Web designer Frank Jonen has taken extreme action against his late-paying client, San Francisco-based gym chain Fitness SF.
Mr Jonen's web design firm has been working on the new Fitness SF website and brand identity for over six months; but he ultimately took the decision to replace their homepage with a simple text statement.
Read more: Frank Jonen Plays Hardball With Late Paying Fitness SF
The Institute of Credit Management (ICM) and business minister Michael Fallon have warned that it is "crazy" to fail to credit check new and existing customers.
Each month, the ICM publishes a new top tip to help safeguard small businesses' cash flow, and at the end of January its latest advice, written in collaboration with Mr Fallon, was released.
Many small businesses are caught out when clients refuse to pay their invoices. For a small startup, a handful of unpaid invoices can make the difference between a healthy bank balance and a full-on cash flow crisis.
When your non-paying client is located outside of the UK, unpaid invoices become even more of a headache. Chasing the debt yourself might be expensive, impractical and fruitless. If you’ve researched debt collection online, you’ll probably have noticed that there’s plenty of self-help when your client is in the UK - but if they’re overseas, there’s very little official advice on what you should do.
“A sale is not a sale until the money is in the bank”
A simple sentiment, but one that can often be lost in the thrill of securing that next big sale. But when the agreed upon payment day passes and you have no sign of the promised payment, what is the best way to go about securing the funds?
Read more: Chasing Payments - ICM & BIS Managing Cashflow Series Part Seven
