Getting paid quick

By Dwain Duxson

What makes Farmers most nervous is not getting paid for the things they sell.

Up until 2 years ago, we had it so the seller would invoice the buyer if they bought something through the Farm Tender website, to this day, about 60 percent still do it like that. However we thought we could do it better, so 2 years ago we introduced our "New Payment System" or NPS for short.

How it works is, we invoice the buyer on behalf of the seller and take the funds into our account, once received both parties receive notification and relevant receipts.

These funds are then held until such time as the goods have been transferred to the buyer or both parties agree to release funds prior to collection/delivery, we look at it as a type of ‘insurance’ for both parties;
a) the seller knows we have the funds
b) the buyers know funds are held until clearance is given

It’s a win/win!.

Once we have the ‘all clear’, funds are transferred to the seller, less the selling fee along with all documentation required.

40 percent of our invoices are done this way, and our customers that do it this way love it. What it does is takes the work away from the seller, we can get the invoice out that day and we follow up if the payment hasn't been made.

We find that the buyer is more likely to pay an invoice when it has been sent as close to the agreed sale as possible. We also find that we are more likely to be paid quicker because we have a relationship with both parties.

For those that get our weekly newsletter, I will write more on this subject next week.

If you want more information on NPS, ring Emma on 0411 560 458

Another option is by using DelayPay. This business was started on the back of how buyers paid sellers through Farm Tender. We realised that some buyers paid on the spot, some at 7 days, some 30 days, some 90 days, and so on. So we thought, right, the seller wants to get paid right here and now, and if the buyer wanted terms, then that's fine, but there is a fee associated with that. 

To find out more about DelayPay go here.

If you are selling through Farm Tender, we recommend you use the NPS for all invoicing. But for transactions outside Farm Tender, we have developed a website called One Minute Invoice. It's a new product that could be used to invoice anything. It's designed so you can do invoicing on the spot, on your phone, and text the invoice link to the buyer. Simple and quick.

All these 3 options are associated with getting paid quicker.

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