Bank retaining Visa monies for 5 weeks.

sarahwilson

This ones got me stumped as I've never come across it before.

We put through a small amount of card payments every month, however it is increasing month on month. We have a machine in the office to process them with. Our bank don't put the money into our current account though for at least a month often 5 weeks. We have a seperate card account set up in Sage and when they send the money to our current account, we transfer it from card to current in Sage.

My question is should we be able to claim interest on this money? Last month we put through nearly 3k, not mega amounts but its been going on like this for 6 years. Obviously we asked the bank and they said no but I just wondered if anyone here knew.

Cullen

Contact the pdq machine provider. Ask them to confirm the correct protocol for end of day procedures.
If you are following their specific instructions, ask why the delay. In my company Barclaycard take an average of three working days to put the money in our account.
This delay does seem too long.

sarahwilson

Thats what I thought, the last place I worked it took 3-4 days, this seems excessive to say the least. One of the advantages of people paying when they take work from us is supposed to be to ease cashflow, we might as well put them all on account at this rate!!

claudialowe

I think that it depends on a variety of different factors.

1. Your bank
2. Your machine provider
3. Your industry

I have got two clients, both with Lloyds and using Lloyds' own cardnet machines - and one gets the money within 2 working days, and the other 2 weeks! The former is a hairdresser, and the latter a computer shop - based on this I assume that the bank assesses the degree of risk. The computer shop previously banked with Barclays are were told that it would take 6 weeks for card sales to be credited - hence why they changed banks!

Most of my clients with card machines find it takes 2 - 3 working days to hit their accounts ie Saturday's takings are there on Tuesday or Wednesday.

Oh - and then there is Amex.........:confused1:

Claudia

sarahwilson

Ah same here the delay must be standard with Barclays. How can they justify it taking so long to transfer the money?

blobbyh

Not that this is likely to be the root cause but are you sure your card machine is automatically 'polling' correctly overnight (or whenever it's set to do it)? Have you contacted the facility provider e.g. HSBC to confirm how often the machine is polled?

Funds taken using our card machine have always been paid in the next day so I'm very surprised at the figures quoted here!

Deano

We had the same problem with Barclays with all credits taking 5/6 weeks to clear our account. I contacted their helpline and was told that this was dependent on the agreement that had been signed by our company when the machine was first installed. I asked for a review of this to be undertaken, which they did and we now get all credits in our account within 3/4 working days. They also said that the end of day banking from the machine is automatic and nothing needs to be done from our end. The print
out produced is for our info only.

King of the Mountains

OMG weeks??!! Ours goes in the following working day!

mfernott

As other people say, this is excessive, ours is the next working day.