Settlement Discounts for Eligible Customers
Date Posted:1 June 2017
From 1st July 2017, Gordon Macdonald Pty Ltd will be introducing Settlement Discounts for Eligible Customers.
Am I an Eligible Customer for the Settlement Discount?
An Eligible Customer must:
- hold a current account with Gordon Macdonald Pty Ltd; and
- make purchases which are invoiced to this account; and
- not have overdue balances beyond the Current period on their monthly statement*
An Eligible Customer can then apply the Settlement Discount to the Current balance on their statement when paid before the end of the month.
Note* : If your statement has balances in 1 month, 2 months, or 3 months & over, you are not an Eligible Customer for a Settlement Discount. Once you have paid these balances, you become an Eligible Customer and if you pay the Current balance before the end of the current month, you can apply the Settlement Discount.
How much is the Settlement Discount?
From 1st July 2017, Eligible Customers will receive a Settlement Discount of 1.5%^.
How do I know how much to pay?
We are working with our IT system provider to provide a calculation on your statement. In the meantime, if you are paying the Current balance before end of month, multiply your current balance by 98.5% (see below for examples).
Note that from 1st July 2017 we are also introducing surcharges when making payments using a card. Please see www.gordonmacs.com.au/news for more information. Payments via bank transfer, cash or EFTPOS (cheque / savings) will not attract this surcharge.
Worked examples
- Your 30th June statement shows a Current balance of $750, with no overdue amounts in 1 month, 2 months or 3 months & over. If paying before end of the month, i.e. 31st July, the payment is $750 x 98.5% = $738.75.
- Your 30th June statement shows balances of $1000 in Current, $500 in 1 month and $500 in 2 months. If you pay $1000 as 1 month & 2 months amounts off in full before 31st July, you are then an Eligible Customer to receive the Settlement Discount on the Current balance. This payment must be made in a separate transaction before 31st July. The payment is $1000 x 98.5% = $985.00
- Your 30th June statement shows balances of $500 in Current, $700 in 30 days If you pay $1000 towards your account before 31st July, you then become an Eligible Customer and any additional payment towards the Current balance paid before 31st July will be eligible for the Settlement Discount. i.e. this balance payment would be $200 x 98.5% = $197.00 Any questions, please email accounts@gordonmacs.com.au for more information.
Note ^ : This Settlement Discount is subject to change. Gordon Macdonald Pty Ltd will provide at least one calendar month in notice before any change.