........describe DUE2PAY a must have business membership for all Limited Companies as necessary to financial well being as normal credit checks. DUE2PAY goes much further than telling you if a business is credit worthy. It lets you speak with other business which are having trouble getting paid by any company you find listed as as a late payer on their site. Businesses are facing increasing problems with late invoice payments, bad debts and Debt Recovery. DUE2PAY is a website which encourages late payers to pay the bills they own. The view is that instead of the headache of court action or a solicitor’s letter, you can list a company as a late payer with www.due2pay.co.uk and share that information with other members. Dispensing with solicitor’s letters and court action. DUE2PAY can be thought of as a UK wide business club, bringing members together over the internet to discuss business in the same way that they would if they were members of a local club having breakfast meetings.
The best thing about DUE2PAY is the incredible low cost for such a needed service. Free membership for the first two months, this is followed by only £15 a month. Compare this with the high costs of sending a solicitor’s letter, the interest you pay your bank or the costs of factoring.The success of local business clubs and networking is recognised by those who join them. Late payment is a common topic. In some industries is recognised that the longer you wait to chase a late invoice debt it is less likely the invoice will be paid. Add to this the interest you are paying out to fund the product or service supplied, the internal costs of employing someone to make the chasing phone calls, to write letters or the cost of taking legal action the overall cost is usually hidden. The warning signs are easily read but companies choose to take a positive point of view expecting to receive payment soon. However it is common to discover that your debtor is also a debtor to other companies. If you delay in recovering monies owed, your debtor may be wound up or made bankrupt before you get the money you are owed.The government has introduced legislation allowing companies to add late payment interest into their invoicing structure. Take up has been slow and is considered to be an administrative obstacle for small businesses which just want to be paid for the goods or services supplied. Using www.due2pay.co.uk will highlight to your customer that you expect payment. If he is doing the same with his other suppliers, they will soon find out through the site. In addition, other companies which he approaches will be forewarned with the site’s Watch List. This is a useful feature which allows members to list companies and as soon as that company is registered as a late payer they receive an email letting them know that their Watch List has been ‘triggered’.DUE2PAY is up there with other traditional methods of business vetting such as business debt collection and company credit checks. It has an advantage of alerting members to things which are happening recently. The historical or traditional check methods should not be ignored as they are valuable indicators of how a company trades, their profitability and ability to weather hard times.
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
One main factor s 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.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
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.
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.
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
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.
UK companies have an established reputation of being the worst in Europe for being late payers. Legislation reducing payment delays and being able to add interest to overdue invoices has been around for a long time
A big inluencing factor for UK companies taking longer to pay invoices was the increase in interest rates. During times of high interest rates a supplier was considered 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.
UK companies have an established reputation of being the worst in Europe for being late payers. Legislation reducing payment delays and being able to add interest to overdue invoices has been around for a long time
A big inluencing factor for UK companies taking longer to pay invoices was the increase in interest rates. During times of high interest rates a supplier was considered 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.
Businesses are facing increasing problems with late invoice payments, bad debts and Debt Recovery. DUE2PAY is a website which encourages late payers to pay the bills they own. The view is that instead of the headache of court action or a solicitor’s letter, you can list a company as a late payer with www.due2pay.co.uk and share that information with other members. Dispensing with solicitor’s letters and court action. DUE2PAY can be thought of as a UK wide business club, bringing members together over the internet to discuss business in the same way that they would if they were members of a local club having breakfast meetings.
The success of local business clubs and networking is recognised by those who join them. Late payment is a common topic. In some industries is recognised that the longer you wait to chase a late invoice debt it is less likely the invoice will be paid. Add to this the interest you are paying out to fund the product or service supplied, the internal costs of employing someone to make the chasing phone calls, to write letters or the cost of taking legal action the overall cost is usually hidden. The warning signs are easily read but companies choose to take a positive point of view expecting to receive payment soon. However it is common to discover that your debtor is also a debtor to other companies. If you delay in recovering monies owed, your debtor may be wound up or made bankrupt before you get the money you are owed.
The government has introduced legislation allowing companies to add late payment interest into their invoicing structure. Take up has been slow and is considered to be an administrative obstacle for small businesses which just want to be paid for the goods or services supplied.
Using www.due2pay.co.uk will highlight to your customer that you expect payment. If he is doing the same with his other suppliers, they will soon find out through the site. In addition, other companies which he approaches will be forewarned with the site’s Watch List. This is a useful feature which allows members to list companies and as soon as that company is registered as a late payer they receive an email letting them know that their Watch List has been ‘triggered’.
