Payment is made into a collection account at either Stanbic Bank or Equity Bank as contracted by EATTA to receive and disburse sales proceeds from the auction.
The bank will send a copy of the tea release document to the broker and the buyer of tea(s) via e-mail. Defaults in payments will attract a daily penalty of 0.3% in addition to the prevailing bank interest rate charged daily for the subsequent four days. If payment is still not made then the trader will be barred from EATTA until full payment is made, and the tea(s) can be re-offered at the next available auction date. The difference between the price offered in the second auction and what was bid originally by the defaulting trader will also need to be paid by the trader before they can commence participating in the auction.