AgTech Startup, ProducePay, Launches Quick-Pay+ to Bring Instant Payment to Fresh Produce

ProducePay launched Quick-Pay+ a new financing service where growers will be able to receive up to 96% of their shipment's value in 24 hours.

LOS ANGELES, Feb. 18, 2022 (GLOBE NEWSWIRE) -- ProducePay, an agriculture Marketplace dedicated to providing trade protection, capital, and market insights, for members of the produce supply chain, launched Quick-Pay+, a new financing option that allows growers to improve their yield and cash flow, while connecting them with pre-vetted buyers. Through this solution, the company aims to boost the fresh produce market; since growers will be able to receive up to 96% of their shipment's value 24 hours after the buyer confirms its reception.

With the launch of this product, ProducePay aims to increase transactions exponentially through its platform and materialize the vision of an industry where fresh produce transactions are paid immediately and transparently upon delivery. With Quick-Pay+ not only will growers increase their yield, but buyers will have the possibility to expand their business and diversify their commodity 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 the agribusiness, since never have producers had the ability to recover their investment so quickly, therefore allowing them to reinvest capital and make production more efficient.”

ProducePay’s Marketplace allows buyers to conduct transparent, fair, and quality transactions directly with growers in the United States and Latin America. In 2021, 1,222 export transactions were generated between American, Mexican, and South American growers with buyers all over the country.

ProducePay launched Quick-Pay+ to allow growers who are members of its Marketplace to recover 96% of their shipment’s value 24 hours after the buyer receives it. Quick-Pay+ helps growers connect with pre-qualified buyers, increase their yield, and recover their cash flow. ProducePay’s expectation is for this product to improve and facilitate the transactions of fresh produce, since buyers will also be able to diversify their grower sourcing, with access to growers ready to trade in easy and flexible terms. Moreover, they can focus on selling, as ProducePay will oversee the grower’s payment, while buyers will pay once the product sells.


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