StockX finance option launches successfully

StockX managing director Jason Roebuck says finance through the animal trading company's online platform has had a successful launch. Photo/Paul Taylor

An online farm-animal trading platform says its partnership with Heartland Bank to provide finance online has had a successful launch.

The partnership gives online access to a Heartland loan application form from the StockX website/marketplace.

StockX enables farmers to trade directly with other farmers nationally with access to Heartland Bank's digital loan application.

StockX managing director Jason Roebuck said finance applications took a couple of minutes, with an immediate decision provided online so farmers could make purchase decisions.

Mr Roebuck said it was "very easy to use", in stark contrast to conventional stock-purchase financing "which would be paper based and likely require a face-to-face meeting in the first instance".

"It is without doubt much easier which is why Heartland developed the tool." he said.

Heartland Bank head of rural Ben Russell said timing was critical for livestock 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."

The soundness of purchases is helped by StockX's secure online environment, standardised descriptions for each class and category of livestock, funds settled through an independently audited trust account and user-based feedback on buyer and seller completed transactions. Traditional live-viewing remains an option.

Mr Roebuck said the partnership with Heartland was a win-win for all.

"It is a very good fit with what we are about, Heartland get digital distribution through StockX - in addition to everything they do to market their products - and our users get a very easy-to-use tool at their fingertips should they wish to apply for finance to fund livestock purchases."

He said early online trading platforms were always 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 18 months old and was a finalist in the Fieldays Innovation Launch NZ Awards and a finalist in the New Zealand Hi Tech Awards in the NZTE Innovative Agritech Product category.