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From www.due2pay.co.uk, the easy way to manage late payment and debt recovery. Follow the link to find a 60 day free trial and a low monthly membership for features to help your business.

The business world is a two way affair between Customers and Suppliers. Whilst things look gloomy on the payment front, customers will look at legitimate ways to delay payment.
Legitimate ? ? Yes, they may ask for extended terms. They will want to do this to create a buffer in their business. They don't want to be subjected to business debt collection agencies knocking on their door. They don't want to have a company credit check show them as a bad risk. Many suppliers will put their customers on stop, an onstop system is fine until pressure is placed on the supplier, it may be the threat of losing business to a competitr or being held responsible for their customer ceasing to trade.

Banks have been concentrating on quantity of loans and will look closely at the quality of loans with their accounts. A move could may take place to change interest only loans to another style, perhapes those which show more payment off to the capital other types certainly ones which show payment to the capital. Some banks may not be concerned about losing customers as other banks will not want to pick up the business.
The credit cycle is forever ightening, it’s a knock on effect throughout industry.
One business starts to tighten its terms and it cascades right down the supply chain.

Make sure you and your staff are on the watch out for the tell tale signs of late payment. These are numerous, amongst them are late delivery of cheques, bouncing cheques and excuses over the telephone.

Look at your existing businesses now, any which are showing signs of slowing their payment should be monitored regularly. Overdue Accounts which are allowed to stay that way are difficult to turn round. Don’t forget that if customer has problems now in paying outstanding debts, then it will be hard to catch up unless his customers start to pay monies owed to him on time.

Debt recovery from a company on the slide is a hard thing especially if they have been with you for a long time. Tough decisions need to be made especially if you have developed close personal times with the key players.

New customers need to be subjected to a normal company credit check there is no harm in vetting them using other industry sources. Information can be gleaned from Companies House and any of the other credit referencing companies which use their information.