How and when will I be paid?

The order of events

1. Your items are inspected, weighed and tested.
2. Knox makes an offer at the price that applies at the time.
3. You accept or decline the offer.
4. Knox completes identity, ownership and compliance checks, if they are not already done.
5. Payment is processed using the agreed method.

Payment cannot be processed until each step is complete. If a check raises a question, payment may be held while it is resolved.

How payment is generally made

Businesses that buy precious metals commonly pay by electronic transfer to a bank account in the seller's own name, which leaves a clear record for both sides. Paying a third party, or paying in cash, raises compliance concerns and may be restricted. The method Knox uses, and any limits on it, are set by Knox's payment procedures. Knox pays by EFT into the verified bank account in your name once the bill of sale is signed, your documents have been checked and the items have been tested. Same-day immediate payment is available for a fee: R100 up to R250 000, R150 up to R500 000, R200 up to R750 000 and R250 up to R1.5 million; larger amounts are arranged with management.

What can affect timing

• Whether your identity and banking documents are complete and can be verified
• The value of the transaction and any additional checks it requires
• When the offer is accepted relative to banking cut-off times, weekends and public holidays
• How long your own bank takes to reflect an incoming payment

Protecting yourself

Before you leave, ask for a written record of the items sold, the price and the payment reference. Check that the banking details recorded are correct, because a payment sent to the wrong account can be difficult to recover. If funds do not reflect when expected, contact Knox with your transaction reference so the payment can be traced.