fbpx
PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • COVID-19
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • COVID-19
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Future-Focused Farmers Fixate on Fintechs

Jordan Hirschfield by Jordan Hirschfield
June 14, 2022
in Analysts Coverage, Fintech
0
Future-Focused Farmers Fixate on Fintechs

Future-Focused Farmers Fixate on Fintechs

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Independent farmers, once reliant on paper cash and check transactions, are turning to fintechs and community banks to sustain gains made during the pandemic. John Adams reports in American Banker:

“Local farmers are turning to online channels to reach buyers, giving rise to a competitive fintech market that includes Barn2Door and e-commerce apps such as GrazeCart, FarmDrop, Farmingo and GrowBy. Community banks, which are concerned about the overall fiscal health of farms in a challenging economic environment, are also trying to expand banking relationships by offering ways to streamline farm operations.”

Barn2Door, as an example, has embedded Stripe for payments processing, giving local farmers easy access to turn to digital sales and expand their businesses beyond traditional markets:

“Selling directly to the consumer market, which is easier through an e-commerce interface, provides more flexibility and the ability to diversify a customer base quickly, according to (Barn2Door CEO Janelle) Maiocco. For example, Maiocco said one farmer in Iowa went from 30 deliveries a month to more than 1,200 per month by selling online.”

The direct-to-consumer shift has also attracted the attention of community banks, who now enjoy more confidence in the diversified revenue streams farms can utilize with the increased use of fintech-supplied tools.

“Banks that sell to agricultural businesses are concerned about loan repayments and returns.  An increase in automation can potentially cut costs by speeding transactions, eliminating paper processing and better matching payments to availability of supplies. Businesses in other sectors are turning to digital payments and faster payment processing to address the same concerns.”

The combination for advanced technology and greater banking access appears to be resulting in significant growth for agribusiness which could also assist these businesses manage other issues such as supply chain and inflationary pressures in the current market.

Overview by Jordan Hirschfield, Director, Prepaid Advisory Service at Mercator Advisory Group

Tags: community bankse-commerceEcommerceFintechfintechsPayment ProcessingPayment ProcessorStripe
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily
    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    Account Takeover Fraud Is Getting More Sophisticated. How Can We Beat It?

    How to Protect Consumers from Account Takeover Fraud

    August 8, 2022
    Technical Challenge or Business Enabler? Seizing the Opportunity of PCI DSS Compliance

    PCI DSS v4.0 Compliance: Raising Your Script Security Awareness

    August 5, 2022
    Reexamining Buy Now Pay Later as PayPal Makes a Bigger Move

    Reexamining Buy Now, Pay Later as PayPal Makes a Bigger Move

    August 4, 2022
    Putting AI and Machine Learning to Work Against Fraud for Banks, PSPs, and Merchants

    Putting AI and Machine Learning to Work Against Fraud for Banks, PSPs, and Merchants   

    August 3, 2022
    Global Payments report

    The Global Payments Report from FIS

    August 2, 2022
    Rillion Rebrands and Launches AP Automation in the U.S. Market

    Eliminating month-end reporting headaches with AP automation

    August 1, 2022
    Can Clients Cash in on Your CX Promises?

    Can a Loyal Customer Base Help Banks Ride Out Inflation Threats?

    July 29, 2022
    The Promise of DeFi Lending Services

    The Promise of DeFi Lending Services

    July 28, 2022

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • COVID-19
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result