Making sure customers pay their bills on time can be a difficult thing to do when you are running a business. And it's a serious issue. Late or non-payment of debts can cause major cash flow problems - and could even force you out of business.
Did you know that in a bid to encourage prompt payment among UK businesses, the law now tries to deter customers from paying invoices late by allowing businesses to charge debtors interest on late payments if they wish. You can also claim any reasonable debt-recovery costs from the debtor.
But, before having to go down this route (and you may feel that you do not want to charge customers interest and possibly upset or loose them), there's a number of things you can do to convince customers to pay on time, by for example setting out clear terms and conditions of trade and even offering discounts for prompt payment.
At Shoosmiths, we can help you tighten up your Collection of debts and credit management procedures and give you advice on the range of legal steps you can take to get your customers to pay up.
Remember, it is your right to be paid by your debtors, and here at Shoosmiths we will do our utmost best to make sure that you are with a minimum of fuss and problems for you. |