eGrain, Inc. offers an EWR (electronic warehouse receipt) system to replace the paper warehouse receipt system that is cumbersome, costly, and inefficient. Just like paper receipts EWRs are always accounted for and stored for a minimum period of seven years after cancellation.
The patented eGrain central filing system licensed by the USDA eliminates physically transferring receipts between grain warehouses, grain owners and lien holders. In addition to the USDA, 17 state regulators are subscribers on the eGrain system and grain companies and banks in 36 states have active users on the system.
Electronic warehouse receipts are computerized records of all the information which is required to appear on a paper warehouse receipt. EWRs are authorized by federal law and represent title documents which make them legally equivalent in every way to paper warehouse receipts.
It is important to note that the same business and regulatory rules that apply to the use of paper receipts, also apply to electronic warehouse receipts (i.e. when a warehouse issues an electronic warehouse receipt to a designated recipient, immediately assuming absolute and complete control of the receipted commodity). Electronic warehouse receipts are widely accepted by banks and lending institutions, including the FSA, as well as federal and state regulatory agencies.