ProducePay, a revolutionary marketplace that has been transforming the global produce industry into a more sustainable and interconnected supply chain, announced today the expansion of its Quick-Pay solution. In addition, the company is set to enhance trade with European buyers via ocean freight from Latin America, further strengthening the global fresh produce supply chain.
This move is an extension of the Quick-Pay solution that ProducePay initially rolled out in October 2022. Then, the solution was designed to aid Latin American growers in shipping fresh produce to the U.S. by ocean freight. As part of the current expansion, ProducePay’s grower members will now have the opportunity to receive up to 50% of their shipment’s value within 24 hours after it has been shipped to a specified buyer in Europe.
This leading-edge service also includes trade protection features, giving growers the confidence and transparency needed to engage in international trade. The implementation of Quick-Pay will commence in two of Europe’s prime import countries, The Netherlands and Spain. Both nations are pivotal trade hubs for imported tropical fruit and vegetables from Latin America.
According to Statista, the revenue of Latin America’s produce market is projected to hit $28 billion by the end of 2023, marking a 28% increase over the past five years. Exports predominantly drive this growth to the U.S., Europe, and Asia. With the flexible terms of Quick-Pay, ProducePay grower members can enhance exports to these markets without taking on the additional cash flow risk associated with long international shipping times.
The Quick-Pay program continues to disrupt traditional produce industry practices, improving cash flow for grower members. Previously, growers would receive a small advance and wait up to 60 days to receive payment for an ocean freight shipment after it arrived at its market destination. With Quick-Pay, Latin American growers now have immediate cash flow, providing them with more freedom and resources to make crucial operational decisions, including expanding their businesses, diversifying their crops, and investing in sustainable practices and technology.
Initially launched in Chile, Colombia, and Peru, Quick-Pay has now been extended to new markets across Latin America, including Ecuador, Guatemala, and Costa Rica. These countries can now ship their produce to the U.S. and the European Union via ocean freight.
Patrick McCullough, CEO of ProducePay, commented on the expansion: “With produce supply chains becoming increasingly more global, our members are looking for financial solutions that help them access new markets and enhance their day-to-day operations. The expansion of Quick-Pay eliminates what has historically been a hidden barrier to growth. It is helping to create a more connected global fresh produce supply chain to meet today’s rising demand for fresh produce.”
ProducePay has garnered several prestigious accolades as it continues to extend its global operations. The company has been named one of Fast Company’s “2023 Most Innovative Companies,” ranked 5th in the annual FoodTech 500 list of top international AgTech startups, received a 2022 BIG Award for Business in the “Start-up of the Year” category, and was named a finalist in the Los Angeles Business Journal’s 2022 International Business Awards.
Image provided by ProducePay
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