Compeer Financial Partners with Bushel to Improve Digital Experience for Ag Lending
Compeer Financial will provide farmers with easier access to their lines of credit and repayment through Bushel Wallet. Photo: Bushel
Compeer Financial and Bushel have announced the addition of Bushel Wallet to Compeer’s services as a way to digitally access and manage lines of credit serviced by Compeer. This is part of Compeer’s innovative digital strategy to provide a transformative customer experience for how Compeer does business with its farmer customers.
Compeer Financial is the third largest cooperative in the Farm Credit System, a nationwide network of lending organizations supporting agriculture and rural communities with reliable and consistent credit and financial services.
Bushel is an independently owned software technology company focused on developing digital tools for the agricultural supply chain. As part of its platform, Bushel Wallet offers a secure, convenient, and straightforward platform to simplify and digitize financial transactions for farmers.
“At Compeer Financial, our goal has always been to meet farmers wherever they need us, whether it’s in their fields or in our offices,” said Kelly Miller, Director of AgTech at Compeer Financial. “Through our partnership with Bushel Wallet, our clients will be able to access their funds conveniently and in real-time, allowing them the flexibility they need to manage their businesses on their own terms. We’re committed to finding more ways to support farmers through new technology, and are excited to partner with Bushel on this new initiative.”
Through Bushel Wallet, farmers will have visibility and easier access to their line of credit. This will include:
- Viewing line of credit details including current balance, interest accrued, and original loan amount
- Making payments on lines of credit directly in Bushel Wallet
- Easily pay invoices and other point-of-sale purchases with a line of credit through Bushel Wallet
- Drawing down on lines of credit and transferring funds to the Bushel Wallet account or any linked bank account to pay other operating expenses
Shifting consumer expectations are driving more financial institutions to add mobile banking capabilities to their customer experience. The 2021 FDIC Unbanked report shows the use of mobile banking increased sharply between 2017 and 2021 and remained the most prevalent primary method of account access.
The U.S. Postal Service has repeatedly advised against mailing checks due to security concerns, advocating for secure digital methods instead. Trends in agriculture are moving to more secure forms of payment, including digital wallets. The 2024 Bushel State of the Farm Report highlights that the use of paper checks to pay for crop inputs has fallen by 17% over the last year, yet paper checks still represent 65% of business transactions. Additionally, the report indicates a significant rise in the adoption of digital payment processors, with over 75% of respondents choosing at least one digital payment option.
“This partnership is just the beginning for how ag lending, payments, settlements, and overall money movement can be transformed to provide better customer experience and risk management in agriculture,” said Ryan Raguse, Co-Founder and Chief Innovation Officer of Bushel. “Compeer has an inspiring vision for how lending can be done in a better way for farmers. Making it easier for farmers to access lines of credit will benefit the entire supply chain.”
This is another step in Bushel Wallet’s growth and development, recently partnering with GROWERS to facilitate digital payments for crop input purchases. Bushel Wallet also enables farmers to pay invoices and receive grain settlement checks at more than 2,600 grain buying and ag retail locations in the United States.
Subscribe Today For
