Category Archive: Late Payment

Unpaid invoices – CCJ or debt collection?

When you’ve tried every other way to collect your money, sometimes the only option left is to go legal. Don’t worry about upsetting your customer because if things have got to this stage, ask yourself if they are type of customer you want to work with? Decide how you’re going to tackle the unpaid debt. […]

How to stop being your customers’ bank.

We’ve all heard of The Bank of Mum and Dad but one thing you shouldn’t have to be is The Bank of all your Customers. Now you’re probably wondering what on earth I mean by that so here’s a couple of examples where unknowingly, you’re acting as a bank for your customer. You can’t raise […]

Defensive credit control – tips and techniques

What is defensive credit control? Simply put, it’s knowing exactly what’s going on with your cashflow, being proactive about your processes, raising invoices correctly and on time and understanding your customer’s business processes so well that you can easily spot and remedy a situation where you’re in danger of not being paid on time. Allowing […]

Late payment? Get straight to the point

Your customer hasn’t paid your invoice, it’s overdue and despite sending reminders and a statement, the money still hasn’t appeared in your bank account. It’s time to pick up the phone and make that call. But you’re hesitating because nobody likes having to chase late payment. In this article I explain a few techniques for […]

Review your contract for every new product or service

When you’re a small business, reviewing or writing specific terms is probably not top of your to-do list, but I bet having a healthy cash flow is definitely a number one priority. If your business sells a range of products or services, your contract with your customer needs to be tailored to cover every eventuality […]

Chasing overdue payments – when is the best time to phone your client?

Nobody I’ve spoken to likes chasing overdue payments. It’s one of those things we tend to put off because we’re so British. We probably worry more about upsetting the client than getting the money we’re owed. Does this sound about right to you? Avoiding calling about overdue payments Let me take another guess. You are […]

What is the Late Payment of Commercial Debt (Interest) Act 1998?

If you are a small business, you will know how late payment can cause havoc with your cash flow. What can you do about it? You can apply interest to overdue payments The Late Payment of Commercial Debts (Interest) Act 1998 is a Statutory instrument made on 4 October 1998 which came into force in […]

Should I use email or phone calls to chase my invoices efficiently?

What’s the most efficient way to get paid on time? People ask that question often and I think it depends on how you term efficiency. Is efficiency the amount of time you spend chasing invoices, the percentage of invoices that get paid on time, the quality of the relationship with your customer? Is efficiency the […]

Getting paid on time: how to stop customers paying late

I’ve been asked for advice on why companies pay late. This something every company should avoid doing, it ruins reputations, can lead to ccjs and even bankruptcy. Sometimes paying late is unavoidable but most of the time it isn’t. Below I’ve listed the most common excuses people give for late payment. We’ve not received the […]