Bushel and CFA Partner to Provide Cooperative Members and Farmers Access to Digital Payments
Bushel, a leader in digital payments and workflow solutions for agriculture, announced the Cooperative Finance Association (CFA) will integrate with Bushel’s digital wallet as an embedded finance solution for its members. This partnership gives agribusinesses a simpler, more competitive way to enhance the payment experience within CFA’s financing options.
CFA provides financing solutions to agricultural cooperatives and their farmer members across 38 states. By integrating with Bushel’s payments platform, CFA agribusiness members can accept digital payments through Bushel’s customer portals, making it easier for farmers to access and use their available capital. Borrowers will be able to pay back their loan digitally through the Bushel platform as well, providing a seamless experience for accessing and repaying lines of credit.
“Farmers need easy access to capital, and agribusinesses want simple ways to help them finance inputs,” said Doug Richards, COO and CTO at CFA. “For our members, we want to provide a seamless, more convenient way to offer financing and accept payments. Integrating with the digital wallet from Bushel equips our members with even greater tools to help farmers manage their financing with ease.”
CFA agribusiness members can take advantage of Bushel’s latest round of updates to generate returns on operational float. By keeping funds in an upcoming business account offered by The Bancorp Bank, N.A. (“The Bancorp”), Member FDIC, businesses can earn competitive interest while maintaining liquidity for daily operations. These updates will also help cooperative members 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.
“Streamlining input financing at the point of sale makes agribusinesses more competitive and helps farmers get the products they need without hassle,” said Jake Joraanstad, CEO at Bushel. “We’re proud to work with CFA to make financial transactions easier for both retailers and farmers.”
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