DUE2PAY is a web site aimed at bringing common sense back to the problem of late invoice payments, by tackling debt recovery in a new way. Late invoice payment is now regarded as an acceptable practice for late payers and an addition to business debt collection . In some cases the practice is an effort save a business from closing, for other companies the philosophy is to dot it as and acceptable to fund an already profitable business. Consider www.due2pay.co.uk as an early warning system, an alarm which if triggered can save you a lot of money for a fraction of the cost of the interest you are paying in funding your customers' businesses. Or a fraction of the cost of phone calls to chase payment and of solicitor's letters.
The Forum of Private Business in the UK says that late payments of invoices are having a serious impact on 70% of firms, with nearly 60% reporting that the situation had worsened over the past year. It is apparent that this scenario of late payment is being used as a form of free credit for businesses. Delaying payment to many customers funds a business and reduces bank borrowings. Any surplus cash held by a customer will in turn earn interest. Depending on the size of firm, late payments can have a major impact with a third of firms losing between £1,000 and £5,000 a year as a result and 15% losing between £5,000 and £50,000. On a daily basis we are hearing of companies forcing firms to accept mandatory discounts, longer payment times, and payment delays.
You can use www.due2pay.co.uk along side a company credit check. In fact it can work well alongside other traditional methods such as business debt collection and company recovery of debts through outside agencies which take a more hands on approach. UK government introduced the right to charge interest on late payments but this rarely happens in practice. www.due2pay.co.uk has two interesting powerful strings to its bow.
1) Where the website sends an email and fax to a customer asking them to pay an invoice within 14 days. If it remains unpaid, then the supplier is revealed on the site as a late payer. A nice addition which shows it is not all one sided is that the late payer is given the opportunity to 'dispute an invoice' and potential suppliers can enter into discussions with them and also the aggrieved supplier.
2) The 'Watch List'. Put a company on your Watch List and when it is listed as a late payer you will be informed by email.Large companies are using various methods to keep more money in their accounts. For example increasing the time it takes to settle suppliers' bills from 30 days to 75 days and imposing a 2.5% ' settlement' charge on payments. Cutting payments to suppliers by two per cent, despite one company almost doubling its annual profits.
The FPB says that it wants to see the Government 'leading by example' by committing to paying its suppliers on time, as well as introducing a code of conduct for itself and big companies. Chief Executive of the FPB, Phil Orford, said: 'Protecting cash flow, which is the lifeblood of any small business, has become even more important because of the credit crunch. We would like to see non-statutory measures implemented to enable businesses to hold late-payers to account without fear of losing customers and contracts.' Join www.due2pay.co.uk now and take advantage of the free trial
Thursday, 30 April 2009
Tuesday, 24 February 2009
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.
Wednesday, 4 February 2009
Try DUE2PAY and the on stop accounts will start again
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.
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.
Thursday, 22 January 2009
Business debt collection and debt recovery
The commercial world is tightening its belt. Major Banks are reporting a growing number of British firms have fallen behind with their repayments. Business debt collection is more important than ever to prevent cash flow issues. 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 ensuring a company credit check is carried out.This will help them avoid potential cash flow problems, which, if not addressed quickly could result in the ultimate closure of their business.
An internet based service to help victims of late payments called DUE2PAY LIMITED has been specifically designed to help these companies recover their overdue invoices, without the need to go to court or traditional debt recovery methods. It acts 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.
The service is offered free on a 60 day trial, after which, normal membership fees will apply. If you are interested please contact DUE2PAY.CO.UK
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 ensuring a company credit check is carried out.This will help them avoid potential cash flow problems, which, if not addressed quickly could result in the ultimate closure of their business.
An internet based service to help victims of late payments called DUE2PAY LIMITED has been specifically designed to help these companies recover their overdue invoices, without the need to go to court or traditional debt recovery methods. It acts 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.
The service is offered free on a 60 day trial, after which, normal membership fees will apply. If you are interested please contact DUE2PAY.CO.UK
Monday, 5 January 2009
.....late payment of invoices no more
DUE2PAY is offering a totally unique service which is a valuable addition to the credit referencing services provided by companies such as Experian and Equifax. DUE2PAY has been described as being more punchy with more debt recovery than a Solicitor's Letter. It was conceived in the first place as a bolt on to exisiting credit referencing, business debt collection and credit checking. DUE2PAY is an important tool for Companies which want to check the credit worthiness of potential customers and who want to keep track of their customers which may start to pay their bills late. It is an excellent resource for checking on companies you may wish to do business with.
