these more challenging economic difficult times, businesses look for ways to save time, money and manage their cashflow. This partnership with Spenda enables eBev to continue evolving our offering to the eBev marketplace. Spenda has been a critical partner in our growth over the last two years and building a deeper partnership will be key to delivering ongoing value to our customers.”
Spenda Managing Director Adrian Floate added, “Expanding this partnership with eBev reflects further market validation of our unique payments solution across distributed networks in different industry verticals. Our solutions are well suited to the hospitality industry which has an integrated network of buyers and sellers through the supply chain. eBev has done a fantastic job of growing its merchant base and ordering volumes. This partnership with eBev, in addition to recent agreements with Carpet Court, AgriChain and Capricorn demonstrates our ability to keep layering recurring revenue streams.”
The Spenda eBev Solution will be rolled out in two commercial phases, with full rollout expected to be completed in late FY24.