Name and Shame your business late payers NOW

It has long been said that UK companies have a reputation of being the worst of the European late payers. Legislation to reduce payment delays and add interest to overdue invoices has been in place for a long time with little sign that it is being adopted.
A major factor for UK companies taking longer to pay invoices was the increase in interest rates. In times of high interest rates it was natural to look on suppliers as a cheap form of loan. Extending payment for 1 month means that you do not have to borrow and pay interest to a bank to fund that loan for 1 month. With banks tightening their belts it is harder to get loans and coupled with a reduction in interest rates the delaying of payment still continues as a method of managing cash flow.
Industry late payment figures have shocked industry observers who fear that late payment is likely to get worse with the rise in interest rates and the economy taking a downturn, factors that make retaining cash for as long as possible even more attractive. This level of late payment comes despite legislation phased in since 1998 that was designed to encourage better payment practice by allowing firms to claim interest on Invoices that were not paid on time.
The UK culture of late payment damages business, employment and international trade.The two main factors agreed by many to be the greatest challenge to business growth is restricted financial lending and late payment. The two go hand in hand. Banks will not lend money so where else can a business be funded ? For many it is the unfortunate supplier and it is the less vigilant or commercially aware supplier which suffers.
This is the point at which companies have to be aware of the other tools available to them. For new accounts a company credit check is essential, whilst these are historical they provide useful information. The use of other methods such as http://www.due2pay.co.uk/ , business debt collection and solicitor’s letters may seem extreme but are essential in this day and age. DUE2PAY’s approach to late payment takes the company credit check to a much needed area. Companies have been wanting a central register of late payers for a long time. With DUE2PAY a company can list a late payer and other members have sight of this information, simple.
Where late payment is traditionally one sided in favour of the late payer, DUE2PAY redresses the balance by giving the late payer the opportunity to flag up a reason for late payment of a specific invoice or invoices. All members have sight of 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 has now been taken to a new level with DUE2PAY.

read on if you have invoices owing ...............

Things are undoubtedly tough for business with the retail sector suffering and major banks are tightening their belts as their customers fall behind with their repayments.
This has led to larger companies getting more aggressive and

1) forcing extended credit terms on suppliers
2) demanding discounts on already agreed prices
3) demanding settlement discounts for just paying on time
4) Imposing retrospective rebates for goods already delivered.
5) Using late payment as an easy way of funding their own cash flows.

These are extremely worrying developments for the whole business community.

It is now more important than ever for small businesses to protect themselves and ensure invoices are paid on time.This will help them avoid potential cash flow problems, which, if not addressed quickly could result in the ultimate closure of their business.
The internet based service helping vivtims of late payments launched by DUE2PAY LIMITED has been specifically designed to help these companies recover their overdue invoices, without the need to go to court, also to share information on companies identified as late payers by fellow members, giving them the opportunity to make more informed decisions in dealing with a particular company.

Quote 'DUE2PAY has some unique features which are worth their weight in Gold'
Try it now with their free 60 day trial. The monthly payments of £15 are excellent value.