Financial tech company Bushel has announced updates coming this spring to its payments platform, which includes added features for both farmers and ag retailers/agribusinesses.
With the goal to provide an all-in-one platform to manage farm operations and finance, Bushel Farm will include a digital wallet.
Four additional financial tools include:
1. Interest-bearing business account: 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. Farmers and agribusinesses will gain access to a Bushel business account*, offered by The Bancorp Bank, N.A. Member FDIC, a wholly owned subsidiary of The Bancorp, Inc.
“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.
For grain elevators and ag retailers, Bushel’s updates provide a strategic to generate returns on operational float. The business account offered by The Bancorp, provides for businesses to keep funds in the account, earn competitive interest, and maintain liquidity for daily operations.
2. Send and request payments directly on the platform to help streamline transactions.
3. Access and Repay Lines of Credit: Users can manage lines of credit within Bushel Farm
4. Additional features in 2025: which includes high-limit mobile check deposits for grain settlement checks, online bill pay, and debit card access.
Bushel emphasizes how this handful of new features continues its progress to remove physical payments via check which rely on U.S. mail and its inherent security risks with check fraud. Bushel’s State of the Farm Report shows a 12% decrease in farmer usage of paper checks for business payments.
The company highlights existing features of Bushel Farm, including field-level rainfall data, activity tracking, profit and loss reporting, and more, will continue to be available.
