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Throughout my years in commercial credit management, I have identified several mistakes that companies make within their order to cash process; mistakes that are often very small and easily fixed; make enough of them, however, and you could find your cash flow isn’t flowing the way you would like it to. Mistakes in Commercial Credit […]
Charging late payment interest on overdue invoices can be a great form of leverage to get you paid quicker. You are entitled to start adding interest from the first day it falls overdue, but many companies will be wary of using this as a tactic as the downside is damaging a customer relationship, so when […]
Question One: We have a customer who refuses to accept payment by Direct Debit and wants to pay by Standing order. We have said we will agree if we can add a £15 per month charge onto their account if their account goes into arrears to cover us for the additional admin of chasing payment. […]
If you have used the County Courts to get a debt paid over the last 12 months, you will be aware the Courts have centralised a lot of the local courts functions resulting in an extensive backlog which, in our experience has resulted in our Client’s debtors becoming insolvent and unable to pay their debts […]
In our current digital world it almost seems like something from the dark ages to write a letter. Letters do still have their place in business and there is a skill to writing a good one that will get you the results you are looking for. Outstanding Payment letters are a prime example where […]
Late payment and poor payment practices continue to be an enormous burden on UK businesses. For the recruitment industry, particularly recruiters that deal with temporary placements, it is essential that cash flow is maintained; late or non-payment can have a significant impact on the cash flow of a business which can result in additional costs […]
Question One: We have obtained a Default Judgment against one of our customers, however the customer now wants us to remove the judgment and accept payment in instalments. We would prefer to get paid the full amount immediately. Where do we stand? Answer: If the debtor pays the full amount of the judgment debt to […]
The best way of avoiding credit control issues in your business is to ensure that you are paid in full before providing any goods or services. However, unless you have a unique product or service that is in high demand, or in an industry where it is custom and practice to expect payment in advance, […]
Question One: we are an expanding business providing IT support services on an ongoing monthly contract value but have additional projects for customers for either hardware only, service only or hardware/service mix. As we have an increasing customer base, we would like to automate our credit limit setting for the additional projects using data from […]
I’m sure many businesses have an interest clause within their Terms and Conditions in regards to late payment. I’m also sure that many businesses never take full advantage of late payment interest due to fear of damaging a relationship with a customer, or simply that they don’t know how to effectively apply it. However, the […]