Cash is King or Not?

cows sh#t me to tears

Member
Livestock Farmer
There really is no need for a local branch, minor issues can be done online, over the phone or via e mail. We can still see a bank manager if required, it just involves a trip to the main centre branch or they come out to us. Times change and whilst it is not always for the better you have to adapt and change with them.
Was 2 banks un our town of 1000 people. Now none. Next town of 2000 people had all 4 of the big banks, 2 closed. Small regional bank opened a franchise. It and another have gone. Leaving 1 bank that only opens a few hours a day a few days a week.
 

stewart

Member
Horticulture
Location
Bay of Plenty NZ
In the UK, the majority of "bank card" transactions (credit or debit cards) are performed through Visa & Mastercard - they use an up to 3 day clearing cycle & even after final clearance there is still the possibility of a chargeback taking those funds back. There is the option with some Merchant Services Providers for same day receipt of funds, but that will generally be an end of day consolidated payment following the daily closedown batch processing which would have to be undertaken before 3pm & will entail significantly higher transaction fees than the standard service.
We use one card with the option at the checkout to either have this paid via a Credit Card or direct from the bank, Credit Card payments attract a fee so retailers do not like them, many retailers either pass the charge on to the customer or simply refuse to take Credit Cards, bank card is just a glorified cheque book, payments go into the bank same day, if payment is the same bank then it shows immediately and is available funds, down side is that if you are paying online and make a stuff up the money hand gone from your account and you have to get it back which is why I tend to set up monthly payments before they are due, I can then edit them in the event of a stuff up.
As previously mentioned NZ is used by some of the banks for their trail work, 1. because we are a small economy and 2. because Kiwis are not averse to technology so will try it out.
 

SFI - What % were you taking out of production?

  • 0 %

    Votes: 79 42.5%
  • Up to 25%

    Votes: 65 34.9%
  • 25-50%

    Votes: 30 16.1%
  • 50-75%

    Votes: 3 1.6%
  • 75-100%

    Votes: 3 1.6%
  • 100% I’ve had enough of farming!

    Votes: 6 3.2%

Red Tractor drops launch of green farming scheme amid anger from farmers

  • 1,287
  • 1
As reported in Independent


quote: “Red Tractor has confirmed it is dropping plans to launch its green farming assurance standard in April“

read the TFF thread here: https://thefarmingforum.co.uk/index.php?threads/gfc-was-to-go-ahead-now-not-going-ahead.405234/
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