Displaying items by tag: Late Payment

Fed up of clients who refuse to stick to agreed payment terms? Feel like you're being held to ransom by large customers who insist on making suppliers wait two or three months before they pay for goods or services received?

The government’s Small Business Commissioner (SBC) wants to hear from you. The Commissioner’s office, which is part of the Department for Business, Energy and Industrial Strategy (BEIS), is holding a consultation on SME’s experiences of late payments that closes on 15th December.

Published in Credit Control

As the financial fallout of the COVID-19 pandemic continues to sweep through the economy, latest figures show that SMEs have been hit by a 20% surge in late payments over the past 12 months.

According to research from cloud-based credit management platform Know-It, the total value of overdue invoices UK-based small businesses are now waiting on has leapt to £61 billion, a sharp rise from the no less eye watering figure of £50bn reported in 2020.

Published in Credit Control

At Safe Collections, we’ve been banging the drum on the UK’s late payment culture for years, making the case over and over again that without the stick of meaningful enforcement, there is little incentive for large companies to stop holding smaller suppliers over a barrel when it comes to payments.

Finally, it seems like the message may have gotten through to the government, although on account of the time it has taken, we can only conclude they are listening reluctantly.

Published in Credit Control

It is not likely to be news to any business owner that the COVID-19 pandemic has seen late payments soar.

The fallout from the crisis has seen revenues across the economy plummet, with the Office for National Statistics (ONS) reporting a 20.4% slump in GDP in Q2 of this year while the country was in full lockdown.

Published in Credit Control

Creative agencies and freelancers are being stung by an average 27-day wait for settlement of overdue invoices, according to a new report.

The findings come from a survey of over 5000 invoices issued by organisations such as IT developers, digital marketing consultancies, design specialists, film, TV and photography contractors and more. The study, carried out by business lender MarketFinance, found that clients were routinely paying service providers and suppliers late despite already insisting on lengthy payment terms that averaged out at 45 days.

Published in Credit Control

A new year, a new decade even - but still the damning picture of just how much damage the UK’s late payment culture is doing to the small business economy continues to develop.

The latest depressing statistics, courtesy of digital business banking platform Tide, show that UK SMEs are on average spending a staggering one and a half hours every day chasing unpaid invoices. When you extrapolate that across the economy, that translates into 900,000 working hours being lost every single day.

Published in Credit Control

It’s a billion-dollar industry that, unless you take your video gaming seriously, you might not even know exists. But the world of esports - competitive cash-prize and professional video gaming - has become big business, with live events attracting audiences of millions online and in person, not to mention highly lucrative corporate sponsorship deals.

Published in Credit Control

Figures taken from a government consultation into tackling late payment culture reveal that just one in 10 businesses paid late by clients take up the option of adding permissible charges.

The report published by the Department for Business, Energy and Industrial Strategy further confirms the shocking extent of late payments across the UK economy, with 97% of participants in the consultation saying they had experience of not being paid on time. More than a third of the businesses asked (36%) said more than half of their invoices were settled after the agreed deadline.

Published in Credit Control

An initial review of payment practices under the government’s Prompt Payment Code has found 17 signatories in breach of the code’s commitments.

A total of five companies - BHP Billiton, DHL, GKN Plc, John Sisk & Son Ltd and Twinings - have been kicked out of the scheme completely for non-compliance and for failing to produce an action plan for how they intend to bring their payment practices in line with the stipulations.

Published in Credit Control

New figures exposing the extent of the UK’s late payment culture have revealed that more than 100,000 companies waited an average of 57 days for payment from clients last year - almost double the government’s statutory payment terms.

The research, carried out by insolvency specialist Begbies Traynor, found that one in 10 of these contractors and suppliers went out of business - 1000 firms in total.

Published in Credit Control
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