Late payers can seriously impact on your cashflow and cripple your business – why should you tolerate this?
Put quite simply – you should not! Most businesses will at some stage be faced with customers who do not pay on time and as a result may experience cash flow problems. There is usually a reason why businesses that are supplied with goods or services do not pay on time. Sometimes it is because they are in financial difficulty or because they have over borrowed and are using credit to fund their own business, taking on extra staff or investing in new equipment, while avoiding paying their creditors.
In all of those scenarios case there is an inherent risk that late payers will soon become delinquent debtors if the situation is not managed effectively and quickly.
Why should your business suffer because of another business’s poor administration or financial problems, and why should money that is rightfully yours be used to fund someone else’s business when it could be used to grow your own business?
“The Veritas Legal FREE Commercial Debt Recovery Solution”
The Government has recognised the burden that late payment and bad debt places on business and introduced the Late Payment of Commercial Debts (Interest) Act 1998 to help overcome the problem. This legislation was further amended on 16 March 2013 with the introduction of The Late Payment of Commercial Debt Regulations 2013 and this now allows creditors to claim the reasonable costs of instructing Veritas Legal to pursue a commercial debt on your behalf.