DUE2PAY is up there with other traditional methods of business vetting such as business debt collection and company credit checks. It has an advantage of alerting members to things which are happening recently. The historical or traditional check methods should not be ignored as they are valuable indicators of how a company trades, their profitability and ability to weather hard times.
. The success of local business clubs and networking is recognised by those who join them. Late payment is a common topic. In some industries is recognised that the longer you wait to chase a late invoice debt it is less likely the invoice will be paid. Add to this the interest you are paying out to fund the product or service supplied, the internal costs of employing someone to make the chasing phone calls, to write letters or the cost of taking legal action the overall cost is usually hidden. The warning signs are easily read but companies choose to take a positive point of view expecting to receive payment soon. However it is common to discover that your debtor is also a debtor to other companies. If you delay in recovering monies owed, your debtor may be wound up or made bankrupt before you get the money you are owed.
The government has introduced legislation allowing companies to add late payment interest into their invoicing structure. Take up has been slow and is considered to be an administrative obstacle for small businesses which just want to be paid for the goods or services supplied.
Using www.due2pay.co.uk will highlight to your customer that you expect payment. If he is doing the same with his other suppliers, they will soon find out through the site. In addition, other companies which he approaches will be forewarned with the site’s Watch List. This is a useful feature which allows members to list companies and as soon as that company is registered as a late payer they receive an email letting them know that their Watch List has been ‘triggered’.
DUE2PAY is up there with other traditional methods of business vetting such as business debt collection and company credit checks. It has an advantage of alerting members to things which are happening recently. The historical or traditional check methods should not be ignored as they are valuable indicators of how a company trades, their profitability and ability to weather hard times.
Major Banks are reporting a growing number of British firms are falling behind with their repayments. Cash is in short supply. There is a knock on effect within the business world which has led to larger companies getting more aggressive giving problems for their suppliers. Tactics used include : 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.
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.
They need to continue to use rigorous credit checks, alongside ongoing monitoring of the financial status of their customers and suppliers. By harnessing the power of the latest risk management solutions, firms can minimise the threat of bad debt and secure the future of their business.
The knock on effect is a downward spiral within the business community, everyone starts to struggle as customers increasingly fall behind with payments, sometimes up to several months. Late payments can be a matter of life and death for smaller businesses.
The debt recovery industry has blossomed in recent years, collection of monies owed can be handed to different agencies which are skilled in credit control with slow payers. Business debt collection is a necessary part of worldwide business today. Businesses are being urged to be more diligent in carrying out ratings, checking references not only with new accounts but also on their current customer base.
A new internet based service to help victims of late payments has been launched by DUE2PAY LIMITED which has been specifically designed to help 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.
The service is being offered free on a 60 day trial, after which, normal membership fees will apply. If you are interested please contact DUE2PAY.CO.UK
Stop a moment to think how much time and money is spent on your phone calls, faxes, personal visits and solicitor letters. Just one late payer can cost you well over £100 which is near enough the annual cost of being a member of DUE2PAY.
DUE2PAYs services can be seen as being more punchy with more features than a Solicitor's Letter.
Originally thought of as an addition to exisiting credit referencing and credit checking, DUE2PAY is an important tool for Companies which want to keep track of their customers which may start to pay their bills late. It is just as important to check on companies you may wish to do business with.
Vetting of new customers can be a slow tedious affair.
Recovery of monies owed and its collection can be handed over to a third party though this still involves the supplier in a lot of hard 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. An email and a fax can be sent to your late payer. Add another recipent and let the Managing Director know that his accounts department have not paid you.
If you do not suffer from late paying accounts, you can still join up and use the Watch List feature. This neat idea keeps you informed whenever a company is listed as a late payer.
Originally thought of as an addition to exisiting credit referencing and credit checking, DUE2PAY is an important tool for Companies which want to keep track of their customers which may start to pay their bills late. It is just as important to check on companies you may wish to do business with.
Vetting of new customers can be a slow tedious affair.
Recovery of monies owed and its collection can be handed over to a third party though this still involves the supplier in a lot of hard 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. An email and a fax can be sent to your late payer. Add another recipent and let the Managing Director know that his accounts department have not paid you.
If you do not suffer from late paying accounts, you can still join up and use the Watch List feature. This neat idea keeps you informed whenever a company is listed as a late payer.
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I even can't find a fault, and I like to critisize so much... read more
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