Story in partnership with agPAY.
There is a new player in the agrifinance market to help farmers with their working capital needs.
agPAY is the brainchild of financier and fintech expert Ben Edney, banker Lachlan Walmsley and rural finance specialist James Ryssenbeek.
The trio have come together to build a fintech for farmers that provides easy online access to credit to fund crop inputs, livestock and wool.
"We are really excited to offer farmers fast and user-friendly access to funding so they can make purchasing choices with the confidence of having cash in their pocket," Mr Edney said.
Once approved, farmers can make purchases from their chosen retailers, load the invoice onto the agPAY system, and payment is made on the due date.
Farmers will have dashboard information of their credit limit and balance as well as past and scheduled invoices, all on their smart phone, laptop and computer.
"For too long working capital has been time consuming, clunky and expensive to access for many farmers" Mr Edney said.
"We want farmers to spend less time completing tedious finance applications and more time with their families, safe in the knowledge that their working capital needs are done and dusted," he said.
"We have launched the business with our own capital for the current season and recently closed a new debt facility to help fund our growth. We are looking forward to sharing our offering with more farmers in the coming months for summer cropping and a big winter season in 2022," Mr Edney continued.
Farmer feedback has been fantastic so far. Mixed cropper Wes Moon from Pyramid Hill says his first experience with agPAY was really seamless.
"I applied online, uploaded my financials and cropping plan and received the approval and documents in 48 hours," he explained.
"I could then negotiate better prices from my suppliers with money in my pocket."
agPAY will also launch an equipment finance product shortly and are developing a rewards program and a "buy now, pay later" offering through rural retailers.
For more information visit: https://agpay.com.au/
The story agPAY: a fast, flexible and simple new approach to agrifinance first appeared on Farm Online.