FARGO, N.D. — Fargo-based Bushel has announced it is launching a new platform of products to enable digital payments through the ag supply chain.
The software technology company already creates digital scale tickets and contracts for farmers and facilities like elevators and co-ops. Now, the company has added a digital payment platform: Bushel Wallet.
Bushel CEO Jake Joraanstad said 90% of the $200 billion industry is still paid by paper checks, and Bushel wants to make the process simpler and safer for farmers to get paid with electronic payments.
"The farmer is ready for these kind of tools. They're using their mobile phones to do business," Joraanstad said. "They're giving their grain offers on there. They're signing contracts on there. We believe they're ready to stop getting those paper checks in the mail and start to do an electronic payment instead, and it will make the whole industry better."
Bushel says the system also will benefit businesses, because they can receive funds faster and send in-app notifications about payments.
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Consolidated Grain and Barge Co.will be embedding a payments feature into its user experience to allow for simple and easy electronic settlements to their growers.
“To keep up with consumer demands for a more interactive experience, we knew we needed to provide a way to more easily transact with our customer base in a seamless and timely manner,” said Charlie Laird, director of IT Strategy of CGB, in a statement. “Bushel has shown it has the forward-thinking mindset to be progressive in the digital transformation of agriculture here in the U.S. and abroad.”
Ag Valley Cooperative, based in Nebraska, will be piloting Bushel Payments for its growers. Their farmers can access Payments through Ag Valley's app powered by Bushel, complete the signup and verification process, and immediately begin to transact.
“As we see more opportunities to engage and communicate with our farmers, it became clear that we needed a way to streamline the payment process,” Jeff Krejdl, CEO of Ag Valley Cooperative, said in a statement. “The onboarding was easy. Once we start working with growers, this is going to be a very cool option to offer to them. Harvest starts in mid-July, so we will start looking at using it for settlement payments then.”
Bushel says 2,000 facilities use its tools in the U.S. and Canada, covering 40% of all grain transactions. Right now, the Bushel digital payment products are only available in the U.S. For more information, visit bushelwallet.com .
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June 30, 2022 at 03:30AM
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Bushel announces digital payment system for ag businesses and farmers - Agweek
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