GROWERS, a platform facilitating digital input procurement for farmers, and Bushel, a leading software technology company in the agricultural supply chain, have joined forces to revolutionize the ag retail purchasing process. The integration of Bushel Wallet into the GROWERS platform promises to elevate the purchasing experience for agricultural retailers and farmers alike.
Scheduled for release in March 2024, this partnership aims to streamline ag retail purchasing by combining GROWERS' marketplace with Bushel's advanced digital payment network. The integration will leverage a Bushel API, enabling agribusinesses to seamlessly embed payment functions into their applications or websites, connecting them to the secure Bushel Wallet network.
The collaboration addresses the growing need for enhanced security and convenience in agricultural transactions. With the U.S. Postal Service advising against mailing checks due to security concerns, the integration of digital payments is a timely solution. According to the 2023 Bushel State of the Farm Report, a significant portion of ag input purchases and grain check settlements, around 80%, were made through paper checks. The shift to digital wallets is poised to offer a more secure and efficient payment system for farmers.
Bushel Wallet, a trusted platform covering over 45% of U.S. grain origination, simplifies financial transactions for farmers, providing a straightforward solution for grain sale payments and ag input expenses. Farmers will now have the option to use Bushel Wallet within the GROWERS platform to make digital payments, fostering greater convenience and financial transparency in crop input purchases.
Steven Valencsin, CEO of GROWERS, expressed excitement about the collaboration, stating, "We are thrilled to partner with Bushel in creating a seamless, integrated experience for farmers. This collaboration exemplifies our commitment to empowering farmers with innovative solutions that simplify and enhance their daily operations, and ultimately help them run better farm businesses."
Jake Joraanstad, CEO of Bushel, emphasized the goal of simplifying transactions for farmers and agribusinesses. He stated, "Our latest payment innovations aim to simplify transactions for both farmers and agribusinesses. This step enhances agriculture’s digital infrastructure, making business interactions smoother and more efficient."
Bushel Wallet adheres to SOC 2 standards, ensuring robust security measures for financial transactions. The platform provides FDIC insurance through Evolve Bank & Trust, offering farmers financial security with a fully routable account. The standard deposit insurance amount of $250,000 per depositor, per insured bank, ensures the safety of funds deposited into Bushel Wallet accounts.
As the agricultural industry embraces digital advancements, the GROWERS and Bushel integration marks a significant stride towards a more secure, transparent, and efficient purchasing experience for farmers and ag retailers alike.