Bushel, a leader in digital payments and workflow solutions for agriculture, is expanding its platform with enhanced financial tools to support farmers and agribusinesses. The company aims to provide seamless, secure, and efficient financial management solutions that improve cash flow and streamline operations.
As part of this initiative, 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. Farmers and Agribusinesses These business accounts will offer competitive interest rates, currently set at 3.43% as of February 26, 2025, and will be eligible for FDIC insurance up to $5 million through sweep program banks.*
Enhancing Business Relationships Through Financial Tools
Bushel’s enhanced platform is designed to strengthen business relationships within the agricultural sector. By enabling farmers to immediately earn interest on their grain settlement funds and allowing agribusinesses to collect payments with lower fees, Bushel is helping both parties optimize their financial management.
“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.
The Updated Bushel Farm Experience
Starting this spring, Bushel Farm™ will introduce a digital wallet, providing farmers with an integrated platform to manage both their financial and operational activities. This comprehensive approach simplifies financial transactions, making it easier for farmers to focus on their core business. Key features of Bushel Farm, such as field-level rainfall data, activity tracking, and profit and loss reporting, will remain available, with new financial tools added to enhance the experience.
New Financial Features in Bushel Farm:
- Interest-Bearing Business Account: Farmers and agribusinesses can take advantage of competitive interest rates and FDIC insurance up to $5 million through sweep program banks.
- Send and Request Payments: The platform enables seamless digital transactions, reducing reliance on traditional payment methods.
- Access and Repay Lines of Credit: Farmers can efficiently manage lines of credit, ensuring access to necessary funding.
- Future Enhancements in 2025: Additional features such as high-limit mobile check deposits for grain settlement checks, online bill pay, and debit card access will be introduced.
Providing Capital Access for Ag Retailers and Grain Companies
In addition to supporting farmers, Bushel’s expanded payments platform offers strategic financial solutions for agribusinesses, including grain elevators and ag retailers. These businesses can leverage the new business accounts to earn interest on operational funds while maintaining liquidity for daily transactions.
By transitioning from paper checks to secure digital payments, agribusinesses can reduce costs and improve financial security. The updates align with broader trends in the financial industry, where businesses are moving away from traditional checks in favor of digital transactions.
Addressing Security and Efficiency Concerns in Payment Processing
The push toward digital payments is also driven by growing security concerns around paper checks. The U.S. Postal Service has advised customers to be more vigilant when mailing checks due to an increase in fraud. In fact, the U.S. Treasury Department recently reported that check fraud has surged by 385% since the COVID-19 pandemic.
Mailing delays, particularly in rural areas, further exacerbate the issue. Slower mail delivery can lead to delayed payments, disrupting cash flow for farmers and agribusinesses. By adopting secure digital payment methods, Bushel’s platform helps mitigate these risks while enhancing financial efficiency.
A Future-Ready Approach to Agricultural Financial Management
With these enhancements, Bushel is reinforcing its commitment to modernizing financial management in the agricultural industry. By providing farmers and agribusinesses with access to secure, high-yield financial tools, the platform is positioning itself as a leader in digital payments and financial technology for agriculture.
As Bushel continues to roll out these updates, the company remains focused on delivering innovative solutions that drive financial stability and growth. Farmers, agribusinesses, and industry stakeholders can expect ongoing improvements that will further streamline operations and enhance profitability in the coming years.
