Late payment and debt collection are regrettable but inevitable aspects of business life that are likely to continue for the foreseeable future; the debt recovery process is not one that any supplier wants to find itself caught up in.
Late payment is a common problem for all businesses. Large companies aren't excused from urging businesses to pay suppliers on time and calling for small firms to pursue those who put them at risk by delaying this frustrating everyday occurrence either, and they too face the battle to receive payments on time. Here we reveal the most common excuses for late payments and how you can deal with them.
We frequently hear about the extent to which late payment is damaging UK businesses. While laws are in place, few take up their entitlement and so far, despite various ideas, suggestions and initiatives there’s been little change to the payment culture in
The legal right many UK businesses have to claim late payment compensation is being stymied by a fear amongst firms that doing so will upset their customers and lead to loss of business.
A recent survey of credit personnel* within small to medium sized businesses by Lovetts has found that 58%
Following the announcement by Tesco that it plans to cut its payment terms to 14 days, for suppliers that are small businesses, SMEs should not become complacent in the pursuit of overdue invoices, in the hope that other businesses will simply follow suit. Instead, it is urgent for SMEs to use Tesco's initiative as a signalthat a more robust approach to late payment may win them respect rather than lose custom as many SMEs fear.
"A mediation service will only support a fraction of the small businesses struggling with late payment", says Charles Wilson, Chairman of Lovetts, the debt recovery law firm.
Making It More Expensive For Customers To Pay Late Confidence Boosted By Ability To Recover Costs
More businesses are taking matters into their own hands when it comes to tackling late payment rather than wait for Government intervention according to new analysis by Lovetts, the commercial debt recovery law firm.
Lovetts Responds To Business Secretary’s Proposals
Secretary of State for Business Sajid Javid has today confirmed the creation of a Small Business Conciliation Service to help settle disputes between small and large businesses, especially over late payment practices. This will form part of the government's new Enterprise Bill.