ProducePay has announced the expansion of its Quick-Pay solution to now support trade with buyers in Europe via ocean freight from Latin America.
ProducePay initially expanded its Quick-Pay offering in October 2022, specifically to help Latin American growers ship fresh produce by ocean freight to the U.S. With this new expansion, ProducePay grower members can now receive up to 50 percent of their shipment’s value within 24 hours after it has been shipped to a designated buyer in Europe. As part of this offering, these advanced payment options also come with trade protection for growers to trade with confidence and transparency.
Quick-Pay’s rollout in Europe will begin in two of the continent’s top importing countries–The Netherlands and Spain–both key trade hubs for imported tropical fruit and vegetables.
ProducePay founder & CEO Pablo Borquez Schwarzbeck in fields with a grower.
According to studies, Latin America's produce market’s revenue is anticipated to reach $28 billion by the end of 2023–a 28 percent increase over the past five years–with growth being fueled largely by exports to the U.S., Europe and Asia. Quick-Pay flexible terms ensure that ProducePay grower members can continue to grow exports to these markets, while not taking on the additional cash flow risk associated with lengthy international shipping times.
As the program expands, it continues to improve grower members’ cash flow and disrupt the decades-old practice where growers typically receive a small advance and wait as many as 60 days to receive payment for an ocean freight shipment after it arrives in market. With more immediate cash flow, Latin American growers have greater freedom and resources to make operational decisions such as expanding their business, diversifying crops and investing in sustainable practices and technology.
Initially launched with great success in Chile, Colombia and Peru, Quick-Pay is also now available in new markets across Latin America including Ecuador, Guatemala and Costa Rica. These countries will now be able to ship to the U.S. and the E.U. via marine freight.
“Our members are looking for financial solutions that help them access new markets and enhance their day-to-day operations,” said ProducePay CEO Patrick McCullough. “This expansion eliminates what has historically been a hidden barrier to growth and is helping to create a more connected global fresh produce supply chain to meet the rising demand for fresh produce.”