The Prompt Payment Code and the Supply Chain Finance Scheme

The Prompt Payment Code and the Supply Chain Finance Scheme - what's going on?

The current economy is turbulent enough, without seemingly conflicting schemes being launched to help businesses with credit control and late payment.

But in recent weeks, both the Prompt Payment Code and the Supply Chain Finance Scheme have been making headlines for companies with slow-to-pay clients.

'What's Yours is Mine' Says the Supply Chain Finance Scheme

If you're a small-business owner and you've never heard of the Supply Chain Finance Scheme, announced today, sit down and put anything breakable well out of reach, because you're going to want to smash something pretty soon.

The SCFS is one of those initiatives that you hear about, think "how the hell did they come up with that?", and then realise it was a government idea.

Dear John... Dealing with a (Very) Overdue Invoice

We always say that a sensible approach to invoicing can help to cut down on the number of problems you face - and that's still true. Chasing up invoices, making sure they've been received by the client, and querying any payments as soon as they become overdue can all help to encourage clients to pay up on time.

But when an invoice goes unpaid, it's easy to find yourself becoming more and more lenient in the hope that your client will eventually pay - while they become less and less reasonable in their reasons for delaying.

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