BACS Payments From Markets

[Bald n Grumpy]

Wouldn’t most market be paying some sort of “bad debt” insurance? I’m pretty sure we do now, thinks it’s 30p/head “levy”.

Not sure if I've remembered correctly but im sure an auctioneer told me bad debt insurance wasn't available?
Bit like insuring against it getting dark at night IMO

 

[Sid]

Get a pre payment a few days before the end of the month and the balance just before the middle of the following month.

A prepayment, before you have sold any goods, that's a first and really good of your milk buyer. But you then have to wait until the month after supply for the balance.
So how do they work out how much volume you maybe sending them? Based on last year's figures?

 

[Estate fencing.]

Not sure if I've remembered correctly but im sure an auctioneer told me bad debt insurance wasn't available?
Bit like insuring against it getting dark at night IMO

I thought we where paying it. Maybe if it just a money pot for the day the inevitable happens.

 

[Bald n Grumpy]

A prepayment, before you have sold any goods, that's a first and really good of your milk buyer. But you then have to wait until the month after supply for the balance.
So how do they work out how much volume you maybe sending them? Based on last year's figures?

They call it prepayment but maybe not the best way to describe it ,it's actually part payment for what you've produced that month

 

[Sid]

They call it prepayment but maybe not the best way to describe it ,it's actually part payment for what you've produced that month

Bit like pre-order.

It's rubbish and spin

But helps cash flow

 

[som farmer]

As a market if you can get 2 dealers that aren’t allowed in other market you are onto a real trade, until one goes bust of course. We had 2 in the spring, hated each other’s guts and drummed out of other markets, sheep would be making £40-£50 head more than other locals centres. I’m pretty sure they have to pay for last weeks before they are aloud to start buying this week.

the pay for last weeks, before buying this week, is the key to success. Often ignored by mkts.
One mkt told me store cattle/sheep were the worst offenders, taking the credit, till they were sold. Also pointed out, it was one thing if they sold them back through the mkt, they got x2 lots of commission, but a lot were sold direct. A very valid point.
They sorted the job out, no buying if you owed the mkt, and were told, in the ring that, if you tried to bid, and no stock to leave, until paid for, full stop. Didn't take long to sort the job out, about 2 weeks! Then they could decide who could have some credit, because they were in control.

 

[ringi]

Don't take this the wrong way but whereabouts are you from? I've never heard them called mackets before.

I called them mackets because economically they are mackets and the dealers are the "macket makers". The "macket makers" even out the demand so the normal seller and buyers don't get exposed to high and unpredictable short term price volatility. In many types of mackets some of the commission is paid to the "macket makers" in exchange for their services.

 

[Tarw Coch]

I was going to ask if all those moaning about slower paying markets paid their contractors and suppliers straight away ?

Normally in excess of 6 months before I pay the contractor.

 

[Ceri]

I called them mackets because economically they are mackets and the dealers are the "macket makers". The "macket makers" even out the demand so the normal seller and buyers don't get exposed to high and unpredictable short term price volatility. In many types of mackets some of the commission is paid to the "macket makers" in exchange for their services.

I ain’t got a feckin clue wat your on about…….??!!!

 

[unlacedgecko]

Would they live Lincolnshire way?

No I've moved north

 

[AftonShepherd]

I called them mackets because economically they are mackets and the dealers are the "macket makers". The "macket makers" even out the demand so the normal seller and buyers don't get exposed to high and unpredictable short term price volatility. In many types of mackets some of the commission is paid to the "macket makers" in exchange for their services.

But I've never heard the word macket at all before, everyone else calls them markets. Hence why I wondered where you were from.

 

[ridger]

Don't understand the hatred of cheques, I enjoy going to lodge them. If there is no time to lodge a cheque there is something wrong

 

[ridger]

But I've never heard the word macket at all before, everyone else calls them markets. Hence why I wondered where you were from.

Mart here

 

[Henarar]

Normally in excess of 6 months before I pay the contractor.

From when the job is done or from when you get the invoice ?

 

[Tarw Coch]

From when the job is done or from when you get the invoice ?

Ahhh rumbled

Try to pay as soon as possible after receiving the invoice, I’m far from their biggest customer but I do here rumours that a couple of the big boys are a bit slow paying. I pay promptly in the hope that when I ring they will remember this and do their best to come when I want……it seems to work.

Truth be told I wish they’d get their bills out a lot sooner

 

[Bald n Grumpy]

Ahhh rumbled

Try to pay as soon as possible after receiving the invoice, I’m far from their biggest customer but I do here rumours that a couple of the big boys are a bit slow paying. I pay promptly in the hope that when I ring they will remember this and do their best to come when I want……it seems to work.

Truth be told I wish they’d get their bills out a lot sooner

Annoys the hell out of me when people don't send bills. Contractor used to pick up a cheque for the last year when he started baling the following. That's after I've chased him for the bill, now I bacs it few days after he emails the bill but its still at the start of next season

 

[Hfd Cattle]

Do u think Hereford will move to bacs eventually….? Even the girls in the office say they keep badgering Mr Hyde to go that way……

Can't see it happening . ..but in Richards defence he runs a tight ship and it's paid off . When other markets have been left having thousands of pounds to chase ...Hereford hasn't !
I got great respect for Richard Hyde and his running of the market .....very astute man in my book .

 

[Ceri]

Can't see it happening . ..but in Richards defence he runs a tight ship and it's paid off . When other markets have been left having thousands of pounds to chase ...Hereford hasn't !
I got great respect for Richard Hyde and his running of the market .....very astute man in my book .

One of the other auctioneers reakoned he was like the big bad headmaster, they were the teachers under him & buyers/sellers were the pupils & he takes absolutely no sh*t off any1……
He’s got a hella market going there now with vendors travelling miles to sell stock at Hereford - you’ve got to give it to him it’s a fair empire so who am I to suggest but can u imagine if they payed by bacs 2/3 days after the sale …… they’d have it totally wrapped up then…..

 

[som farmer]

Don't understand the hatred of cheques, I enjoy going to lodge them. If there is no time to lodge a cheque there is something wrong

l love paying them in, it's writing them l hate