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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 […]
Getting paid on time is an ideal situation for any business that offers credit to their customers; but unfortunately this is not the case for many businesses throughout the UK. Late payment can, at times, be done in all innocence but others will provide spurious excuses as to why you have not received payment, or […]
Having the knowledge and procedures in place to for dispute resolution in business can save a lot of time and effort that could be spent on other parts of your business. The trick is to identify disputes early so resolution is found quickly, and ensuring that you are still paid on time. The Order to […]
Agreeing payment plans with delinquent customers is a common part of credit control. We’ve included some guidelines to help you get the best outcome for your company and to make consequences of defaulting on the agreement clear to your customer. If you follow the above guidelines, you should be confident of getting paid, or if […]
When budding entrepreneurs decide to be the next Mark Zuckerberg, dreaming of creating a vast business empire and billions in sales, the last thing they usually think about is the financial risk to their business and to them personally. Some may find the thought of managing financial risk daunting, but it should be straight forward. […]
I have been told by businesses countless times that their customers are paying late despite the fact they are chased at the same time each month. I ask these businesses each time, if your current collection procedure isn’t working, why are you still using it? Late payments are still an enormous burden on UK businesses, […]
We hope this blog finds you well. If there is anything you would like to see more of in our round ups from more Credit Management Hints & Tips to help on E-learning webinars let us know: COMMERCIAL CREDIT MANAGEMENT Demand for guarantee backed SME finance rose by 68% in 2023 Fifth of SMEs want […]
When creating an invoice you should always try to include the items below. This will leave no un-answered questions and should ensure swift payment. Label the document as – Invoice Identify the document with the word ‘invoice’ this will differentiate it from any other correspondence like a credit note or receipt. Addresses Ensure your details […]
It can be tricky to get paid on time for a business within any industry, however the construction industry is an entirely different ball game when it comes to getting paid. Sub-contractors in particular can often bear the brunt of poor payment practices within the construction industry, and often lack of knowledge can make the […]