Online livestock trading platform StockX has just announced it has launched a strategic partnership with Heartland Bank.
An emerging start-up business with 18 months trading under its belt StockX, a finalist in the Fieldays Innovation Launch NZ Awards in 2016 and again in 2017, is also a finalist in the New Zealand Hi Tech Awards in the NZTE Innovative Agritech Product category for 2017. StockX has received early development support from AGMARDT and has accelerated growth through key in-market partnerships, most recently with Federated Farmers and now with Heartland Bank.
Manging director Jason Roebuck explains that trading livestock online isn’t new, but it hasn’t always been easy or good for farmers.
“StockX got together to change that. We wanted to give farmers an easy way to buy and sell livestock that wasn’t limited by the traditional trading model. StockX is designed for Kiwi farmers who want an efficient, cost-effective, transparent and secure way to trade quality livestock, on their terms.”
The partnership with Heartland Bank provides access to the bank’s innovative livestock financing solution for the primary sector, www.openforlivestock.co.nz. StockX provides a secure transactional platform (marketplace) for farmers to trade directly with other farmers across New Zealand with access to Heartland Bank’s digital loan application.
StockX offers farmers, processors and transport companies a safe and secure online, national sales platform, explains Roebuck.StockX customers can apply for livestock finance with Heartland online directly from the StockX website, as they consider their livestock purchase options. Finance applications take a couple of minutes, with an immediate decision provided online so farmers can make livestock purchase decisions with confidence.
“Timing is critical in agriculture, particularly in livestock production and trading, which is why we’re confident the StockX and Heartland Bank partnership will enable farmers to purchase and finance livestock quickly and efficiently, without compromising sound and considered purchase decisions,” says Ben Russell head of rural for Heartland Bank.
Farmers can trade livestock on a national basis, direct with other farmers in a safe and secure online environment. Livestock can be viewed ‘on the hoof or in the flesh’ by arrangement with the seller. Alongside standardised descriptions for each class and category of livestock, buyers and sellers can have confidence they will only ever pay for what they get.
“A key innovation has been to address the transaction process so buyers and sellers can have confidence that what is described is what will be delivered. Standardised livestock descriptions, funds settled through a trust account process that is independently audited, and user based feedback on completed transactions are all key to farmer confidence”, Roebuck explains.
Adding a strategic partnership with Heartland Bank just makes good sense says Roebuck.
“Providing StockX users with access to fast and efficient financing capability delivered by an innovative player like Heartland, is a very exciting progression for StockX,” Roebuck added.