How to avoid the ‘silent killer’ of late payment
- August 4, 2016
- Posted by: admin
- Category: Company Blog
Research suggests the UK is lagging behind the rest of Europe and the USA when it comes to timely payment of invoices. But what does it mean for small businesses, and how can a debt collection company help?
A study conducted by factoring firm Marketinvoice, found that 59.6% of all invoices owing to small businesses in the United Kingdom are paid late – up from 50.2% in 2013.
A total of 30,000 invoices were surveyed across a total of 80 countries. But with the average across the EU at only 40.2%, it looks to be a very British problem.
High street retailers and supermarkets are the biggest culprits at 69.8% and 68.7% respectively, with lots of smaller firms struggling with cash flow as a consequence.
If you’re one of the many SMEs who has to deal with late-paying repeat offenders – particularly the larger corporations – it’s important to nip it in the bud before your business begins to suffer.
Many smaller companies tread a fine line between retaining clients while chasing the money they owe you. But when you’ve run out of options, why not let the industry experts take over?
We’re a Liverpool-based debt collection company with a proud history of tactfully recovering money for small companies. And our no collection, no fee service makes it totally risk-free. Get in touch to find out more.