Pay Questions

[aarich]

Hi all,

I've been contracting for around 9 months, I did a stint with an Umbrella company but have just recently set up a Ltd company.

I've submitted my first invoice to my agency and they have told me that they have released the payment - I'm yet to see this payment appear in my business bank account (HSBC)

I contacted my agency and got a vague answer saying it depends on my bank. Does anyone know how long it usually takes for payments to show for HSBC? (I was guessing up to 3 days)

Thanks

[NibblyPig]

Depends on the agency, this gig they say I get paid on the friday and the money is in my account on the friday.

Last gig, they said get paid on the 20th and I would find the money in my account 23rd-24th.

[MrMarkyMark]

I invoice Tuesday in my account same week Friday.

When did you invoice?

[northernladuk]

What are the terms of the payment in your contract. If it's 7 days it should be in your bank in 7 days. Are they late according to your terms?

[Louisa@InTouch]

And if they are late... Charge them some late payment interest.

Christmas is coming!

[WTFH]

Depends on the agent. I worked with one where it was 3-4 working days after the date they said they had paid me.

[TheFaQQer]

I get a payment advice email from my client and the payment hits my account the next day.

If both banks are signed up to faster payments, I thought it arrived immediately.

[SueEllen]

I contacted my agency and got a vague answer saying it depends on my bank. Does anyone know how long it usually takes for payments to show for HSBC? (I was guessing up to 3 days)

HSBC payments tend to arrive within half an hour.

However some sending banks delay payments. I know Lloyds use to.

Anyway you need to plan your funds so you are not so reliant on being paid immediately.

[LisaContractorUmbrella]

It depends on what it meant by 'releasing' the payment - sometimes it will mean that they've paid the invoice in which case the money should be in your bank within 2 to 3 days but sometimes it will mean that the payment has been authorised but still needs to be actioned - if that's the case you could be looking at 3-5 days

[TykeMerc]

It would do no harm to check the account details they think they've paid to, it's a perfectly reasonable thing to ask.