Cash is King or Not?

We deal a lot with the local Amish community contractors, they can be slow to cash checks' we always pay on job completion on site.
Millers roofing recently installed a new metal standing seam metal roof on a building just over 19 thousand sq ft, think the cost was around $80k...........took 6 weeks before check hit the bank.
Think they mostly wait till they have a bunch of checks' to pay in.
 

toquark

Member
I don't use cash much these days but I do feel a little uncomfortable with the idea of it being phased out entirely. Like everything about the over-digitalisation of society, on the face of it is designed for convenience and security, but in reality it involves us handing over control of our finances to others who can, literally at the flick of a switch relieve us of it should they choose to. At the moment its scammers, but there's nothing to say it couldn't be governments in future.

I see tangible cash as a bit of a hedge against that risk and a way to keep the more unsavoury political animals in check.
 

Foxcover

Member
We deal a lot with the local Amish community contractors, they can be slow to cash checks' we always pay on job completion on site.
Millers roofing recently installed a new metal standing seam metal roof on a building just over 19 thousand sq ft, think the cost was around $80k...........took 6 weeks before check hit the bank.
Think they mostly wait till they have a bunch of checks' to pay in.

To be fair I also do this, I have a few customers who I see every 8 weeks who insist on paying me with cheques that might only be for £25 so what I do is I tell them that I’ll save all the cheques up over a year and cash them at Christmas :LOL:
They quickly change to cash or BACS
 

Lincoln75

Member
They are here as well he’s a blithering idiot.
They aren't -With card payments its instant out of your account but the money does not usually hit the traders/recipients account for 3-4 working days , billions in limbo and generating the card companies lots of interest.
 

Highland Mule

Member
Livestock Farmer
They aren't -With card payments its instant out of your account but the money does not usually hit the traders/recipients account for 3-4 working days , billions in limbo and generating the card companies lots of interest.

That's a function of the relationship you have the with the transaction processor though, not the UK banking system. Some companies such as package holiday providers will have funds withheld for many months, to cover card issuer liability on higher risk transactions (remember Thomas Cook trying to get funds released to keep them solvent?). Same day is definitely available in the UK though.
 

Lincoln75

Member

Granite Farmer

Member
Mixed Farmer
Have been using contactless a lot but to be honest I like cash for day to day stuff. In fact me and my wife (both of us in our early 30s) have started using cash a lot more in the last few months. Mainly because we found we were unwittingly spending to much. We cannot be the only ones who have found that.
 

Lincoln75

Member
But it’s plainly wrong to claim it’s not available in the U.K.
I`m still not convinced it is, like I said it will be through a finance agreement , ie The processor will lend you the money for the three days it takes to clear if you are creditworthy , not the same as being instantly available.
 

Still Farming

Member
Mixed Farmer
Location
Glamorgan Wales
Boy had few quid gift off nan to put in so I did it for him!!
O ,O whose account is this female cashier goes , answer boys
How old is he 17
Under 18 ,O ,ok
What's money for or off?
Gift.
Cashier said O, I'll have to put a memo on his account to state this ???

Wtf only few quid ?
Go and chase the white van travellers and drug dealers they want to????
 

stewart

Member
Horticulture
Location
Bay of Plenty NZ
“Direct” payments don’t make use of any terminal, but would be done as a send from buyer - probably by app or website login.

Do you mean debit card transactions? I should imagine that particular device would charge for debit card, yes - someone has to pay it and they’re unlikely to be able to cross subsidise from credit.
Your terminals must be set up differently to ours, I use one card in a terminal, I then have the option to pay via a Credit Card or have the payment taken directly from a chosen account (there are 2 bank accounts I can opt for) If paying by card this shows immediately on my online Credit Card statement, if paying directly from the bank account again this shows up immediately and if the buyer uses the same bank lands in their account straight away and are available funds for them to use. The transaction costs, if any, are minimal and less than paying in cheques. As previously mentioned banks no longer accept cheques and cash usage is decreasing. A previous poster indicated that on a visit to NZ he felt it was 20 years behind as there were very few ATMs in the smaller towns, reality is (from a finance and banking perspective) it is at least 20 years ahead, if there is no need for cash what is the point in an ATM? They are obsolete. There are obvious reasons for this, a smaller economy bring one of them.
 

stewart

Member
Horticulture
Location
Bay of Plenty NZ
Are you lot that short of money that the payment has to be instant ?
You should learn to relax, the best things come to those who wait
:)
It’s quite handy for the payment to be instant when the seller needs to know he has been paid before you take your purchase away. Once bought a car from a dealer, as the dealer was a few hours away from home and not one I had dealt with before he needed to see payment before I could drive the car away, easy, pay with card, go for a cup of coffee, come back, payment gone through, drive home.
 

Lincoln75

Member
It’s quite handy for the payment to be instant when the seller needs to know he has been paid before you take your purchase away. Once bought a car from a dealer, as the dealer was a few hours away from home and not one I had dealt with before he needed to see payment before I could drive the car away, easy, pay with card, go for a cup of coffee, come back, payment gone through, drive home.
Thats not how it works in the UK , when a client pays by card they put their pin number in and if its authorised an authorisation number is printed on both copies of the print outs , takes around 10-20 seconds , seller is guaranteed payment and customer walks away with the goods , there must be some very long queues in NZ .
 
Boy had few quid gift off nan to put in so I did it for him!!
O ,O whose account is this female cashier goes , answer boys
How old is he 17
Under 18 ,O ,ok
What's money for or off?
Gift.
Cashier said O, I'll have to put a memo on his account to state this ???

Wtf only few quid ?
Go and chase the white van travellers and drug dealers they want to????

Big brother rules in UK..?
 

Update on the Sustainable Farming Incentive pilot

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Update on the Sustainable Farming Incentive pilot

Written by Lisa Applin

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In July, we opened the applications window for farmers to join our Sustainable Farming Incentive pilot.

The Sustainable Farming Incentive is 1 of the 3 new environmental land management schemes. It sits alongside the future Local Nature Recovery and Landscape Recovery schemes.

Through the Sustainable Farming Incentive, farmers will be paid for environmentally sustainable actions – ones that are simple to do and do not require previous agri-environment scheme experience.

We are piloting the scheme to...
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