can take a picture of it and deposit it in your account just like Walmart does.” NCBA also recommends asking
the buyer to list on the contract how he is registered under the Packers and Stockyards Administration. The declaration can help to know where to look for money if the purchaser defaults. Specifi c documentation can be your best defense if some- one later claims an interest in your livestock or money.
Seller beware One of the biggest red fl ags for
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a seller, according to Odle, is if a buyer is offering a large premium. “It’s a big warning sign when some- one is going to come in and give you more money than the others. Most of the time they are trying to cover another big check they’ve got out,” he says. “So if someone is wanting to give you a big premium, double- check on them.” Crutcher says it’s also important
to act if the seller does not receive his or her money. “Don’t accept excuses why you’re
not getting paid. Start asking ques- tions in a hurry,” he says. “If you have a lien, get your bank involved. Keep your ear to the ground. If there’s a delay in getting payment, act quickly.” NCBA suggests calling GIPSA
and making a complaint if a seller doesn’t receive payment. Waiting and hoping things get better won’t work. There are specifi c GIPSA rules and time deadlines for sellers need- ing to make a claim on a custodial account or a seller’s bond. With a plenty of documentation
and dealing with a reputable buy- er, ranchers can protect their pay- checks. And up-and-coming tech- nology will make those handshake transactions even more secure.