........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.
8 posts tagged “business debt collection”
Things just seem to be getting a little tough for Businesses at the moment. Major Banks are reporting a growing number of British firms have fallen behind with their repayments with debt recovery options expanding. 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.
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.
These are extremely worrying developments for the whole business community. Companies should be looking at new business debt collection methods to survive whilst not ignoring a good company credit check.
A new internet based service to help victims of late payments has been launched by DUE2PAY LIMITED which 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.
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
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.
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.
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.
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.
With DUE2PAY a company can list a late payer and other members have sight of this information. Find more out here.
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
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.
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.
