BACS Payments From Markets

[Frank-the-Wool]

How many are paid by BACS from the markets they sell to and how long do you have to wait to get the money?

My local market (I won't name it, but it is not difficult to work out which it is!) has suggested changing to BACS but only paying 2 weeks after the sale. At present with cheques you can get it a week later.
I have told them this is not acceptable, even with the lack of banks I can get my cheque cleared via the Post Office in 7 or max 8 working days. Ten working days is too long.

There excuse is that they cannot afford to pay be BACS any quicker as they don't have the money!!!
I am not sure I should be trading with this market!

 

[Bob c]

My banking APP on phone will pay cheques in, just take photo of cheque
2 weeks is bit much, how often is the market

 

[Fergieman]

7 days BACs payments here from H&H. Been on it for a few years now. So much easier.

 

[Tim W]

I think our local mart is about 10 days?
Took a lot of yelling to get them to go to BACS a few years ago

 

[Bald Rick]

Get BACS from both Morgan Evans and Ruthin Livestock
Former pay on the day, the latter about 5 days

Who the hell wants cheques? If they are not “private” sized cheques or over £1000, you can’t photograph them to pay in

 

[steveR]

I think our local mart is about 10 days?
Took a lot of yelling to get them to go to BACS a few years ago

Market Drayton was the same "no demand" I was told.... Couldn't be arsed I reckon.

Working fine, albeit slow payment now...

 

[Werzle]

Markets should payout on the day and buyers should pay on the day, alot would reinvest it quicker!

 

[Mc115reed]

Bakewell pay you 3 days later, monday sale is Thursday pay day…
Rugby market is Monday sale and paid the following Tuesday
They want paying f**king sharp enough when you buy stuff so they should pay out just as fast when you sell stuff

 

[d williams]

My banking APP on phone will pay cheques in, just take photo of cheque
2 weeks is bit much, how often is the market

But only up to a thousand

 

[DrDunc]

Lawrie & Symington Bacs paid in 7 days from sale

They like payment before issuing a pass when you've bought, but will provide an invoice for payment at the end of the next month for "kent faces" ("known buyers" for all you non natives of Scotland)

 

[farmerm]

My banking APP on phone will pay cheques in, just take photo of cheque
2 weeks is bit much, how often is the market

Barclays limit is only £1000, when you consider the profit from £1000 of sales its barely worth ones time and fuel driving to the market to sell a load for much less than that, certainly not if one hangs around to watch them sell... says a man looking at a sub £1000 cheque sitting on his desk, perhaps I should have hung around to watch them sell after all

 

[yellowbelly]

How many are paid by BACS from the markets they sell to and how long do you have to wait to get the money?

My local market (I won't name it, but it is not difficult to work out which it is!) has suggested changing to BACS but only paying 2 weeks after the sale. At present with cheques you can get it a week later.
I have told them this is not acceptable, even with the lack of banks I can get my cheque cleared via the Post Office in 7 or max 8 working days. Ten working days is too long.

There excuse is that they cannot afford to pay be BACS any quicker as they don't have the money!!!
I am not sure I should be trading with this market!

Louth, Skipton, Betham, Thirsk all 5 to 7 days (depending on where the weekend falls in rekation to the sale as far as I remember) on BACS.

You should move/sell further north, Frank

 

[Hampton]

Our local mart changed to bacs about 5-6 years ago, then changed back to cheques 3 years ago.
Never got to the bottom why, but assume due to liquidity. I understand they are looking to change to bacs again in the future

 

[Anymulewilldo]

The ones I use pay in the same time it would take me to take a cheque and have it cleared. All within the week. I’m ok with that but don’t like the idea of being 2/3 weeks behind! As said above I pay on the bloody day when I’m buying, so I want paying as near to that as possible

 

[Wood field]

Last time we sold at Gisburn on Saturday money in bank Wednesday

 

[Still Farming]

Still take weeks apparently even if bacs set up with them???
Cover themselves so their paid correctly first more like it???

 

[Full of bull(s)]

Lawrie & Symington Bacs paid in 7 days from sale

They like payment before issuing a pass when you've bought, but will provide an invoice for payment at the end of the next month for "kent faces" ("known buyers" for all you non natives of Scotland)

There you go your new market and all the credit you want @Frank-the-Wool

 

[An Gof]

Surely you want cleared funds before the next weeks market at the very least. No point risking two sales particularly if, as @Frank-the-Wool says, his market are intimating a cash flow problem.

 

[Lincs]

Louth, Skipton, Betham, Thirsk all 5 to 7 days (depending on where the weekend falls in rekation to the sale as far as I remember) on BACS.

You should move/sell further north, Frank

Must be awhile since you sold inLouth! Sell Monday cleared funds Thursday now.
Melton sell tue/wed payment Monday
I wouldn’t use a market unless i have cleared funds in under 7 days. Far too risky with the way things are

 

[Still Farming]

They like the big buyers to come and big buyers like tick and thus all cautious these days no one goes bang as not many animals to be 10's of thousands a bit quick?