Enquire Today
Our Comprehensive Debt Recovery Services
Include:
Debt Collection Services:
UK Debt Collection
Bulk Debt Recovery
International Debt Collection
Legal Services:
County Court Judgment (CCJ)
High Court Enforcement
Credit Management Services:
Outsourced Credit Control
Debtor Tracing
Debt Purchase
Credit Checking
Late Payment Fees
Business Debt in the UK
7.4 billion is owed to small businesses in the UK due to unpaid invoices. Only 1% of these businesses have never had an issue with late payments. Businesses spend 2 days a week chasing late payments which can have a big impact on cash flow and resources. It’s uncomfortable to ask for payment from customers but it needs to be done.
To avoid late payments happening in the first-place businesses need to clearly outline their payment terms from the start. Implementing good credit control can also reduce the risk of late payments. Sending a reminder email when an invoice is due is a gentle nudge for payment. If payment is still overdue it’s okay to reach out to the customer to ask if there’s an issue and remind them of the invoice. You can also ask for a payment timeline.
If email doesn’t work a follow up phone call may get a response from the customer. But if the issue persists after this then further action may be needed. This could be a warning of supply cessation or late payment compensation and interest added to the claim. The agency also helps businesses recover debts, minimising cash flow impact and maintaining relationships with the customer.