ProducePay, an agricultural marketplace dedicated to providing trade protection, capital and market information to members of the produce supply chain, has launched Quick-Pay+, a new financing option that allows producers to improve their yield and cash flow, while connecting them with selected pre-buyers. With this solution, the company aims to boost the fresh produce market; since producers will be able to receive up to 96% of the value of their shipment 24 hours after the buyer confirms receipt.
With Quick-Pay+, not only will growers increase their yield, but buyers will have the opportunity to expand their business and diversify their product portfolio with growers in the United States, Mexico and South America. According to Pablo Borquez, CEO and Founder of
ProducePay: “This is an important milestone for agribusiness, as producers have never had the ability to recoup their investment so quickly, allowing them to reinvest capital and make production more efficient “.
With the launch of this product, ProducePay aims to exponentially increase transactions through its platform and realize the vision of an industry where fresh produce transactions are paid immediately and transparently upon delivery.
According to the US Department of Agriculture (USDA), in 2019 alone, agriculture, food, and related industries contributed $1.109 trillion to US gross domestic product (GDP). During this year, Mexico accounted for 76% of the volume of fresh vegetable imports, with berries and avocados being the top five imported products. This demonstrates the need for a transparent and simpler way for US shoppers to redeem fresh produce.
The ProducePay Marketplace allows buyers to conduct transparent, fair and quality transactions directly with producers in the United States and Latin America. In 2021, 1,222 export transactions were generated between US, Mexican and South American producers with buyers across the country. ProducePay launched Quick-Pay+ to enable
producer members of its marketplace to recover 96% of the value of their shipment 24 hours after the buyer receives it.
ProducePay has provided over $3 billion in financing to members of the fresh produce supply chain in 12 countries. In early 2021, the company announced the completion of its Series C funding round for $43 million. Through actions like this, ProducePay reinforces its commitment to lead the transition from the fragmented fresh produce supply chain to a sustainable and digital future, through the creation of a global agricultural network.
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