Monday, May 8, 2017

FarmOn | Frequently Asked Questions - Harvest & Withdrawal

[*Update as of October 2017: FarmOn finally added a FAQ on their website. Check it here!]

I am just an old FarmOner who wants to help FarmOn by addressing the common inquiries of the new FarmOners and potential investors.

You can see the Part 1 of FAQs I wrote about registration here.

Now, after your investment has been reflected in your account, the next thing you'll be curious about is the harvest of your crops.

FarmOn states when's the start of real farming.

Sometimes, it starts earlier than expected just like what happened on the 13th cycle, when it got fully funded even before the registration ends.  The same happened this time for the 14th cycle, where it was stated that the cycle registration is until May 15, but as of now, May 08, the registration's already been closed (I don't know since when dahil ngayon lang uli ako nakapag-check 😆).

Of course if FarmOn's available crops has been fully funded already, they can't accommodate further registration and had to close it earlier than the stated date.  So, there.

When the real farming starts, we just have to wait for our crops to be harvested.

1. When will my crops be harvested?
     - It depends on which crops you invested to. 

Just like this.

     If you invested in, let's just say, Squash, it's duration is 4-6 months.  So if the start of real farming is June, your crops will be harvested between the months of October - December.

     And as a conservative farmOner, if I invested in Squash, sasagarin ko hanggang December ang expected harvest date ng crops ko.  And I allot some time too para sa pagbebenta ng aking crops at pag-a-account ng aking investment.  If I get my profit earlier than expected, then that makes me happier.  I start to inquire when it's already past the expected date I allotted. 

2. What is their basis on who gets the profit first?
     - According to farmOn before, they based it on who paid first.  It is like a "First-In, First-Out" method.

     So, for example in Squash again, if I paid early, then I might be one of those who receives profit at the earlier harvests, let's say on October.

3. What if I only reinvested, what will be their basis on when I will receive my profit?
     - As a re-investor, they told me that their basis on this is the date when you send them back your signed contract.

4. Why is my profit % different than the others who also invested in that same crop+same cycle?
     - Our profit depends on the sale price of our crops at the time it was sold.  You see, every now and then, prices of commodities change so we can't really expect the same returns with each farmOners.  I also hope that farmOn can be transparent about the sales of our crops just like what a farmOner said in the forum before, where he's suggesting they provide us with sales receipt.

5. I invested first than *insert someone* but why did he/she received profit earlier than me (in same crop & same cycle)?
     - I experienced this too with my brother.  We invested in the same crop before and same cycle.  I was the one who paid first.  Actually, mine is a reinvestment ( so I just sent them back my signed contract ) while he was still waiting for his contract and will be paying thru bank.  

     To my surprise, he received profit earlier than me.  I didn't expect that because of what they said before that it is "First-In, First Out" basis.  I sent my signed contract first before he paid.

     But oh well, there's always an exception to the rule.

     I read somewhere in the forum before (I'm still looking back for it now para ma-screencap dito), that that's not always the case.  If other farmOner's crops gets sold first, then he will be the one receiving the profit first.

     So in my analysis in me and my brother's situation, if I will apply what I read in that forum thread, then maybe this is what happened:

     " I sent back my contract first, before my brother has paid.  So when the harvest time came, my crops will be harvested earlier than him.  But his crops has been sold first than me, because his crops grew better than mine (just to boost the imagination. Tee hee!) and the buyers like his crops more than the earlier harvest so they bought his and so his profit has been reflected earlier than mine. "

     That's just my opinion/imagination though.  Because I couldn't think of any other reason on how later harvests gets sold first than the earlier ones.  So I am "assuming" that my brother's crops gave better harvest than mine.  If you have other opinion about this, you can comment below, folks.

     But if this assumption is right, then that's not a "First-In, First-Out" basis anymore.  Because I sent my contract first, but he received his profit first.

     Ang pampalubag na lang ng loob dito ay lahat pa rin naman tayo ay nakatanggap ng profit.  Yun nga lang, hindi sa pagkakasunod-sunod ng payment and sending of contracts ang nangyari. 😆

6. How can I withdraw my money?
     - FarmOn posted in the forum a step-by-step process of withdrawing money.  You can check it here.

     Just to emphasize their additional note (as of November 24, 2016) :

     " Requesting encashment is open on the 1st to 15th day of every months only. The amount requested will reflect on your bank account in the last week of the same month you have requested. This will make the whole transaction quicker. "


     " *Bank or Money Transfers surcharges are to be shouldered respectfully by the FarmOners. "

     Here are the other inquiries I saw about withdrawals in the thread:

"Gaano katagal ang encashment?"

"Walang update after kong magrequest for encashment?"

"How to cancel withdrawal request?"

I will update this kapag may nasagap pa akong futher information.

I hope this helps others about their concern in harvests and withdrawals.

Happy farming~!

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