Introduction
Being a company that helps businesses with payment solutions, Fincra is always looking for any opportunity to connect with businesses.
Fincra seeks these connections to interact with businesses across sectors to acquire new leads, understand business pain points and build better and long-lasting relationships.
Recently, we attended the 2024 edition of Food & Beverage West Africa, the largest trade exhibition for businesses in the food and beverage industry.
We had an amazing time connecting and interacting with hundreds of businesses in the food and beverage industry, and we took three lessons from the event.
1. Food and beverage businesses need distributors across Nigeria and Africa
Distribution is vital in the food and beverage industry. It ensures that items reach consumers as soon as possible, considering the critical use case of the product and its perishable nature in some cases.
The importance of distribution in the food and beverage sector was hard to miss at the event, with many producers exhibiting their products and seeking to connect with distributors as their primary go-to-market strategy.
Many of these producers are foreign-owned businesses seeking local distributors to launch their products.
If you are a distributor with knowledge and a record of years of getting food and beverage products to the last mile, you should seek these producers and connect with them.
You can count on Fincra to support you with payment solutions that fit a food and beverage industry distributor.
Payment is critical for distributors. A working solution ensures they receive payments from retailers and other bulk purchasers and quickly disburse funds to suppliers and producers.
With Fincra, distribution businesses can utilise payment links to quickly share a checkout flow to receive payments. Via the Fincra Dashboard, distributors can also make quick pay-outs to ensure business continuity.
2. Cross-border payment is still a challenge
Business-to-business cross-border payments remain a huge challenge for businesses in the food and beverage sector.
Most foreign producers who have established some local presence expressed worries about their difficulties with cross-border payments.
Fincra has already identified this challenge and offers solutions that make cross-border payments a walk in the park.
We provide FX liquidity in major emerging market currencies for businesses with cross-border payment needs via our API and Fincra Dashboard.
3. The need for multiple payment options
Our third lesson from the exhibition was the market need for multiple payment options for businesses in the food and beverage sector.
Many businesses expressed frustration over their customers’ problems making payments, with unsuccessful transfers making up the most complaints.
Fincra has Pay-In solutions for businesses in the food and beverage sector to receive seamless customer payments.
With Fincra’s Pay-In methods- Payment Links, Checkout, Virtual Accounts- businesses can collect payments via cards, bank transfers, mobile money and PayAttitude, ensuring their customers have a seamless experience.
Conclusion
For every challenge we heard from businesses in the food and beverage sector, we recognised a Fincra solution, underscoring how critical payment is to business success.
Getting payment right sets businesses on a path to incredible success.
