Barclaycard is introducing a new commercial card product in conjunction with AGCO Parts, a supplier of parts and after-sales services for the farming machinery space.
Reports in Verdict on Thursday (May 16) said the AGCO Parts credit card will be issued by Barclaycard, and is designed to support U.K. farming businesses. Users can obtain added benefits from the card, including an extended interest-free credit period, when they make purchases at participating AGCO dealers.
The companies said the solution addresses some of the unique cash flow management challenges of the farming and agriculture industry.
“Agriculture continues to be a key focus area for us,” said Barclaycard Small Business Card Director Ian Reid in a statement, “and we have been supporting farmers for many years, developing a deep and unique insight into the industry, and the challenges that it has faced. While cash flow management is crucial for any growing business, seasonal fluctuations and volatile market conditions make it all the more challenging in this sector. That’s why we are delighted to be partnering with AGCO to provide farmers with even greater flexibility when it comes to maintaining a healthy cash flow, whilst helping them to grow and diversify.”
“Customers often want longer to pay,” added AGCO After-Sales Marketing Manager of EAME Pete Winterbottom in another statement, “and the AGCO Parts credit card gives them extended, interest-free credit facilities of up to 116 days. In effect, that’s giving cardholders until the end of the third month after the purchase month with AGCO dealers to settle their bill.”
Cardholders can make purchases at AGCO dealer websites or in-store, or at non-AGCO branded retailers, the companies explained. The card can be used wherever Mastercard commercial cards are accepted.
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