What is 7 Day Pay? Get 7 days to pay on cattle bought anywhere in the U.S, sellers get paid today, buyers get 7 days to pay. Use it for sale barn cattle, private sales, internet/video sales, virtually any sales scenario. From 1 head to 10,000, the possibilities are endless.
Who is the 7 Day Pay for? Anybody that buys or sells cattle. Order buyers, feed yards, packing houses, foreign cattle trades (i.e. Mexican, etc), or any party that just needs a few more days to pay for cattle.
What happens if I’m late on my payment? AGEX reserves the right to charge late fees. You can always check your loan documentation for specifics.
What is the max I can trade? How much can I get? Apply now, and our credit team will work with you to get what you need to cover all of your largest trades.
Can I use 7 Day Pay for Sale Barn Cattle? Yes! You can use 7 Day Pay to pay for barn cattle; AGEX will pay the sale barn directly and give you 7 more days to pay.
Does 7 Day Pay require AGEX tags? No. However, each animal within a lot or invoice must be visually and uniquely identifiable. While AGEX recommends AGEX tags for maintaining ease of use among large amounts of cattle, it is not required.
What is a “Unique Tag?” If not using an AGEX tag, then you must enter a unique Alternate Tag. A unique tag could be any and not limited to the following:Sale barn back tag Existing ear tag Created numbers (sequential)
How do I get it? Quick and Easy Credit Approval by filling out the application at the bottom of this page or Here
How long does it take to get credit approval? Apply in 10 minutes, get approved in as little as 72 hours* in most cases.
Will 7 Day Pay interfere with my existing credit lines? In almost all cases, no. 7 Day Pay is designed to primarily look at each transaction, not Buyer equity.
Do I have to use my phone app to create a sale? Yes, you do have to use your phone app to create sales. However, you may want to use the website to add/edit animal data, create accounts, link associates, etc.
Where do I go to log in to my account on a device other than a phone? Here
Does the buyer pay the seller or AGEX? AGEX pays the seller directly when cattle are delivered, The buyer remits payment directly to AGEX within 7 days of invoicing.
Where do I go to create an account? Here
What does “fulfilled” or “fulfillment” mean? “Fulfillment” is the process of adding all final information, like final pay weight and/or headcount to a transaction so that it can be paid and invoiced. A transaction that has the minimum required information to be invoiced and paid has been “fulfilled.” The minimum required information to invoice a trade is:Parties’ names Animal identification manifest; Pricing Information (price per pound/ per hd etc.);Volume (pay weight, headcount, etc.); Bank Information OR Mailing Address;The effective date of the transaction;All requisite data points are submitted to AGEX via an AGEX product.
What does Complete mean? “Complete” - means any trade or transaction that:Has been Fulfilled Paid in full to the original Seller Paid in full to AGEX by the Client, including any fees associated with the delivery of the Service.
What are the fees for 7 Day Pay? As low as $.50/CWT and vary depending on the trade and the underlying financial institution.
How do I know the seller has been paid? You will receive a confirmation email showing payment details when payment is transmitted.
Will AGEX contact the seller for payment instructions? Yes
Does AGEX take title to the cattle? No, AGEX does not take title to the cattle.
Will AGEX pay 100% of the seller invoice? Sellers will receive proceeds net of fees unless the seller/source of the cattle is a USDA bonded stockyard or market agency, in which case the Buyer will be responsible for the amount plus fees.
Can I buy foreign cattle (i.e. Mexican cattle) using AGEX? Yes, so long as payment is made in U.S. dollars and the cattle are delivered in the United States.
If I buy cattle that already have an AGEX tag will I have access to their history? Yes! You will have access to any cattle you purchase that you purchase via AGEX Herd. However, their identity may be very difficult, if not impossible to determine if not carrying unique AGEX ear tags.
How long do I have to submit the creation, fulfillment, and completion of the sale until the seller is paid? AGEX only initiates payment to the seller upon creation, fulfillment, and completed sale from the AGEX platform (must be within 48 hours, or AGEX reserves the right to and will withhold payment)
How long does it take AGEX to submit payment to the Seller? AGEX will only pay transactions to sellers if: (1) the transaction occurred in a 48-hour time frame prior to the transaction actually occurring (meaning a valid offer has been accepted by the seller); OR (2) a written bill of sale or other written evidence of the transaction is produced by either the buyer or the seller within 48 hours of the transaction. As a regulated USDA Market Agency, and subject to the prompt payment standards set forth by the Packers and Stockyards Act of 1921, AGEX WILL reject transactions submitted outside of this 48-hour window as it will be unable to meet the prompt payment standard for transactions submitted that occurred prior to the 48-hour window.
Can I create a user for a seller? If your trading partner is not an AGEX user already, they will need an account. Unfortunately, due to liability reasons, you should not create a user on behalf of others. They will need their first and last name, email, password, and (optional) phone number to create a user account. HERE
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