In order to improve transparency and trust with our users, MGX is offering the MGX Recommended Buyer accreditation program.
We know the limits of the Canadian Grain Commission's licensing program. We know that many companies who do business in the marketplace are exempt from CGC licencing but are trustworthy, in good standing and pay their bills.
To address the concerns of our sellers who feel security in only working with CGC licensed companies, our President, Merv Berscheid, is offering his decades of experience to vet and personally assure companies we are confident in. The MGX Recommended Buyer accreditation is intended to highlight our reputable grain buyers who meet and exceed Merv's standards regardless of their license or bond status.
To date, we have identified 10 companies under the MGX Recommended Buyers program.
What does that mean? Sellers currently have the option to allow only 'CGC licensed' companies to bid on their auction lots and we have added the option to include 'MGX Recommended Buyers' as well. This will give grain companies that are license-exempt an advantage in the MGX marketplace as they will be able to bid on auctions that are closed to buyers who are not licensable and do not meet our strict standards.
MGX Recommended Buyers have to provide proof of a business license and credit check, be in good standing in the marketplace and have a reputation for operating in good faith with their customers. Bidding is still anonymous but it is our hope that this assurance program will be a positive step towards transparency when it comes to who is actively shopping the MGX platform.
MGX Recommended Buyers to date include:
By December 2023, accredited buyers who have been vetted by MGX will have their company name, logo and website listed in the Current Buyers section of our website. Their user accounts will be changed to an MGX Recommended Buyer profile and receive greater access to the MGX marketplace and sellers will be able to select to show their auctions to just MGX Recommended and/or CGC Licensed buyers.
Still concerned about getting paid?
MGX gives producers the chance to set their own terms in the negotiation process. The more buyers bidding on your product, the better the price discovery process will be for you. If you'd like to open your auction beyond CGC-licensed companies but are still worried about being paid, include specific payment terms in the Seller Comments on your auction listing.
Examples:
50% payment due upon signing
90% payment due upon first delivery
Full payment due upon receipt
Payment due within 2 days of each delivery
I'm not leaving your scale room until you hand me a cheque
Escrow service required
Buyers must be aware of all terms in the listing before bidding as they are committing to the full measures of each auction once they submit a bid.
Canadian Grain Commission licensed and bonded companies registered on MyGrainExchange.com include:
If you'd like to apply for the MGX Recommended Buyers accreditation program, please contact Merv Berscheid directly at (306) 244-1124 or by email to merv@mygrainexchange.com.
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