Sunday, 12 February 2012

Late Payments?

Is there an easy solution to this problem - should you stick to your guns and chase payment religiously the minute payment is overdue? Is temperance a better approach to take with a few reminder e-mails before cranking up the heat a little? Should additional fees be raised immediately?

From a business perspective we try to pay all of our bills on the payment date (granted never early). We do this to keep control over our cash flow, and maintain a professional stance. From experience there is no pattern to who are the late payments companies people - it could be anyone.

Touch wood so far we have very few instances to chase payment, and of the four occasions we have had to chase only one has proved to be an on going problem. At what point should we defer to a debt collection agency - and is this the only recourse?

Update: Threat of debt collection seems to work, but we have found a number of solicitors offering a fee chase service. For a small fee they will send out a professional chasing letter on their headed paper. Worth remembering!

Any thoughts on that one - suggestions and opinions would be greatly appreciated.

For further information about my company please visit, or visit our facebook page. Alternative you could follow us on twitter (RLSurveys).

No comments:

Post a Comment