GrainCorp has significantly reduced their payment terms from 14 to five days from end-of-delivery week.
Launched in time for the 2015-16 harvest, the faster payment terms for new contracts are available to growers from today.
GrainCorp domestic marketing manager Michael Roche said growers could now be confident that if they deliver and sell to GrainCorp and transfer the grain in the same week they would then be paid the following Friday.
"The same applies to SA growers selling to GrainCorp from Viterra’s network and WA growers selling to GrainCorp from CBH’s network," he said.
“We are always looking for ways to improve our service and we’re proud to lead the industry in this way.
“It will help growers better manage their cash flow, enjoy greater payment security and the peace of mind of dealing with Australia’s largest listed agribusiness.”
This announcement is in addition to the introduction of Croptimiser announced last month.
Croptimiser gives growers delivering to GrainCorp the ability to increase the value of their warehoused wheat by upgrading certain eligible loads that just miss a grade specification.
“We have a dedicated network of grain merchants across Australia who continually engage with growers to ensure we are meeting their needs," Mr Roche said.
"Today’s announcement is a direct result of our merchants listening to grower feedback."
