Tatts changes its lottery bank account sweep to Tuesday today, from the usual Friday. While the money being swept in Tatts’ money for tickets sold less payouts, the change itself will be a challenge for some newsagents to adjust to as they use lottery cash to support their business through the trading week and this change of day is not easy for them to switch.
I’ve been contacted by eight of nine newsagents expressing concern at the single step nature of the change. They would have liked a more phased approach. One even said they would have preferred a daily sweep. My advice has been they approach Tatts to express their concerns regarding their situation to see if they can handle the change differently in one-off situations.
Sweep has been changed again. Its now happening on Thursday. I for one am so glad somebody has seen some sense on this. For me personally the proposed Tuesday sweep was going to kill my cash flow, I had even arranged to meet with my bank manager today. If Tatts need to bring it forward then a phased approach would be the fairest way, maybe bring it forward one day at a time over the course of a few weeks.
I understand Tatts attitude towards money already received but dont we all rob Peter to pay Paul?
That’s good new Al – for it to be changed so quickly suggests many must have petitioned them.
On a thursday now , when dd this come about ? am i missing something
All that has changed is the date to Tuesday 1 week later. The following is the update from web site and also an email that was sent. Thursday was always the day that you had to have money in the account previously.
The final Friday direct debit will occur on Friday 16 August, 2013 which will be for the accounting week from Monday 5 August, 2013 to Sunday 11 August, 2013.
The following week’s direct debit will occur on Tuesday 20 August 2013 for the accounting week Monday 12 August 2013 to Sunday 18 August 2013 inclusive.
Following this, the weekly direct debit will occur on each Tuesday for the prior accounting week. Please ensure that the correct cleared funds are available in your Lottery Trust Account by no later than 4pm each Tuesday.
Please note the implementation dates, listed above, for the changes to the sweep dates have changed from the dates as advised via letter dated 11 July, 2013.
The final Friday direct debit will occur on Friday 16 August, 2013 which will be for the accounting week from Monday 5 August, 2013 to Sunday 11 August, 2013.
The following week’s direct debit will occur on Tuesday 20 August 2013 for the accounting week Monday 12 August 2013 to Sunday 18 August 2013 inclusive.
Following this, the weekly direct debit will occur on each Tuesday for the prior accounting week. Please ensure that the correct cleared funds are available in your Lottery Trust Account by no later than 4pm each Tuesday.
this is off their site ,has it changed again since then ?
hahe i should have been quicker .sorry about the double up
shuans, Had to serve some customers so it was nearly me double up!!
I hope Tatts can rethink this.
So the cash flow crunch is delayed by just a week. What makes it so difficult is the reporting is not available until Monday morning and then it’s swept Tuesday COB. Sure I can work out what might be drawn sooner, but it’s still a nightmare for someone like me who cannot get to the bank on a Tuesday without closing my business. I can only hope the funds will be available (probably by delaying payment of other bills until the sweep is done). But this is part of the deal done under consulation (insert ‘we are not amused’ emoticon).
Why would they rethink it , if they want it on a tues they will get it there is no need to ask our opinion on the matter . Just turn on the Hoover and suck the money out .
Only problem I have is weekend eftpos will not show up untill Wednesday morning
It’s all about Tatts, forget about the retailers – at least when it was run by Golden Casket you could speak to them.
Tatts only worry about them themselves and have no regard for newsagency owners. It will be coming out Tuesday in two weeks.
Well thank goodness I read this blog as I never received an email. What difference does it make delaying one week? We had prepared ourselves for it to start this week. Now they are going to implement it the same day magazine payment is due!
i would say come wednesday morning there will be a few machines turned off areound the state if they still do that . I remember hearing stories from other agents that if you didn’t pay then it gets turned off the following day not sure how true that is and not really wanting to test it out .
Shauns,
From what I hear that’s pretty much what happens. If there ain’t money for to draw on they will turn off the lotto terminals and if you rely on that for traffic/cashflow then your pretty much history. Also, I forgot to order my Scratchies on Sunday arvo so I place an order to be picked up today. Guess what, they now charge us $20 or $22 for saving their delivery fee. Hmm, for the survival of the lottery agents ay.
here in adelaide we have 2 sweeps every week, we keep all lotto money in a seperate account which gets drawn on each week then at the end of each month transfer the balance to our business account.
Once it gets up and going it should,t be no difference to a fridaynit is just the initial first tues we have to deal with ,got to,find a weeks worth of trade in 4 days which are not the busiest 4 days of the week . Sunday and Monday normally have heaps of payouts due to sat lotto ,yeah going to be an interesting week that one
Is this another monopoly that has been created by all the state governments? I wonder when WA will join the monopoly especially when the WA govt is short of money.