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Advisor

Re: I have a question on grain contract payment terms...

Not a big enduser, but seedbeans to monsanto can only be paid by electronic transfer. No more "checks" . Not sure on their pay cycle, but seems to take at least a week to get the transfer outta St. louis headquarters.

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Senior Contributor

Re: I have a question on grain contract payment terms...


@idalivered wrote:

Not a big enduser, but seedbeans to monsanto can only be paid by electronic transfer. No more "checks" . Not sure on their pay cycle, but seems to take at least a week to get the transfer outta St. louis headquarters.


Electronic transfer is not the reason for te delay.

Have had electronic transfer with email delivery of settlement statement for a number of years now.

If the transaction takes place in the morning transfer happens in afternoon usually.

Afternoon transactions will happen next day.

 

We do have an 'insurance' fund which covers financial shortages to producers if a licensed buyer fails.

that program requires producer picking up cheque (or transfer of funds) within 2-3 business days to be covered so delays in payment would get flagged quickly.

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Honored Advisor

Re: I have a question on grain contract payment terms...

Ida,

 

How long does it take them to reverse a transaction ??

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