How it works

We help you identify how much interest and fees you could be owed on outstanding invoices and importantly, any invoices that were paid late in the last 6 years.

There are some important caveats you need to consider before you use the data we provide:

  • Under normal circumstances, you will have agreed with your customer when payment should be made. The maximum contractual payment period that can be agreed is usually 60 days.
  • A payment is late if it is made after the last day of the agreed credit period
  • Agreements may be verbal or in writing. Verbal agreements are harder to prove.
  • If there is no agreed credit period, the law sets a default period of 30 days
  • You can charge interest 30 days after you delivered the goods or provided the service, or 30 days after you notified the purchaser of the amount of the debt, whichever is the later.

How does Payment Check work?

Using secure authentication you login to our service with your accountancy software – much like you would connect Receipt Bank or any other 3rd party app or service.

Our software analyses your invoices for invoices where the due data and the paid date demonstrate that an invoice was paid late.

For those invoices, we separate into two batches, outstanding and historical. We run our financial analysis software and calculate across each invoice and calculate the interest and fees due using this calculation. This calculation is enshrined in law.

If you have thousands of invoices this may take some time and we will send you a link to view the results once the calculations are complete. In most cases this will not happen.

You will then be presented with a dashboard showing a breakdown by client and a drill down so you can see the calculated amount for each invoice.

You can download the dashboard as a CSV or print it so you can use the calculations if you wish to proceed with clients.

Lastly we delete any data we required to do the calculations. We do retain an anonymized set of client data to build the crowd sourced searchable database of companies. You can use this, for free, to check the behavior of new potential clients.

This data set retained:

  • Amount band, for example between £500 – £1000, £1001 – £5000, £5000+
  • Client company name (and company number if available).
  • Terms given on invoice
  • Month and Year of origination
  • Paid date

We will augment this with 3rd party data to establish more about the client such as their Sector (SIC) code, financial data from Companies House and others.

Nothing is retained that can link you with the client, nor identify you as the source of the data.