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Thread: Pay Questions

  1. #1

    Nervous Newbie


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    Default Pay Questions

    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

  2. #2

    Fingers like lightning

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    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.
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  3. #3

    Double Godlike!


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    I invoice Tuesday in my account same week Friday.

    When did you invoice?

  4. #4

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    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?
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  5. #5

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

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  6. #6

    Prof Cunning @ Oxford Uni

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    Depends on the agent. I worked with one where it was 3-4 working days after the date they said they had paid me.
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  7. #7

    Faqqed Off

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    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.
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  8. #8

    I live on CUK

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    Quote Originally Posted by aarich View Post

    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.
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  9. #9

    Umbrella Queen

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    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
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  10. #10

    Banned


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

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