On the Box selects Spenda to integrate digital payments into their agri platform
Spenda, a leading integrated business platform offering a wide range of SaaS, payment and lending capabilities, is pleased to announce that it has entered into a partnership with On the Box, a website for agents and vendors to buy and sell commercial cattle, sheep, goats and machinery, to integrate a digital payment solutions into their platform.
The global B2B e-commerce market for agriculture is expected to reach $11.86 Billion By 2030, with the fastest growth expected to occur across the Asia-Pacific region. The region’s growth is fuelled by a rising demand for food and agricultural products, alongside a growing embrace of technology in the sector. However, as demand increases, there’s a necessity for streamlined payment processes and improved cash flow management throughout the entire supply chain.
By using the Pay Statement by Link product, Spenda will deliver a fully integrated digital payment solution through the On the Box platform allowing stakeholders in the agricultural supply chain to transact efficiently and get paid quicker. In addition, buyers will have access to virtual trade accounts using Spenda’s lending and card blended finance, which will enable them to purchase goods from the On the Box platform with extended payment terms.
Greg Szudrich, CEO of On the Box commented, “In partnership with Spenda, vendors will be able to access short-term finance if they get caught short, needing to buy a lot. Spenda will deliver a fully integrated digital payment solution through On The Box allowing everyone in Ag to transact efficiently and get paid quicker.”
Spenda Managing Director Adrian Floate added, “We’re happy to team up with On the Box to make payments easier for their customers. This collaboration is a positive step forward in the Agri sector as we strive to modernise and streamline the digital farming experience and deliver greater payment efficiency and better cash flow management for both trading partners in any transaction.”
