How to Manage and Close Out Grower Settlements in Minutes

by | Apr 13, 2020 | Agriculture

Traditionally, managing and paying grower settlements has been a complicated process that was only able to be completed by a handful of well-trained people within the organization. Customer service or settlement representatives would have to enter extensive data into one screen and could easily forget a step or miss a field, leading to inaccuracies and additional time and labor to address any issues.

In Levridge, processing grower settlements has been streamlined to maximize efficiency and make the process as simple and thorough as possible – for both the growers and the commodity accountant. With the Commodity Settlement Wizard, representatives are walked through the process of creating a commodity settlement in an easy to follow step-by-step format that covers all information that needs to be collected.

The wizard guides the user through a streamlined settlement request process that is optimized depending on if the settlement being requested is for stored grain, delivered on a priced contract, or an unpriced contract. The first step allows the rep to easily pull the grower’s data, including account information, commodity, branch, and disposition. This is a simple lookup that prompts based on information that is already stored within the software.

look up growers

From there, the user can select delivery and quantity information. Based on data from just those two screens, the wizard automatically prompts the user of inputs as needed to complete the transaction. Variable screens, depending on the scenario, then collect include information on:

Storage agreements

 

storage agreements

Purchase contracts

purchase contract

Real-time market values and prices

Stored and unpriced commodities then can be automatically priced based on real-time data from the market.

Additionally, customer service representatives can easily see any outstanding advances on the account, up-to-date information on grain that has been delivered, and a breakdown on payouts that have been completed and what is yet to be paid. Split payments can be set up to allow remittance to parties outside of the main grower, which could include lien holders, landlords, employees, charities, and more.

remittance

Additionally, the system will deduct fees, charges, and quality discounts from the settlement. Settlements can be deferred for later payment.

A summary of the transaction is generated, and the funds can be instantly transferred to the benefactors or a check can be cut. This whole process within Levridge takes less than a minute from start to finish – streamlining internal processes, increasing customer satisfaction, and allowing ag retailers to refocus labor efforts in other areas due to heightened efficiencies in the settlement department.

If you’re interested in learning how your ag retailer business can become more productive and efficient, reach out to the Levridge team.

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