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News, advice, and insights on UK business payment practices
We're excited to launch the PaymentCheck Score - a new 0-100 rating system that measures how well UK companies pay their suppliers, along with annual awards recognising the best payers.
Late payments from international buyers have disrupted his cash flow, causing stock shortages during peak season. This has led to loss of customers and negative reviews online.
Dealing with unpaid invoices is the bane of many a small business owner’s life. More than half of SMEs report facing late payments on a regular basis, and the average time it takes for most invoices to get paid is a week more than the agreed terms.
Late payments from clients after large events make it hard for Lydia to pay freelance contractors. This has tarnished her reputation and strained relationships with reliable partners.
Supermarkets delaying payments for fresh produce have forced Tommy to delay buying seeds for the next season, jeopardising his harvest.
Priya’s startup depends on regular payments to maintain servers and payroll. Delayed invoices have led to temporary shutdowns, causing a loss of users and investor confidence.
Corporate customers delaying payments by 90 days has made it hard for Ben to buy materials. He’s had to turn down new orders due to lack of cash flow.
Late invoice payments from clients have caused Fatima to take out a short-term business loan, incurring high interest rates and reducing profitability.
This article outlines effective strategies for businesses to recover overdue payments, including best practices for tracking invoices, sending reminders, and escalating collection efforts. It also highlights the benefits of a consistent follow-up process to ensure timely payments and reduce cash flow issues.
Discover how late credit card payments can have a negative impact on your credit score and affect your financial future. And what a good credit score looks like.
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