How Instarem’s timely payments helped Authentic Wine Explorers maintain relationships with their suppliers
This article covers:
The Company
Authentic Wine Explorers is a wine importer and retailer that specialises in Burgundy wines.
Started in 2012, they are recognised as a pioneer and leader for Burgundy wines in Singapore. They are well known among wine lovers and collectors who range from professionals, managers, executives and technicians (PMETs) to doctors, lawyers, bankers, and high net-worth individuals.
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The Challenge
Running a successful wine business is no easy feat.
The wines that Authentic Wine Explorers sources are mostly rare (as little as 300 bottles a year) and highly sought after by other competitors in the market. Wineries get to choose who gets the rare wines. And if Authentic Wine Explorers wants to secure the wines, they must pay for them quickly.
“Our suppliers are small businesses, so cash-flow management is very important to them,” says William, founder of Authentic Wine Explorers.
“Often, they need our payment promptly so that they can pay their bills and suppliers. Stressing them by not paying on time is a sure way to sour a relationship.”
The Solution
Authentic Wine Explorers then turned to Instarem to facilitate their payments between Singapore and Europe. By making payments through Instarem’s payment portal, Authentic Wine Explorers was able to save SGD 1440 annually in money transfer costs.
“With Instarem, it only takes 5 minutes for payments to go through,” says William.
Combined with the support from Instarem’s business team, Authentic Wine Explorers felt assured that their payments go through with minimal issues.
Authentic Wine Explorers was able to build stronger relationships and continued trust with their suppliers by making fast transactions that resulted in timely payouts. This also means that Authentic Wine Explorers can continue to get the rare bottles they need for their business.
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The Results
- Annual cost savings of SGD 1,440 from cross-border payments.
- Faster, hassle-free, anytime payments from Singapore to Europe in a matter of minutes.
- Peace of mind with Instarem’s business team support.
- Maintained trust with wine suppliers.
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