Many companies do not to think how much time and money is spent on phone calls, faxes, visits and solicitor letters. One late payer can cost you well over £100 which is near enough the annual cost of being a member of DUE2PAY. For this, members of DUE2PAY get an array of services which goes far beyond the benefits of traditional credit checks and the costs of traditional debt collection such as solicitors letters and the associated costs of court action.
Vetting of new customers with traditional company credit check can be slow. Companies will rely on commercially available reports which can be over year old. Hasty decisions to do business in the current economic climate can give payment problems in the future. Recovery of invoices owed and their collection can be handed over to a third party though this still involves the supplier in a lot of work. There is nowhere else that you can turn to find up to date information on Late Payers.
As long as there is no dispute over your invoices or transactions, you can let your supplier know that you want your money on time. DUE2PAY's simple interface allows you to take control.
If you do not have any overdue accounts, you can still join up and use the Watch List feature which will keep you informed whenever a company is listed as a late payer.
Many companies do not to think how much time and money is spent on phone calls, faxes, visits and solicitor letters. One late payer can cost you well over £100 which is near enough the annual cost of being a member of DUE2PAY. For this, members of DUE2PAY get an array of services which goes far beyond the benefits of traditional credit checks and the costs of traditional debt collection such as solicitors letters and the associated costs of court action.
Vetting of new customers with traditional company credit check can be slow. Companies will rely on commercially available reports which can be over year old. Hasty decisions to do business in the current economic climate can give payment problems in the future. Recovery of invoices owed and their collection can be handed over to a third party though this still involves the supplier in a lot of work. There is nowhere else that you can turn to find up to date information on Late Payers.
As long as there is no dispute over your invoices or transactions, you can let your supplier know that you want your money on time. DUE2PAY's simple interface allows you to take control.
If you do not have any overdue accounts, you can still join up and use the Watch List feature which will keep you informed whenever a company is listed as a late payer.
Sunday, 28 December 2008
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.
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.
Tuesday, 23 December 2008
Defeat the late invoice payers
All UK Limited companies can join www.due2pay.co.uk to stay one step ahead in the invoice payment stakes. The closure of firms in the retail sector is making things tougher for all suppliers. What happens at corporate level impacts on the consumer. The employees of Woolworths, MFI and other retailers will be tightening their belts and will not have the disposable income to spend as in previous years. The knock on effect is not only within the retail market but also the supply industry to those firms. These will involve contracts for cleaning, security and shop fitting. All will feel the pinch more in a declining market. Costs and overheads will be looked at more closely, credit will be pushed to the limit and companies may ask for extended credit or take it without asking. Companies which are less financially aware will not realise that giving an extra month credit is the same as giving an interest free bank loan. Imagine going to your bank and ask for £10,000 on a 0% free loan for 1 month. This is where debt recovery along with business debt collection comes in to play.
Longevity in the retail trade is no guarantee for continued survival, Woolworths has been around for almost 100 years. The winter of 2009 is being described as a High Street Bloodbath triggered in part by the biggest decline in consumer spending for 13 years.
All UK Limited companies can join www.due2pay.co.uk to stay one step ahead in the invoice payment stakes. To describe DUE2PAY in a few words is hard as the service provided is unique. It is a members club which allows members to find out who is paying late in GREAT BRITAIN Limited. Company credit checks are important for deciding on doing business with a new customer. DUE2PAY goes a few steps further by making information on late payers available, something which has not been done to this extent before.
The Watch List feature at DUE2PAY is available to all members. Any member can create a list of companies which they want to keep an eye on. When a watched company is listed on DUE2PAY the member is sent an email advising them of this. The member can log onto the site and immediately contact the supplier which made the listing. Consider it to be a UK wide breakfast club. The members details are confidential on the site but are encouraged to exchange contact details.
Longevity in the retail trade is no guarantee for continued survival, Woolworths has been around for almost 100 years. The winter of 2009 is being described as a High Street Bloodbath triggered in part by the biggest decline in consumer spending for 13 years.
All UK Limited companies can join www.due2pay.co.uk to stay one step ahead in the invoice payment stakes. To describe DUE2PAY in a few words is hard as the service provided is unique. It is a members club which allows members to find out who is paying late in GREAT BRITAIN Limited. Company credit checks are important for deciding on doing business with a new customer. DUE2PAY goes a few steps further by making information on late payers available, something which has not been done to this extent before.
The Watch List feature at DUE2PAY is available to all members. Any member can create a list of companies which they want to keep an eye on. When a watched company is listed on DUE2PAY the member is sent an email advising them of this. The member can log onto the site and immediately contact the supplier which made the listing. Consider it to be a UK wide breakfast club. The members details are confidential on the site but are encouraged to exchange contact details.
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