American AGCO Customer Story
Background
American AGCO is a feed ingredient company focusing on the dairy industry and feed mills. It primarily serves the Dakotas, Minnesota, Iowa, Wisconsin, Nebraska, and Illinois. American AGCO needed a solution to ditch the paper check and postal processes, streamlining its payment process.
The Opportunity
American AGCO’s biggest challenge has been the delays in receiving payment. While their farmers are sure to pay their outstanding balance promptly, the time it takes for paper checks to reach their destination has significantly increased. This isn’t surprising as the U.S. Postal Service has acknowledged the changes in service levels and attributed the delays to isolated incidents and network reforms. Additionally, the U.S. Postal Service has repeatedly advised against mailing checks due to security concerns, advocating for secure digital methods instead.
American AGCO saw an opportunity to streamline how they received payments by partnering with Bushel to implement their payments management solutions. Implementing this solution allows farmers to pay their outstanding balance to American AGCO through one of Bushel’s payment management solutions, a secure digital environment.
“Bushel has been instrumental in streamlining our payment process. Since implementing their payment solution, we’ve received customer payments anywhere from 7-10 days sooner than payment with a paper check. We anticipate even more efficiency once the remainder of our customers have been onboarded and solely paying with Bushel.”
-Amy Woodward, Operations Manager at American AGCO Trading Company
The Results
American AGCO has seen a reduction in the time it takes to settle accounts receivable for the farmers who have signed up and are using Bushel’s solution.
In addition to faster payments, American AGCO has seen positive outcomes with:
Improved Cash Flow: Compared to checks, digital payments have improved cash flow and access to working capital, accelerating the availability of funds.
Improved Internal Processes: Payments have streamlined American AGCO’s internal processes, allowing staff to focus on more critical tasks.
Enhanced Customer Experience: By providing farmers with this digital tool, American AGCO allows their farmers to self-serve, giving them control over when to send payment when most convenient.
American AGCO has seen so much value in Bushel’s payment management solution that it now requires its farmers to use Bushel Wallet* to pay their invoices.
*Funds deposited into Bushel Wallet Accounts provided by Evolve Bank & Trust are covered by the FDIC standard deposit insurance amount. The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.