The better way to stop late payment

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.