Paying suppliers and vendors with cash could soon be a thing of the past for Singapore’s 28,000 coffee shops, hawker centres and restaurants.
DBS has launched a B2B payments and collections solution that will enable instant payments with automated accounts reconciliation functionalities in the backend.
An industry-first, the QR-code based solution was developed after close to 20 digital workshops with F&B operators to map their payments journey and pain points. During the workshop, DBS found that on average, close to nine in 10 B2B payments in the F&B industry are still cash-based or done through bank transfers.
SG5, the main distributor for Asia Pacific Breweries Singapore, is one of the first F&B operators to pilot the solution. The company provides wholesale distributor of beer and stout supplies about 5,600 F&B retailers from coffee shops to large chains such as Huber’s Butchery.
Currently, the frontline staff of SG5 spend an average of 3.5 hours everyday traveling around the island to collect cash and cheque payments. Through this solution, SG5 believes the company will save up to 3,300 manhours a month.
"With the new payments solution and precious man-hours saved, I hope to be able to upskill my staff so that we can work together to bring the business to new heights. It will also be a boon to our cashflow as we will be able to receive payments instantly upon delivery of goods,” said SG5 CEO Alvin Chua.