Category Archive: Late Payment

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 […]