Category Archive: Late Payment

What is the Late Payment of Commercial Debt (Interest) Act 1988?

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 […]