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Feb. 28, 2025 Source: Bushel news release FARGO, N.D. - Bushel, a leader in digital payments and workflow solutions for agriculture, is expanding its platform with enhanced financial tools for farmers and agribusinesses. Farmers and agribusinesses will gain access to a Bushel business account*, offered by The Bancorp Bank, N.A. ("The Bancorp"), Member FDIC, a wholly owned subsidiary of The Bancorp, Inc. These business accounts will offer competitive interest rates, currently 3.43% as of Feb 26, 2025 and will be eligible to be FDIC-insured up to $5 million through sweep program banks.* "When you consider the whole package, this continues to strengthen the business relationships between farmers and agribusinesses. When a farmer can immediately begin earning interest on their grain settlement, that's meaningful to the bottom line. When a retailer can collect payments online with lower fees and ensure on-time payment, that is meaningful to the bottom line," said Jake Joraanstad, CEO of Bushel. Updated Bushel Farm experience Starting this spring, Bushel Farm will include a digital wallet, providing an all-in-one platform to manage farm operations and finances. This integration simplifies both financial and operational management for farmers. Key features of Bushel Farm, including field-level rainfall data, activity tracking, profit and loss reporting, and more, will continue to be available. The additional financial tools that will be available to farmers include: ● Interest-bearing business account: These business accounts will offer competitive interest rates and FDIC-insurance up to $5 million through sweep program banks. ● Send and Request Payments: Farmers and agribusinesses can send and request payments directly through the platform, streamlining transactions. ● Access and Repay Lines of Credit: Farmers can easily manage lines of credit within Bushel Farm, ensuring seamless access to necessary funding. ● Future Features in 2025: Upcoming enhancements include high-limit mobile check deposits for grain settlement checks, online bill pay, and debit card access. Access to capital for ag retailers and grain companies These updates to Bushel's payments management solutions present a strategic opportunity for agribusinesses, including grain elevators and ag retailers, to generate returns on operational float. By keeping funds in the upcoming business account offered by The Bancorp, businesses can earn competitive interest while maintaining liquidity for daily operations. These updates will also help them transition away from paper checks to a more secure form of payment. The U.S. Postal Service has advised customers to increase diligence when mailing checks due to security concerns. Others are advocating for secure digital methods instead. Recently, the U.S. Treasury Department announced check fraud has increased 385% since the COVID-19 pandemic. Compounding this are mailing delays, specifically in rural areas. With the potential slowdown of mail delivery in these regions, the reliance on mailing paper checks could lead to delayed payments, which can disrupt cash flow. Learn more: For agribusinesses interested in Bushel's payments management solution, visit bushelpowered.com/solutions/payments-management/ Tweet |
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