Morning everyone! Labour Day public holiday for us in QLD today, but we are open for business like normal. I thought I would talk about how long do you give your customer before you call them explaining that the payment they claim was made, hasn’t been received. It is a sensitive issue no doubt. As someone who has run a trust account for the last 3 years in which hundreds of payments are made into each week, I feel well qualified to answer this question. Guys, the big 4 banks are very quick at processing payments- if a customer says they have paid during a business day (before 5pm) you should see the money in your account that night. 95% of payments we receive were made that same day. Our accounts are with ANZ and they process payments 5 times a day- 11am, 2pm, 5pm, 7pm and 9pm. I imagine all the big 4 are the same. Customer says they paid on the weekend? You will see it on Monday. At night on a Tuesday? You will see it on the Wednesday. However, delays of at least 2 full business days can be expected with brand new payments- that is, the customer has never paid into your account before. CBA for instance will take 2 to 3 days to process brand new payments, same with Westpac. So just bear that in mind before you go calling your customer. Bank to bank transfers should be instant- ANZ to ANZ the money is there the second they hit “PAY”. So guys, I encourage you to wait at least 2 or 3 days before worrying that you have been taken for a ride- benefit of the doubt is recommended. If there is no sign of it after then, call your customer and say “hey that payment you made still hasn’t been received, I don’t suppose it bounced back to you has it?”. Have a great day
When will my money arrive?