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Farmers turn to banks, fintechs to address wilting profits

Link to original article: Farmers turn to banks, fintechs to address wilting profits

Farms are increasingly selling direct to consumers, drawing the attention of payment technology providers selling tech to support automated transactions.

Smaller farms are looking to diversify sales strategies through direct contact with local residents, which in the past meant lots of manual labor.

“Farms relied traditionally on cash or check and order by phone. There was a lot of pen and paper,” said Janelle Maiocco, CEO of Barn2Door, a software-as-a-service firm that powers local sales for farmers. “But people like to buy directly online, and once they find an online source they tend to stick with that source.”

Independently owned farms found a lifeline during the pandemic by increasing sales to local consumers as orders from bulk buyers fell under financial pressure. Fintechs and community banks are seizing on that direct-to-consumer trend to push technology that can streamline payments and cement relationships between farmers and customers in their local communities.

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