CBH Group reduces time taken to pay growers
CBH Marketing and Trading has cut payment times for growers who sell grain to the co-operative in a move that will see cash in growers’ pockets faster.
New season 2019/20 grain contracts will be paid within three days following nomination, significantly reducing CBH’s previous payment terms of seven days.
CBH Head of Accumulations Trevor Lucas said moving to three day payment terms was a key way that CBH was providing value to growers who sell to the co-operative.
“Delivering three day payments has been a priority for CBH Marketing and Trading heading into this year’s harvest as part of our commitment to return value to our growers,” Mr Lucas said.
“It will result in cash landing in the pockets of growers who do business with us faster, improving their cash flow and allowing them to better support their other business needs.”
As a result of the three day payment terms, all nominations are final. Growers will need to take extra care when submitting nominations as the window to process Load Correction Requests is small.
Mr Lucas asked growers to note that the time taken between CBH making payment and the deposit registering in the grower’s bank account was dependent on their bank’s processing times.
The new payment terms will apply to cash contracts, pool payments and deferred nominations for 1-5 July 2020. Terms and conditions are available on the CBH website.