Small and medium-sized companies are owed nearly £40bn as a result of late payments, threatening their future, recent research has found. With the average company waiting for £38,186 in overdue invoices, the ongoing issue of late payment is clearly taking its toll on the cash flows of businesses across the country. But with businesses able to charge late payment interest to help cover the cost of debt collection why do so many choose not to?
A worrying 56% of businesses wrote off more than 1% of their turnover as uncollectable in 2013 alone, according to our research, a problem that could have been reduced if businesses were to seek the help of debt collection agencies. But unfortunately age-old myths about debt collection services exist, scaring many away from using their services .
Here we tackle 6 debt collection myths and show that, by employing the right debt collection agency, you could still get back what you’re owed.
One of the most common late payment excuses we hear during the summer months is “my director is on holiday”. But there’s no reason a few weeks in the sun should impact on your business being paid. Here are 6 ways to stop customer holidays delaying payment.
One in three SMEs are reluctant to chase debt owed to them by a customer according to a new survey. But with 85% of businesses reportedly suffering with late payment issues, why are they shying away from getting what they are owed?
Britain's medium-sized firms are owed an average of £3.7m in trade debt according to new figures which suggest that, despite the economic upturn, the impact of late payment on UK businesses of all sizes remains severe.
As the distressing culture of late payment prevails, Hilton-Baird Collection Services is thrilled to announce the return of our award-winning Senior Collections Advisor, Peter Hepburn.
Large businesses could soon have to disclose how long they take to pay their suppliers following a cross-party Parliamentary inquiry into the deep-rooted problems with late payment – one of 11 proposals they believe would dramatically improve payment performance in the UK.