DUE2PAY addresses late payment, what businesses want

Never before has the need for businesses to pull together been as important as now. For many a day UK companies have been regarded as ruthless and with a reputation as being the latest of the late with regard to being late payers. The government has put in place legislation over the years to stop payment delays and with the extra bonus of adding interest to overdue invoices. There has been no indication that take up has been popular

One of the main reasons that businesses in the UK have taken to increase their payment times was the increase in interest rates. During periods of high interest rates businesses naturally resorted to using their suppliers as a bank able to give low interest loans but in their case, it is interest free. When a company extends paying an invoice by 1 month, that business will not have to fund the equivalent amount with their bank, it also means that they do not have to approach the bank for a loan for that amount. We now know that banks are more reluctant than ever to advance loans. Even today even considering the reduced interest rates the delay of paying continues as a way of managing cash flow.
Industry late payment figures have surprised observers of industry trends, they fear that the uncertainty in the economy will make things worse for those who supply the late payers. The downturn in the economy, the heavy discounting by retailers is getting worse and with the global economic conditions and anything that a company can do to retain cash for as long as possible will be even more attractive. This trend to late payment is in spite of the legislation phased in since 1998 which was designed to develop a better payment practice by letting businesses ask for or claim interest on Invoices that have not been paid on time.
The UK dependency on late payment is detrimental to business, jobs and also global trading. It is thought that one of the biggest challenges to increasing the growth of business is late payment and lack of bank loans. They go hand in hand. If a bank is not lending to businesses, the supplier will be put under pressure and will suffer.

All businesses which supply others have to be aware of tools which can help them be more successful. When considering new business, a company credit check is usually the first port of call, although giving historical information they are extremely good to use. Other methods which are available such as http://www.due2pay.co.uk/ , business debt collection and solicitor’s letters may be thought to be aggressive but can be essential today. DUE2PAY has a novel way which to tackle late payment taking the company credit check to a new level. Companies have been wanting a central register of late payers for a long time. These businesses can now list a late paying company and other members have sight of this information, simple.
Late payment has traditionally been very one sided in favour of the late payer, DUE2PAY addresses this in giving the late payer the chance to flag up a reason for his late payment of a specific invoice or invoices. Every member of DUE2PAY can access this information and all members can contact the late payer or other members. Court action or solicitor’s letters do not offer this service. Debt recovery now has a meaningful alternative with DUE2PAY.